TaxTMI 
TaxTMI 
TaxTMI 
2013 (11) TMI 1650
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....submitted that under instructions he is not pressing ground No. 1,2 & 3. These grounds are accordingly dismissed as not pressed. 3. Ground No. 4 relates to the disallowance of interest expenses amounting to Rs. 4,06,76,502/ towards interest expenditure claimed by the assessee. The said disallowance has been confirmed by the Ld. CIT(A). 4. This issue has been considered by the Ld. CIT(A) at para-9 on page-5 of his order and at para 9.3.2 the Ld. CIT(A) observed that the facts are identical to the facts in the present case of the assessee for A.Y. 2005-06. The Ld. CIT(A) went on to follow the findings given by his predecessor for A.Y. 2005-06. 5. The 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. 6. 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-....
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....Court is law of land, which has to be followed by every authority. Therefore, in our view, no direction is to be required to be given to the AO in this respect because if the Hon'ble Apex Court decides that all the income belongs to Shri Harshad S. Mehta, then the income has to be assessed in the hands of Shri Harshad S. Mehta, not in the hands of any other person. Therefore, in our view, there is no need to issue any direction as the decision of the Hon'ble Supreme Court has to be followed in any case. Accordingly, by admitting the grounds raised by the assessee for all these years, we treat the same as academic in nature." 10. The additional ground raised by the assessee is accordingly dismissed as academic in nature following the observations of the Tribunal in assessee's own case for A.Y. 1994-05 (supra). 11. In the result, the appeal filed by the assessee is partly allowed for statistical purpose. ITA No. 972/M/2011 - 1996-97 - Revenue's appeal 12. The Revenue has raised one substantive grounds of appeal which consist of 5 parts a, b, c, d & e. Ground No. 1 (a) to 1 (c) relate to the dividend income of Rs. 1,60,64,916/-. The grievance of the Revenue is that the Ld. CIT(A) ....
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....le Jurisdictional High Court (supra), ground No. 1 (d) and 1 (e) are allowed. Needless to mention that the levy of interest would be consequential. 17. In the result, the appeal filed by the Revenue is partly allowed. ITA No. 207/M/2011 - A.Y. 1997-98 - Assessee's appeal 18. The assessee has raised 4 substantive grounds of appeal and one additional ground. At the very outset, the Ld. Counsel for the assessee submitted that under instructions he is not pressing ground No. 1,2 & 3. These grounds are accordingly dismissed as not pressed. 19. Ground No. 4 relates to the disallowance of interest expenses amounting to Rs. 4,55,61,624/- towards interest expenditure claimed by the assessee. The said disallowance has been confirmed by the Ld. CIT(A). 20. This ground is identical to ground No. 4 of ITA No. 9158/M/2010 for A.Y. 1996-97 in assessee's appeal. Following the same reasoning mentioned hereinabove at para 3 to 7, grounds of appeal taken for A.Y. 1997-98 is also allowed for statistical purpose. 21. The additional ground taken by the assessee is identical to the additional ground of ITA No. 9158/M/2010 for A.Y. 1996-97. Following the same reasoning, the additional ground raised....
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.... the rejection of books of account by the AO and confirmed by the Ld. CIT(A). The Ld. CIT(A) has followed his order in assessee's own case for A.Y. 2006-07. The said findings of the Ld. CIT(A) has been set aside to the files of the Ld. CIT(A) by the Tribunal in ITA No. 7726 & 7727/M/10 vide order dt. 26.4.2013. As no distinguishing facts have been brought on record by the Ld. DR, ground No. 2 is accordingly restored back to the files of the Ld. CIT(A). The Ld. CIT(A) is directed to follow the decision of the Tribunal for A.Y. 2006- 07. Ground No. 2 is allowed for statistical purpose. 33. Ground No. 4 relates to the addition on account of deposits in the bank account treated as suspense entries amounting to Rs. 50,641/-. We find that identical issues were before the Tribunal in ITA No 5587/M/11. The Tribunal has considered identical issues at para-6 of its order and at para 6.3 the Tribunal held as under: "After considering the rival submissions and considering the material on record, we found that this issue needs readjudication at the end of the learned CIT(A). Learned CIT(A) has dismissed the ground of the assessee by observing in para 8.2(iii) at page 6, which are as under :-....
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....e same reasoning mentioned hereinabove at para 15 & 16, this ground raised by the revenue is allowed. 28. In the result, the appeal filed by the Revenue is allowed. ITA No. 2171/M/2012 - A.Y. 2004-05 - Assessee's appeal 29. The assessee has raised 5 substantive grounds of appeal and one additional ground. At the very outset, the Ld. Counsel for the assessee submitted that under instructions he is not pressing ground No. 2,3 & 4. These grounds are accordingly dismissed as not pressed. 30. Ground No. 1 relates to the rejection of books of account by the AO and confirmed by the Ld. CIT(A). This ground is identical to ground No.24 of ITA No. 1671/M/2012 for A.Y. 2000-01 in assessee's appeal. Following the same reasoning mentioned hereinabove at para 32, ground of appeal taken for A.Y. 2004-05 is also allowed for statistical purpose. 31. Ground No. 5 relates to the disallowance of interest expenses amounting to Rs. 33,57,772/- towards interest expenditure claimed by the assessee. The said disallowance has been confirmed by the Ld. CIT(A). 32. This ground is identical to ground No. 4 of ITA No. 9158/M/2010 for A.Y. 1996-97 in assessee's appeal. Following the same reasoning ....