TMI Blog2012 (11) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in favour of the revenue - The report was submitted by the Nair Committee much after the close of the previous year - in favour of revenue. Credit of advance tax and self assessment tax paid by the assessee company be allowed after due verification of tax deposit vouchers and tax levied on the assessee - restore this issue to the file of the AO - in favour of assessee for statistical purposes. Interest under sections 234B and 234C - Held that:- As decided in Jtc. I. T., Mumbai Versus M/s Rolta India Ltd [2011 (1) TMI 5 - SUPREME COURT OF INDIA ] for the purpose of levy of interest u/s 234B the term “assessed tax” means the assessed or regular assessment, thus what is applicable in respect of section 234B of the Act is also applicab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AY 1994-95 and the Tribunal decided the matter in favour of the assessee by holding that the liability has been crystallized in the year itself. He further submitted that as and when the question of rate payable reaches finality, the department would be at liberty to bring the amount to tax by invoking the provisions of Section 41(1) of the Act pertaining to the amount which ceases to become a liability. Replying to the above contention, the Departmental Representative submitted a copy of the judgment of ITAT Delhi E Bench in ITA NO. 999/Del/2011 for A.Y. 2007-08 dated 19.1.2012 in assessee s own case. We find it appropriate to reproduce the findings given therein as follows:- 2.1 The question again came up for discussion before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... differed from the decision of the earlier bench and a proper course of action would have been to place the matter before the President of the Tribunal with a request to constitute Special Bench consisting of three or more members. Accordingly, it is agitated that the decision for assessment year 1994-95 may be followed and the mater may be decided in favour of the assessee. 3. In reply, the ld. CIT, DR referred to the subsequent decision of the Tribunal and submitted that it has also taken into account the recommendation of an independent authority, which is still in force. This matter is pending now before the Hon ble Supreme Court. Accordingly, it is agitated that the later decision of the Tribunal may be followed. 4. We have consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdingly, these grounds are also dismissed. 4. Ld. DR further submitted that although there is the order of ITAT in ITA 70/Del/2003 for AY 1994-95 available on pages 1.1 to 1.5 of the paper book in favour of the assessee but subsequent decisions of the Tribunal should be considered which were in favour of the revenue from AY 1995-96 to 1999-2000 and continuously followed upto AY 2007-08. The DR further submitted that in the first decision for AY 1994-95, the Tribunal took a note of the stipulation in the agreement that the power purchase rate was studied and revised by independent authorities. Consequently, Nair Committee was appointed on 31.08.1994. The Nair Committee determined the rate at Rs.1.35 per unit but the report was submitted b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee s representative was specifically asked to submit any order or judgement contrary to the findings of the Tribunal in the subsequent assessment years in assessee s own case but he expressed his inability. Therefore, we have no substantial reason to take a different view which has already been taken by the ITAT Delhi E Bench in ITA No. 999/Del/2011(supra). Accordingly, following this decision, ground no. 1 is decided in favour of the revenue. Consequently ground no. 1 is dismissed. Ground No.2 7. Both the parties conceded that the allowance of full credit of advance tax and self assessment tax paid by the assessee company for the relevant assessment year during the previous year is a matter of tax account which can be decided by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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