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TMI Blog2014 (7) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... osed of in this consolidated order. Appeal wise and ground wise adjudication is given in the succeeding paragraphs. 2. Firstly, we shall take up ITA No.8200/M/2010 filed by the assessee on 26.11.2010 and the grounds raised in this appeal read as under: "1. The Ld CIT (A) has erred in law and in facts in passing the order u/s 250 of the Act. 2. The Ld CIT (A) ought to have appreciated that the notices issued by the AO are invalid and hence the assessment order u/s 143(3) of the Act was also void ab initio. 3. The Ld CIT (A) has erred in law and in facts and in not appreciating that no income from attached assets can be assessed in the hands of the appellant. 4. The Ld CIT (A) has erred in law and in facts in not granting relief of liabi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpact on the issue of the impugned liability, we set aside this issue to the files of the CIT (A) to adjudicate afresh along with the adjudication of the respective ground pertaining to the rejection / reliability of the books of accounts." 5. On the other hand, Ld DR dutifully relied on the order of the AO/CIT (A). 6. We have heard both the parties and perused the orders of the Revenue Authorities as well as the order of the Tribunal in the case of Hitesh S. Mehta (supra). Whether the interest liabilities of Rs. 5,14,455/- constitutes ascertained one or not is also linked to the issue of rejection of books of accounts as the books of account is the basis for computation of book profits u/s 115JA of the Act. This is common issue qua the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rial of Offences relating to Transactions in Securities) Act, 1992 is not liable to pay interest u/s 234A, 234B, and 234C of the IT Act, 1961, ignoring the legal sanctity of Law that the interest chargeable under these sections is not only consequential but is mandatory in nature. 2. on the facts and circumstances of the case and in law, the Ld CIT (A) was erred in holding that interest u/s 234A, 234B and 234C of the IT Act, 1961 is not chargeable in the assessee's case being notified person under Special Court (Trial of offences relating to Transactions in Securities) Act, 1992 without appreciating that the said Act has not ruled that the provisions of section 234A, 234B and 234C are not applicable to the notified persons or they are exem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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