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2014 (4) TMI 973 - HC - Income TaxLiability to pay interest u/s 234A, 234B and 234C of the Act - Assessee being a notified person under the Special Court (Trial of Offences relating to Transactions in Securities) Act 1992 - Held that:- Following The Commissioner of Income Tax Versus Divine Holdings Pvt. Ltd. [2012 (4) TMI 100 - BOMBAY HIGH COURT] - The Tribunal has erred in taking a view that the assessee being a notified person under the Special Court (Trial of Offences relating to Transaction in Securities) Act, 1992 is not liable to pay interest u/s 234A, 234B and 234C of the Act - the interest is chargeable and merely because the assets and properties are attached, does not mean that the liability to pay interest will not arise - merely because certain aspects were not considered or that relevant provisions were not brought to the notice of the Court, is not enough to ignore and brush aside a binding precedent - The remedy of correcting an erroneous judgment and order is to file an appeal challenging it and, then, convince the Appeal Court in exercise of such appellate power to quash or reverse such judgment – thus, the order of the Tribunal is set aside – Decided in favour of Revenue.
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