TMI Blog2013 (11) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. There was no previous assessment finalized therefore, in the assessment framed in re-assessment proceedings under Section 147 of the Act would attract levy of interest under Section 234B of the Act - Explanation No.2 is applicable to the case of assessee – Decided in favour of Revenue. - I.T.A. No. 15 of 2001 - - - Dated:- 22-5-2013 - Hemant Gupta And Ritu Bahri,JJ. For the Appellant : Mr. Rajesh Katoch, Advocate For the Respondent : M/s Akhsay Bhan Alok Mittal, Advocates ORDER Hemant Gupta, J.(Oral) The present appeal under Section 260-A of the Income Tax Act, 1961 (for short, 'the Act') arises out of an order passed by Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short 'the Tribunal') f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deductions under Section 80HHC of the Act. In respect of second question of law, the provisions of Section 234B of the Act need to be extracted:- 234B. (1) Subject to the other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under Section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of [one] per cent for every month or part of a month comprised in the period from the 1st day of April next following such financial year [to the date of determination of total income under sub-section (1) of section 143 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Reliance was placed upon an order passed by the Rajasthan High Court reported in Commissioner of Income Tax Vs. Multimetals Ltd. (1991) 187 ITR 98. The Tribunal dismissed the appeals finding that the order of the Commissioner of Income Tax (Appeals) is in accordance with law. We have heard learned counsel for the parties. In terms of Explanation 2 to Section 234B of the Act, the assessment framed in reassessment proceedings is regarded as a regular assessment for the purpose of levy of charging of interest under Section 234B of the Act if it is framed for the first time. The Tribunal has failed to notice the fact that the Assessing Officer has framed the assessment for the first time on 30.1.1992, therefore, Explanation No.2 is applicab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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