TaxTMI 
TaxTMI 
2015 (4) TMI 1153
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.... No.2. For the sake of convenience, ground of appeal for A.Y 2001-02 are reproduced below: "1. The Ld. Commissioner of Income-Tax (Appeals) ought to have appreciated that as per the decision of Hon'ble Special Court dated 30.04.2010 in MP No. 41 of 1999, the assets under consideration and the consequential income belongs to Shri Harshad S. Mehta and hence the income assessed by the Assessing Officer ought to have been taxed in the hands of Shri Harshad S. Mehta and not in the hands of the appellant. 2. The Ld. Commissioner of Income-Tax (Appeals) has erred in law and facts in confirming the disallowance of interest expenditure amounting to RS.57,70,806/-. 3. The Ld. Commissioner of Income-Tax (Appeals) has err....
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....d a declaration in Form No.8. On such request of the assessee, Ld. Counsel appearing on behalf of the Revenue did not object. Therefore, it was submitted that this issue may be decided as per earlier order of the Tribunal and when the decision on the question of law in respect of A.Y 2007-08 becomes final then the same may be applied to the present appeals as per provisions of section 158A of the Act. It is in this manner we have proceeded to decide the present appeals. 4. Apropos Ground No.1; this ground in all the years are dismissed being not pressed. 5. Apropos Ground No.2, reference has been made to the decision of Tribunal in the case of group concern of M/s. Growmore Leasing & Inv. Ltd. vs. ACIT, decision dated 5/3/2015, in whi....
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....xpenditure is pending before the Hon'ble Special Court. It is the say of the Ld. Counsel that the proceedings in which the said issue of interest was issued by the custodian have been already concluded which fact has already been recorded by the Ld. CIT(A) in the impugned order. We, therefore, direct the Ld. CIT(A) to consider this fact while deciding the issue afresh. The Ld. CIT(A) may also direct for the taxing of income in the hands of the recipient (family members) in accordance with the method of accounting followed by them and as per the provisions of the law. Ground No. 4 is treated as allowed for statistical purpose". 5.1 Accordingly, after hearing both the parties, following the aforementioned decisions we restore this issue to....
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.... interest would be consequential. In the result, the appeal filed by the Revenue is partly allowed. Respectfully following the aforestated findings of the Tribunal, the appeal filed by the Revenue is allowed." 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 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. ....
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....la 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 heard the rival submissions and perused the material before us. We find that in the case of Devine Holdings Pvt. Ltd. Hon'ble Bombay High Court has held that provisions of section 234A, 234B and 234C were applicable to the notified person also. Therefore, upholding the order of the FAA to that extent, we hold that provisions of section 234 of the Act are applicable. As far as calculation part is concerned, we find m....