TMI Blog2024 (5) TMI 492X X X X Extracts X X X X X X X X Extracts X X X X ..... company. Accordingly, we do not find any infirmity in the order of the learned CIT (A), who relied upon the decision of the Hon'ble Bombay High Court and also the decision of the co-ordinate Bench in assessee s own case. Accordingly, as such impugned assessment year i.e. A.Y. 2005-06, we do not find any reason to hold that provision of Section 115JB of the Act applies to the assessee company prior to 1st April, 2013. Accordingly, ground Nos., 1 and 2 of the appeal are dismissed. Allowability of interest u/s 244A(1A) - HELD THAT:- Admittedly, in this case, the co-ordinate Bench has passed the order on 30th March, 2016. The order giving effect of such order was passed by the learned Assessing Officer on 19th March, 2021. This order was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act are not applicable to the assessee-Bank to whom proviso to sub section 2 of 211 of the companies Act 1956 applies? 2. Whether, on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is right in holding that the amendment to section 115JB of the Income Tax Act, 1961, to bring all the companies (including companies to whom proviso to sub section 2 of 211 of companies Act 1956) in its ambit vide finance Act 2012 w.e.f. 01.04.2013 is not applicable in the assessment year under consideration without appreciating that the said amendment is clarificatory in nature and thus retrospective in effect 3. Whether on the facts and in circumstances of the case and in law, the Ld. CITA) was justified in allowing the mandatory inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been applied to the assessee. The learned CIT (A) held that Hon'ble Bombay High Court in case of Union Bank of India 263 taxmann 685 and co-ordinate Bench in assessee s own case for A.Y. 2008-09 and 2011-12 to A.Y. 2013-14 has held that provision of Section 115JB of the Act should not applicable to banking company governed by provision of Banking Regulation Act, 1949, prior to the amendment made by Finance Act, 2012. Thus, he held that the provisions of Section 115JB of the Act does not apply to the assessee for impugned A.Y. 2005-06. ii. With respect to the claim of the assessee against the ground of mandatory interest under Section 244A(1A) of the Act when the order giving effect was not passed within the time limits specified un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5JB of the Act, it is not applicable to the banks held by the Hon'ble Bombay High Court in 263 taxmann.285, which has been relied upon by the learned Commissioner of Income-tax (Appeals). Further, in assessee s own case for earlier year it has been held so. ii. With respect to interest u/s 244A (1A) of the Act, he submitted that as on the date on which the order giving effect was passed the provisions were in the statute book, therefore, assessee is entitled to interest under that Section even for the assessment year 2005-06. He further stated that there is also an amendment with effect from 1st April, 2013, introducing a proviso to that section, which clearly shows that it applies to all the pending proceedings. 08. We have carefully c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is entitled to interest from the date of receipt of the order by learned PCIT till the order is received by the assessee. Therefore, the assessee is held to be eligible for interest from 1st January, 2017 to 3rd September, 2021. The appeal effect order is passed after the introduction of this section and therefore, despite the assessment year being 2005-06, the assessee is eligible for the above interest because of the reason that when appeal effect order was passed, such provision was there on the statute book. . In view of this, we do not find any infirmity in the order of the learned CIT (A). Accordingly, the ground no.3 of the appeal is dismissed. 010. In the result, the appeal filed by the learned Assessing Officer is dismissed. Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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