2020 (11) TMI 278

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....T-62/17-18 respectively dated 17/09/2018 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 30/10/2015, 29/06/2016 & 14/08/2017 respectively by the ld. Dy. Commissioner of Income Tax, Central Circle-4(3), Central Range-4, Mumbai (hereinafter referred to as ld. AO). As the grounds raised in assessee appeals are identical, all the appeals are taken up together and disposed off by this common order for the sake of convenience. With the consent of both the parties, the appeal of the assessee for A.Y.2013-14 has been taken as the lead case and the decision rendered thereon would apply with equal force for A.Yrs.2014-15 and 2015-16 also except with variance i....

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.... of interest receipts of Rs. 4,43,743/- under the head 'income from other sources'. Against this direction, the assessee is in appeal before us. 3.1. Before us, both the parties fairly stated that this issue has already been the subject matter of adjudication by this Tribunal in assessee's own case for A.Yrs. 2012-13, 2013-14 and 2015-16 in ITA Nos.6965, 6966 and 6969/Mum/2018 dated 16/03/2020 wherein this Tribunal had restricted allowability of interest expenditure u/s.57 of the Act to the extent of interest income. The relevant portion of the said order is reproduced herein for the sake of convenience:- "9. Considered the rival submission and material placed on record, we notice from the records that the assessee has earned interest inco....

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....cision rendered hereinabove for A.Y.2013-14 would apply with equal force for A.Ys.2014-15 and 2015-16 also except with variance in figures. Hence we direct the ld. AO to allow the interest expenditure to the extent of interest receipts of the respective assessment years. 5. The Ground No.2 & 3 raised by the assessee is with regard to charging of interest u/s.234A, 234B & 234C of the Act for all the assessment years which was charged without giving credit for tax deducted at source. 5.1. We have heard the rival submissions and perused the materials available on record. We find that this issue was also the subject matter of adjudication by this Tribunal in the case of DCIT vs. Aatur Holdings Pvt. Ltd., in ITA No.6763/Mum/2018 for A.Y.2014-1....