2013 (7) TMI 168

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..... ospectively could not entail punishment by payment of interest with retrospective effect. payment of interest for delayed payment of tax is compensatory in nature. It is a suffered liability. Though such a liability could be created retrospectively. When such a liability is retrospectively created. The assessee cannot be accused of committing default and he cannot be charged wit interest for such .....

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..... assessment/intimation are completed under Section 115JA of the Act? 2. The parties relied on a judgment of this Court I n the case of Jindal Thermal Power Company Limtied Vs . Deputy Commissioner of Income Tax and Another, repo rted in (2006) 286 ITR Page 182 which has been upheld by the Hon ble Apex Court holding the said question infavo ur of the revenue and against the assessee. However, th .....

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..... uch default. As the assessee was under no obligation on the date of the alleged default to pay tax at that particular rate, he cannot be accused of having committed default and made to pay interest as compensating the revenue for having not paid the money. The liability to pay advance tax on payable income tax is not disputed. In that view of the matter, the charging of interest on the difference .....

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