Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

The Commissioner of Income Tax-II, Jalandhar Versus Ravinder Singhania

Levy of interest u/s 234A & 234B on returned income or assessed income - Retrospective amendment made by the Finance Act, 2001 w.e.f. 01.04.1989 - Held that:- We are bound by the decision of this Court in Parkash Agro Industries Vs Dy. Commissioner of Income Tax [2007 (10) TMI 294 - PUNJAB AND HARYANA HIGH COURT ] which has answered this question in favour of the appellant i.e. interest was chargeable on the assessed income. - Decided in favour of appellant. - ITA. 35-2014 - Dated:- 6-7-2015 - S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

8(i) Whether on the facts and in the circumstances of the case, the ITAT is right in law in holding that interest u/s 234A and 234B is to be levied on returned income instead of assessed income in view of the retrospective amendment made by the Finance Act, 2001 w.e.f. 01.04.1989? 3. It is not necessary to consider the other questions of law raised in this appeal in favour of the appellant/revenue. On 14.02.2000, the Assessing Officer made an assessment order under Section 143(3) of the Act. He .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

th retrospective effect from 01.04.1989. By this amendment, interest was chargeable on the assessed income. The constitutional validity of this amendment has been upheld by a Division Bench of this Court in Raj Kumar Singal Vs Union of India [2002] 255 ITR 561 (P&H). A Division Bench of this Court in Parkash Agro Industries Vs Dy. Commissioner of Income Tax, (2009) 316 ITR 149 (P&H) has answered the question in favour of the department. It was held that in view of the amendment by the Fi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

facts in this regard are as follows:- On 02.05.2001, the Assessing Officer applied for/recommended the rectification of the order dated 23.02.2001 in view of the Finance Act, 2001. On 04.05.2001, the department filed an ITA-194-2001 against the order of the CIT (Appeals) dated 23.02.2001. On 06.12.2001, the CIT (Appeals) rectified the order dated 23.02.2001 by levying interest on the assessed income and not on the returned income. The respondent/assessee had also filed an appeal against the ord .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as passed and in the rectification proceedings initiated under Section 154 of the Act. 6. In view of the judgements of this Court, we have referred to, the question of law must be answered in favour of the department. It is not necessary to consider whether the proceedings under Section 154 of the Act were maintainable or not for the simple reason that the main issue, namely, whether interest was chargeable on the returned income or on the assessed income had to be decided by the CIT (Appeals) i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version