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TMI Blog2015 (10) TMI 2751X X X X Extracts X X X X X X X X Extracts X X X X ..... y, in our considered opinion, an addition of 1,50,000/- should meet the ends of justice. We, modify the findings of the Ld. CIT(A) and direct the AO to make disallowance of 1,50,000/-. This ground of the assessee is partly allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... file of the CIT(A) to decide the issue afresh after obtaining necessary details from the custodian and after affording opportunity of hearing to the assessee. We order accordingly." The Ld. CIT(A) is directed to readjudicate this issue in the line of the above directions of the Tribunal for A.Y. 1994-95. Ground No. 4 is allowed for statistical purpose." Respectfully following the findings of the Co-ordinate Bench, we direct accordingly. Ground No. 4 is treated as allowed for statistical purpose. 5. Ground No. 5 is common in all the captioned appeals and it relates to the disallowance on account of interest expenses. The quantum of disallowance may differ in the captioned appeals. 5.1. An identical issue has been considered by the Tribunal in the case of M/s. Growmore Research & Assets Mgt. Ltd. in ITA Nos. 5137 & 5138/M/2012 and ITA No. 2150/M/13. We find that the Tribunal has considered the issue at para-5 of its order which read as under : "We have carefully perused the orders of the authorities below. While disposing the ground relating to the disallowance of interest, we find that the Ld. CIT(A) has followed the findings given in the case of Eminent Holdings Pvt. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is in the business of share trading which has been accepted by the AO in his assessment order. For certain statutory reasons, the assessee is not permitted to do trading in the shares in the stock market but at the same time the assessee is showing the shares as stock-in-trade and following the same as per the method of accounting regularly followed by her for the business. Therefore, in our considered opinion, any diminution in the value of the stock as at the end of the year has to be allowed. We, therefore, set aside the findings of the Ld. CIT(A) and direct the AO to delete the addition of ₹ 2,05,464/-. This ground of the assessee is allowed. 8. In the result, the appeal filed by the assessee is partly allowed for statistical purpose. ITA No. 5870/M/2011- A.Y. 2003-04 - Revenue's appeal 9. This appeal by the Revenue is directed against the order of the Ld. CIT(A)-40, Mumbai dated 27.6.2011 pertaining to A.Y. 2003-04. 10. The sole grievance of the Revenue is that the Ld. CIT(A) erred in holding that no interest could be levied in the present case u/s. 234A, 234B and 234C of the Act. 10.1. Before us, the Ld. DR brought to our notice that this issue has been d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , ground of appeal taken for A.Y. 2001-02 is also allowed for statistical purpose. ITA No. 561/Mum/2013- A.Y. 2003-04 17. Ground No. 1, 2 & 3 are not pressed and the same are dismissed as not pressed. 18. Ground No. 4 relates to the addition on account of interest expenditure. 18.1. This ground is identical to ground No. 5 of ITA No. 6198/M/2011 for A.Y. 2003-04 in assessee's appeal. Following the same reasoning mentioned hereinabove at para 5 & 5.1, grounds of appeal taken for A.Y. 2003-04 is also allowed for statistical purpose. 19. Ground No. 5 relates to levy of interest u/s. 234A, 234B & 234C of the Act. 20. This ground is identical to ground No. 1 of ITA No. 5870/M/2011 for A.Y. 2003-04 in Revenue's appeal. Following the same reasoning mentioned hereinabove at para 10 to 10.2, ground of appeal taken for A.Y. 2003-04 is also allowed for statistical purpose. ITA No. 6831/M/2013 - A.Y. 2009-10 21. This appeal by the assessee is preferred against the order of the Ld. CIT(A)-40, Mumbai dated 30.9.2013 pertaining to Assessment year 2009-10. 22. Ground No. 1 is not pressed therefore it is dismissed as not pressed. 22.1. Ground No. 2 relates to the disallowance of interest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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