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2013 (10) TMI 1181 - HC - Income TaxInterest u/s 234B – Tax liability due to retrospective amendment - failure to pay advance tax - Held that:- The assessee claimed exemption under Section 81-IA of the Act while filing his return of income in November, 2006. The exemption was nullified by an amendment that came into force under the Finance Act, 2007 with retrospective effect. The assessee, therefore, could not be expected to know on the relevant date, that claim for exemption under Section 81-IA of the Act would not be available in view of the retrospective amendment and though liable to pay tax in view of the retrospective amendment, cannot be held liable to pay interest – Reliance has been placed upon ratio recorded by a Division Bench of this Court in “The Commissioner of Income Tax, Panchkula V/s M/s Haryana Warehousing Corporation, Panchkula's case [2008 (4) TMI 214 - PUNJAB AND HARYANA HIGH COURT] – Decided against the Revenue.
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