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TMI Blog2013 (1) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned order dated 22.06.2012, passed by the learned first appellate authority, wherein the interest levied under section 234B of the Act was deleted. 2. During hearing of this appeal, we have heard Shri Jasdeep Singh, ld. Senior DR whereas nobody is present for the assessee. Ld. Senior DR defended the assessment order levying the interest u/s 234B of the Act and invited our attention to se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee of exemption u/s 9(1)(i) of the Act was rejected and the assessee's income was computed as 15.29% markup on the total expenses incurred by the assessee. Such working was claimed to be based on Rule 10B(1)(e) of the Rules by considering the transactional net margin method. Interest u/s 234A, 234B and 234C was also held to be leviable by the Assessing Officer. On appeal, the ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n received or debited by the person responsible for collecting tax without collection of such tax." We are of the view that the aforesaid proviso inserted by the Finance Act, 2012 is prospective in nature and not with retrospective effect. The proviso was brought into operation w.e.f. 1.4.2012 whereas the Assessment Years involved are 2005-06 and 2006-07, therefore, we are not in agreement with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11] 330 ITR 578, on identical issue, held that since the assessee is not liable for advance tax, therefore, cannot be charged interest for failure to pay advance tax. Identical view was expressed by Hon'ble Uttaranchal High Court in the case of CIT v. Sedco Forex International Drilling Co. Ltd. [2003] 264 ITR 320. In view of the facts stated in the impugned order and also in the absence of any adv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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