9911796707
TMI Blog2013 (7) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... B - Decided against the assessee. - Tax Case (Appeal) No.214 of 2010 - - - Dated:- 4-6-2013 - Chitra Venkataraman And K. B. K. Vasuki,JJ. For the Appellant : Mr. M. P. Senthil Kumar For the Respondent : Mr. N. V. Balaji Standing Counsel for Income Tax JUDGMENT (Judgment of the Court was delivered by Chitra Venkataraman,J. ) The assessee is on appeal as against the order of the Tribunal, raising the following substantial questions of law, relating to the Assessment Year 2004-05: (i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that interest under Section 234B is chargeable under Section 234B(1) and Section 234B(3) has no application? (ii) Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aying the advance tax and hence, no penalty could be levied under Section 234B of the Income Tax Act. The Revenue contended that considering the fact that the assessment made on the assessee under Section 147 read with Section 143(3) was a regular assessment, going by Explanation (2) to Section 234B, the provisions under Sections 234B(1) of the Income Tax Act stood attracted. Thus the Department disputed the view of the Commissioner of Income Tax (Appeals) in following the decision of the Mumbai Bench of the Tribunal and allowing the assessee's case. 3. On a consideration of the rival contentions and the provisions of the Income Tax Act, the Tribunal held that going by Explanation (2) to Section 234B of the Income Tax Act, when the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... every month or part of a month comprised in the period from the 1st day of April next following such financial year to the date of determination of total income under sub-section (1) of Section 143 and where a regular assessment is made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax. Explanation 1. ... Explanation 2.Where, in relation to an assessment year, an assessment is made for the first time under Section 147 or Section 153-A, the assessment so made shall be regarded as a regular assessment for the purposes of this section. Explanation 3. ... (2) ... (3) Where, as a result of an or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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