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2013 (1) TMI 453 - ITAT DELHIInterest levied u/s 234B - claim of the assessee of exemption u/s 9(1)(i) was rejected - DR relied on amendment to sec 209 inserted by the Finance Act, 2012 - Held that:- The aforesaid proviso inserted by the Finance Act, 2012 is prospective in nature with no retrospective effect. The proviso was brought into operation w.e.f. 1.4.2012 whereas the AY involved are 2005-06 and 2006-07, therefore not in agreement with the DR because the said proviso is not retrospective in nature. The language used in section 209(1) is regarding payment of advance tax in the financial year, therefore, the proviso is not attracted for the impugned assessment year. As decided in DIT v. Jacabs Civil Incorporated/Mitsubishi Corpn. [2010 (8) TMI 37 - DELHI HIGH COURT] that since the assessee is not liable for advance tax, therefore, cannot be charged interest for failure to pay advance tax. Also see CIT v. Sedco Forex International Drilling Co. Ltd. [2003 (10) TMI 40 - UTTARANCHAL HIGH COURT] - in favour of assessee.
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