2013 (11) TMI 1634

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....ed in law and in facts in not appreciating that no income from attached assets can be assessed in the hands of the appellant. 3. The learned Commissioner of Income-Tax (Appeals) has erred in law and in facts in confirming the disallowance of Rs. 52,80,810/- on account of interest expense. 4. The learned Commissioner of Income-Tax (Appeals) has erred in law and in facts in confirming the disallowance of depreciation allowance amounting to Rs. 67,748/-. 5. The learned Commissioner of Income-Tax (Appeals) has erred in law and in facts in confirming the calculation of book profit u/s. 115JB at Rs. 42,77,286/-. 6. The learned Commissioner of Income-Tax (Appeals) has erred in law and in facts in confirming inte....

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....ve been taxed in the hands of Shri Harshad S. Mehta and not in the hands of the appellant." 5. After 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 ....

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....rse of hearing before us,Authorised Representative (AR) of the assessee did not press ground no.4,hence same is dismissed as not pressed. 3. Ground no.3 is about disallowance of interest expenditure of Rs. 52,80,810/-.It was brought to our notice that identical issue was decided by the Tribunal in the cases of Sh.Hitesh S Mehta (AY. 1994-95 and 2005-06.vide order dated.12.06.2013-ITA/5587-89/Mum/2011 & order dated 26.04.2013-ITA/7726/Mum/2010) and Pratima H Mehta( ITAs No. 1942-44 &5500/Mum/2012 -AYs.1998-99,2000-01,2001-02,2008-09 dated 28.08.2013).While going through the said orders of the Tribunal,we find that the issue had been set aside to the files of the FAA for fresh adjudication. Following the same we remit back the matter to th....