TaxTMI 
TaxTMI 
2015 (8) TMI 1353
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.... are being disposed of by this common order for the sake of convenience. 2. The grounds urged in AY 2004-05 to 2006-07 are identical in nature. At the time of hearing, the ld. Counsel appearing for the assessee pressed the ground no 4 relating to the rejection of claim of interest expenditure. Accordingly other grounds are dismissed as Not Pressed. 3. The grounds urged in AY 2008-09 to 2010-11 are identical in nature. At the time of hearing, the Ld A.R pressed the grounds relating to the following issues:- a) Rejection of claim of interest expenditure under the normal provisions of the Act; b) Rejection of interest liability under section 115JB of the Act; and c) Computation of interest u/s 234A, 234B and 23....
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....to the disallowance of interest expense. The Ld. Counsel for the assessee brought to our notice that the decision relied upon by the Ld. CIT(A) while disposing this ground has been set aside by the Tribunal to the file of the Ld. CIT(A). 4. The Ld. Departmental Representative could not bring any distinguishing decision in favour of the Revenue. 5. 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. We find that the Tribunal in the case of Eminent Holdings in ITA Nos. 2139, 2140 and 2141/Mum/2013 have followed the decision of the Tribunal given ....
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....owmore Leasing & Inv. Ltd (supra). 6. The next issue urged in the appeals filed for AY 2008-09 to 2010-11 relates to the charging of interest u/s 234A, 234B and 234C of the Act. 7. The ld. Counsel contended that the charging of interest is being contested on two grounds, viz., (a) the very liability to pay the interest u/s 234A, 234B and 234C of the Act is being agitated, since the assessee was disabled from paying advance tax by attaching all the assets belonging to the assessee and (b) manner of computation of interest u/s 234B and 234C, if it is held that the assessee is liable to pay advance tax. 8. With regard to the first issue, the Hon'ble Bombay High Court has already held in the case of Divine Holdings Pvt Ltd and Cascade ....
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....f this issue: "7. It has already mentioned that assessee has filed a declaration in Form No.8 under section 158A, therefore, according to the declaration filed the issue is decided against the assessee with a direction that when the decision on the question of law in respect of assessment year 2007-08 becomes final, the same shall be applied to the present appeals in accordance with sub-section (5) of section 158A of the Act. Accordingly, this ground for all the three years is decided against the assessee in the manner aforesaid." By following the above said decision, we also set aside this matter with similar directions. 10. With regard to the second limb, the Ld A.R submitted that the interest u/s 234B and 234C of the Act s....
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....an appeal against the said order before the Hon'ble Supreme Court, that the income earned in the year under consideration was subjected to provisions of TDS, that the changeability of the section 234A, 234B and 234C of the Act should be after considering the amount of tax deductible at source on the income assessed. The appellant relies in this regard on the following decisions. He relied upon the cases of Motorola inc. v. DCIT [95 ITD 269 (Del.(SB)], Sedco Fores Drilling Co. Ltd. [264 ITR 320],NGC Network Asia LLC [313 ITR 187] ,Summit Bhatacharya [ 300 ITR (AT) 347 (Bom)(SB)], Vijal Gopal Jindal [ITA No. 4333/Del/2009] & Emillo Ruiz Berdejo [320 ITR 190 (Bom)].DR relied upon the cases of Devine Holdings Pvt. Ltd. 3.1. We have hea....