TaxTMI 
TaxTMI 
TaxTMI 
2016 (5) TMI 1489
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....r 2006-07 and the revenue has filed cross appeal ITA 5497/M/2011 against the same order. ITA 6335/M/2013 has been filed by the assessee against order dated 28/08/2013 passed by the Ld. CIT (Appeals)-40, Mumbai for the Asst. year 2008-09. Since all the three appeals pertain to the same assessee and the issues involved are common, all the three appeals were clubbed and heard together and are being disposed of by this common order for the sake of convenience. ITA No.5487/M/2011 (A.Y- 2006-07) Brief facts of the case are that the assessee is a notified person under the Special Court ( Trial of Offences relating to transactions in Securities) Act,1992 and all her assets including Bank Accounts had been attached and vested in the hands of the ....
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....4. The learned Commissioner of Income Tax (Appeals) has erred in law and in facts in confirming disallowance on account of interest expense amounting to Rs. 1,53,80,576/-. 5. The learned Commissioner of Income Tax (Appeals) has erred in law and in facts in confirming disallowance on account of professional expense amounting to Rs. 14,877/-." Apart from the aforesaid grounds initially raised the assessee has taken the following additional ground of appeal vide her application dated 17.02.2014. "The Ld. CIT(A) ought to have appreciated that as per the decision of Hon'ble Special Court dt. 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 ass....
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....w withdrawals made by the AO amounting to Rs. 6o,60,000/-have been restricted by the Ld. CIT(A) at Rs. 37,80,000/-which also includes the present addition of Rs. 3,00,000/-. Considering the factual matrix of the entire family, in our considered opinion, an addition of Rs. 1,50,000/-should meet the ends of justice. We, modify the findings of the Ld. CIT(A) and direct the AO to make disallowance of Rs. 1.50,000/-. This ground of assessee is partly allowed." 7. Since the identical issue has been decided by the coordinate Bench, in the aforesaid case, we respectfully follow the same and restrict the addition sustained by the Ld.CIT(A) to 50% and direct the AO to make disallowance of Rs. 1,50,000/-. Accordingly, this ground of appeal is partly ....
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....ding the issue afresh. 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 as per the provisions of the law. Ground No. 4 is treated as allowed for statistical purpose" 9. The aforesaid findings were followed by the coordinate Bench in Smt. Rasila Mehta vs DCIT Mumbai (supra). Respectfully following the view taken by the coordinate Benches in the aforesaid cases, we restore this issue to the file of the Ld. CIT(A) for fresh adjudication after giving reasonable opportunity of being heard to the assessee. Accordingly, this ground of appeal is treated as allowed for statistical purpose. ITA No 5497/M/2011 (A.Y. 2006-07) The Revenue h....
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....Bench, in M/s Harsh Estate Pvt. Ltd.(supra) and followed in the DCIT vs. Smt. Rasila S. Mehta, ITA No. 5870/M/2011, we allow the appeal of the revenue for statistical purpose and direct the AO to re-compute the interest liability after reducing the amount of tax deductible at source and decide as per the provisions of law. ITA No. 6335/M/2013 (A.Y. 2008-09) The assessee has challenged the impugned order dated 28/08/2013 passed by the Ld. CIT (Appeals)-40, Mumbai for the Asst. year 2008-09 on the following effective grounds:- 1. The Ld Commissioner of Income-Tax (Appeals) has erred in law and facts in not appreciating that the notice issued u/s 148 of the Act is bad in law. 2. The Ld Commissioner of Income-tax (Appeals) ought to have a....
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.... issue to the file of the Ld. CIT(A) in assessee's own case ITA No 5487/M/11 for the assessment year 2006-07 for fresh adjudication after giving reasonable opportunity of being heard to the assessee. Therefore, we decide this ground of aoppeal accordingly and issue the same direction to the CIT(A), Thus this ground of appeal is treated as allowed for statistical purpose. 4. Ground No 4 of this appeal pertains to confirmation of addition on account of personal household expense of Rs. 3,00,000/-. Following the consistent view taken by the coordinate Bench on this issue, we have restricted the addition sustained by the Ld. CIT(A) to 50% and directed the AO to make disallowance of Rs. 1,50,000/- in assessee's own case ITA No 5487/M/11 for the....