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2010 (4) TMI 797 - AT - Income TaxInterest u/s 234D - retrospective effect - Held that:- If any rule is made applicable from a particular date and has not been specifically made retrospective, the rule do not apply to cases pending on specific date, irrespective of the assessment year involved therein. See Sree Karpagambal Mills Ltd. Vs CIT(1998 - TMI - 16208 - Madras High Court). In particular case, the Assessing Officer has charged interest u/s 234D which was non-existent provision and was effective from a later date. Decided in favor of the assessee. Rectification u/s 154 - Substantive law - Held that:- Application of a non-existent provision, which was effective from a later date, such mistake does not involve long drawn process of reasoning on points on which there may be two opinions. Mistake is glaring, patent and obvious and the same has to be rectified under section 154 of the Act. - Decided in favor of assessee.
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