2014 (7) TMI 896

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....heard combinedly and disposed 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.8203/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 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 ....

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....rejection / reliability of the books of accounts and the proposed adjudication of the Ld CIT (A) in view of the said direction may have direct impact 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. 86,15,970/-constitutes ascertained one or not is also linked to the issue of reje....

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....he facts and in the circumstances of the case and in law, the Ld CIT (A) erred in holding that the assessee being a notified person under the Special Court (Trial 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 wit....