2013 (1) TMI 453

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ance Act, 2012 - Held that:- The aforesaid proviso inserted by the Finance Act, 2012 is prospective in nature with no retrospective effect. The proviso was brought into operation w.e.f. 1.4.2012 whereas the AY involved are 2005-06 and 2006-07, therefore not in agreement with the DR because the said proviso is not retrospective in nature. The language used in section 209(1) is regarding payment of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... , we have heard Shri Jasdeep Singh, ld. Senior DR whereas nobody is present for the assessee. Ld. Senior DR defended the assessment order levying the interest u/s 234B of the Act and invited our attention to section 209 for computation of advance tax. Plea was also raised that section 202 of the Act was also not considered by Hon'ble High Court while coming to a particular conclusion. Plea was als .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... med to be based on Rule 10B(1)(e) of the Rules by considering the transactional net margin method. Interest u/s 234A, 234B and 234C was also held to be leviable by the Assessing Officer. On appeal, the ld. CIT (A) by following the decisions as contained at page 38 of the impugned order held that the interest u/s 234B is not leviable. Aggrieved Revenue is in appeal before the Tribunal. So far as th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ctive in nature and not with retrospective effect. The proviso was brought into operation w.e.f. 1.4.2012 whereas the Assessment Years involved are 2005-06 and 2006-07, therefore, we are not in agreement with this assertion of the ld. Senior DR because the said proviso is not retrospective in nature. Even otherwise, the language used in section 209(1) is regarding payment of advance tax in the fin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... essed by Hon'ble Uttaranchal High Court in the case of CIT v. Sedco Forex International Drilling Co. Ltd. [2003] 264 ITR 320. In view of the facts stated in the impugned order and also in the absence of any adverse material brought on record, we find no infirmity in the same, therefore, the stand of the CIT (A) is affirmed. 4. Finally, both the appeals of the Revenue are dismissed.
Case laws, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X