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2013 (11) TMI 1047 - PUNJAB & HARYANA HIGH COURTInterest u/s 234B – Held that:- The return of the assessee was initially processed under Section 143(1) of the Act - The re-assessment proceedings were initiated against the assessee under Section 147 – Decision in the case of Commissioner of Income Tax v. Nahar Spinning Mills Ltd. [2011 (7) TMI 961 - Punjab and Haryana High Court] followed - The Tribunal has failed to notice the fact that the Assessing Officer has framed the assessment for the first time on 30.1.1992, therefore, Explanation No.2 is applicable with full force in respect of levy of charging of interest under Section 234-B of the Act. There was no previous assessment finalized therefore, in the assessment framed in re-assessment proceedings under Section 147 of the Act would attract levy of interest under Section 234B of the Act - Explanation No.2 is applicable to the case of assessee – Decided in favour of Revenue.
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