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TMI Blog2021 (4) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... terest is not adverted to in the order dated 03.09.2019, they were entitled to recall the order qua the said issue. Therefore, in our view, the first question of law does not arise for our consideration. The prayer made, in that behalf, is declined. Whether ITAT was legally justified in holding the interest income added by the AO as notional whereas the outstanding balance in HSBC account was interest bearing and there was no materials before Ld. ITAT to hold such interest as notional? - HELD THAT:- We will consider the same along with assessee s appeal i.e. ITA No.612/2017 whereby the direction of remand qua the existence of the bank deposits has been assailed. - ITA 104/2021 & CM No.12299/2021, ITA 107/2021 & CM APPL. 12301/2021, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t HSBC ). The Tribunal, after perusing the record and granting hearing to learned counsels for the parties, remanded the issue for fresh consideration by the assessing officer. To be noted, this issue arose only in AYs 2006-2007 and 2007-2008. 5.2. The other issue which the assessee had raised, and concerned addition of 4% notional interest vis- -vis the credits found in the said account said to be maintained by the assessee, was not adjudicated upon by the Tribunal. 6. It is in this background that a rectification application was filed by the assessee which was disposed of by the Tribunal via the impugned order dated 20.12.2019. 7. Ms. Vibhooti Malhotra, who appears on behalf of the revenue, says that the Tribunal ought not to ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on ble ITAT has exceeded its power of rectification under Section 254(2) of the Act by means of the impugned order, when the issue had been remanded to the file of the AO by the Hon ble ITAT vide its order dated 03.09.2019. B. Whether on facts and in the circumstances of the case and also on the prevailing law, Hon ble ITAT was legally justified in holding the interest income added by the AO as notional whereas the outstanding balance in HSBC account was interest bearing and there was no materials before Ld. ITAT to hold such interest as notional. 10. Having regard to our discussion above, in our opinion, the Tribunal exercised its powers, correctly, under Section 254(2) of the Act. Since the issue regarding notional interest is n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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