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TMI Blog2010 (6) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... for the first time, based on the subsequent amendment, in the year 2005, with retrospective effect from 01.04.1998, it would be incongruent to expect the assessee to have satisfied the requirement of payment of advance tax as prescribed under Section 234 (B) of the Income Tax Act. – interest u/s 234B can not be imposed - 396 and 398 of 2010 - - - Dated:- 22-6-2010 - CORAM: The Hon'ble Mr. Just ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 234 B of the Income Tax Act on the belated payment of additional tax for the relevant years. It is not in dispute that the assessee was liable to pay such additional tax by virtue of the non availability of 90% of profit on DEPB credits by way of deduction under Section 80 HHC due to the insertion of Section 80 HHC (3) retrospectively from 01.04.1998 by the Amendment Act of 2005. By virtue of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal, in its order, while dealing with the said issue has held that, "From the decision of the Hon'ble Jurisdictional High Court as well as the Tribunal and also in the order of the Delhi Benches of this Tribunal in case of Haryana Warehousing Corporation vs. Deputy Commissioner of Income Tax reported in 75 I.T.D. 155 , it is clear that the assessee cannot be made liable for the interest un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Commissioner (Appeals). When the liability for payment of additional tax itself was created for the first time, based on the subsequent amendment, in the year 2005, with retrospective effect from 01.04.1998, it would be incongruent to expect the assessee to have satisfied the requirement of payment of advance tax as prescribed under Section 234 (B) of the Income Tax Act. Therefore, while the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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