TMI Blog2016 (12) TMI 1867X X X X Extracts X X X X X X X X Extracts X X X X ..... was to be allowed in the A.Y.1984-85. CIT(A) confirmed the order of AO and assessee is in further appeal before us - HELD THAT:- Issue is squarely covered by the decision of Hon ble Bombay High Court in the case of Ultramarine Pigments Ltd [ 2005 (12) TMI 69 - BOMBAY HIGH COURT ] wherein the Hon ble High Court held that even though sub-section 1A was introduced in Section 214 by Taxation Law (Amendment)Act, 1984 w.e.f.1.4.1985, the same would be applicable to all the pending cases. Taxation Laws (Amendment) Act, 1984 is procedural in nature and, therefore, it will apply to all the pending actions. This being so, sub-section (1A) which was introduced in section 214 will apply to the petitioner s case, for the assessment year 1982-83. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of CIT(A), Mumbai, for the assessment years 1984-85 to 1988-89. 2. Rival contentions have been heard and record perused. 3. The facts of the case are that following ITAT's order in appeal no 9254 9255/Bom/1990 dated 22.08.2006, the appeal effects were given vide order u/s 143(3)/254 dated 19.12.2007 in assessee's case for AYs 1984-85, 1985-86, 1987-88 1988-89 and refund together with interest thereon was granted to the assessee in all those assessment years. Thereafter a notice u/s 154 was issued on 28.03.2012 for rectifying the amount of interest payable/ paid to the assessee on the refund granted to it in all these four assessment years. The AO passed orders u/s 154 dated 31.03.2012 in all these years separately and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 989-90 only. The relevant assessment years are 1984-85, 1985-86, 1987-88 AY 1988-89. The provisions applicable for these assessment years are sections 214 244 [and not 244A]. The AO is therefore directed to re-compute the interest payable to the assessee [ u/s 214 244 only] and revise the ITNS-150A. 4.2.2 While computing interest under section 214, care need to be taken for the amendments made in that provision. As per sub-section(1), the interest is payable on the advance tax that exceeds 'the assessed tax' for the period 1st April (next following the financial year in which advance tax was paid) to the date of regular assessment. Further Sub-section (1A) allows the reduction/ increase into such interest on account of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng cases. It was observed by Hon ble High Court that in view of the decision of Division Bench in the case of CIT v. Saswad Mali sugar Factory Ltd., 249 ITR 756 wherein the Division Bench held that the Taxation Laws (Amendment) Act, 1984 is procedural in nature and, therefore, it will apply to all the pending actions. This being so, sub-section (1A) which was introduced in section 214 will apply to the petitioner s case, for the assessment year 1982-83. 11. Respectfully following the above decisions of Hon ble Bombay High Court, we do not find any merit in the order of the lower authorities for declining the claim of interest u/s.214(1A) for the assessment year 1984-85 under consideration. 12. Common grievance in all the years under c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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