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2004 (9) TMI 83 - HC - Income TaxRevenue is aggrieved by the finding of the Tribunal that interest under sections 234B and 234C cannot be charged in a case where income is computed as per the provisions of section 115JA – Revenue, contended that levy of interest is merely a process of determining the liability of the assessee on account of tax or interest payable by the assessee on the basis of the return of income. This process of determination of the assessee's liability cannot be equated with an adjustment made in the income or loss declared in the return as had been done by the Tribunal. He, therefore, contended that the Tribunal has erred in holding that levy of interest under sections 234B and 234C was an adjustment made by the Assessing Officer under section 143(1)(a) of the Act and cancelling the same – Held that Tribunal was not right in holding that the assessee was not liable to pay interest under sections 234B and 234C
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