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2015 (3) TMI 1280 - AT - Income TaxSeized cash adjustment against the liability of advance tax - Interest leviable under section 234B/C - Held that:- CIT(A) has correctly decided the issue because explanation to section 132B can not be held to be of retrospective nature because notes on the clauses very clearly provide that amendment shall take effect from 01/06/2013. Further we are bound to follow the decision in case of CIT v/s Ashok Kumar [2010 (9) TMI 771 - Punjab and Haryana High Court]. The Ld. CIT has also correctly noticed that application was received on 22/03/2010 i.e. one week after the due date for deposit of advance tax and that is why he has ultimately directed the AO to rework the interest leviable under section 234B/C. Therefore, we find nothing wrong with this order and follow the same. Appeal of the Revenue dismissed.
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