TaxTMI 
TaxTMI 
2025 (3) TMI 933
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....e same assessee involving similar issues arising out of the similar factual matrix, therefore, these appeals were heard together as a matter of convenience, and are being decided by way of this consolidated order. Since the assessee has raised similar grounds in both appeals, the grounds raised in the appeal for the assessment year 2011-12 are reproduced as follows for ready reference: - 1. The learned Commissioner of Income-tax, (under NFAC), hereinafter referred to as the CITA) erred in passing orders without providing adequate opportunity of hearing and without making any relevant inquiry in the matter. 2. The learned CITA erred in not considering the Tribunal's order passed in the case of the assessee for the AY 2013-14 wherein ....
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....herein addition was made on account of interest income in respect of the loans/advances to M/s Ramgopal Ganpatrai & Co. Pvt. Ltd., notice under section 148 of the Act was issued on 03/04/2017, and proceedings under section 147 of the Act were initiated, as for the year under consideration, the assessee charge the interest at 10.50% which was less than the market rate of 12%. Accordingly, it was alleged that the differential interest amounting to INR 9,51,830 has escaped assessment within the meaning of section 147 of the Act. In response to the notice, the assessee requested to treat the return of income originally filed as the return in response to the notice issued under section 148 of the Act. During the reassessment proceedings, statuto....
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....s own case for the assessment year 2013-14 deleted the addition on account of notional interest income in the hands of the assessee. The learned AR further submitted that since the proceedings under section 147 of the Act were initiated in the year under consideration based on the assessment proceedings for the assessment year 2013-14, which have now been deleted by the Tribunal, the impugned addition made in the year under consideration has no basis. We find that the coordinate bench of the Tribunal in assessee's own case in Laxminarayanan Mandir Trust v/s ITO, in ITA No. 3273/Mum./2022, for the assessment year 2013-14, vide order dated 18/09/2023, deleted the addition made on account of notional interest income in respect of loan/advance ....