9911796707
TMI Blog2014 (1) TMI 1779X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of interest u/s. 234A, 234B & 234C - Held that:- Tribunal in the case of Topaz Holding Pvt. Ltd [2013 (10) TMI 1067 - ITAT MUMBAI] held that the chargeability of interest u/s. 234A, 2324B and 234C of the Act does not fall within the domain of the Special Court (Control of offences relating to transactions in securities) at 1992. Since levy of interest is mandatory and is very much applicable in the case of notified persons, ground No. 1 (d) and 1 (e) are allowed. Needless to mention that the levy of interest would be consequential. - I.T.A. No.8201/Mum/2010, I.T.A. No.8347/Mum/2010 - - - Dated:- 29-1-2014 - SHRI VIJAY PAL RAO , JM AND SHRI N.K. BILLAIYA, AM Revenue by: Shri Dr. P. Daniel Assessee by: Shri Dharmesh Shah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. Counsel submitted that in A.Y. 2005-06, the Tribunal in ITA No. 7726 7727/M/2010 has restored this issue to the files of the Ld. CIT(A) to adjudicate afresh along with the adjudication of the other grounds pertaining to the rejection/reliability of the books of account. No distinguishing facts have been brought on record by the Ld. Departmental Representative. After carefully perusing the order of the Ld. CIT(A), we find that the Tribunal in assessee's own case for A.Y. 2005-06 in ITA No. 7726 7727/M/10 at para-5 on page-4 of its order has held as under: Ground no. 4 relates to the action of the Ld.CIT(A) in confirming the liabilities amounting to ₹ 11,24,99,052/- and ₹ 12,61,36,245/- respectively for the A.Ys ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... going through the addition ground filed by the assessee, we noted that the ground is legal ground, which does not require any new facts to be brought on record. In view of the decision of the Hon'ble Apex Court in the case of National Thermal Power Co. Ltd. Vs. CIT, reported in (1998) 229 ITR 383, the legal ground can be admitted, if no new facts are to be brought on record. However, after going through the additional ground raised by the assessee for all the assessment years involved here before us, we found that the ground is fully academic in nature for the reason that if the Hon'ble Supreme Court decides something that has to be followed without any dispute. The decision of the Hon'ble Apex Court is law of land, which has to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e find that the Hon'ble Jurisdictional High Court has held that the chargeability of interest u/s. 234A, 2324B and 234C of the Act does not fall within the domain of the Special Court (Control of offences relating to transactions in securities) at 1992. Since levy of interest is mandatory and is very much applicable in the case of notified persons, respectfully following the decision of the Hon'ble Jurisdictional High Court (supra), ground No. 1 (d) and 1 (e) are allowed. Needless to mention that the levy of interest would be consequential. In the result, the appeal filed by the Revenue is partly allowed. Respectfully following the aforestated findings of the Tribunal, the appeal filed by the Revenue is allowed. 7. In the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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