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TMI Blog2014 (4) TMI 125X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and amount recovered from him - Accrued interest for re-pawning with the money lender has been allowed and for the remaining amount the explanation has not been accepted on the ground that with regard to re-pawned articles there is nothing to show that the same was reinvested by the Assessee - This has been done based on the material available on record. Imposition of interest u/s 234 B and 234 C of the Act – Held that:- Payment of interest u/s 234 A, 234B and 234C is a mandatory, the assessing authority while passing the original assessment order or while reassessment or rectification order has to pass orders on payment of interest - even if in the order it is indicated that interest be paid in accordance with law, without specifyin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r capital. With regard to this amount it was explained that earlier capital and investment in the name of his daughter Pushpa Dahayat was included in the seized ornaments and the pawned registers. Assessment proceedings were held and after due assessment, the Assessing Officer disallowed the exemption of capital of Rs.1 Lacs, thereafter added a sum of Rs.2,73,224/- towards accrued interest on unexplained investment and Rs.1,21,824/- towards accrued interest on re-pawned articles and further directed for release of interest as per rule. The copy of the order of assessment is Annexure P/4. Petitioner preferred a revision against the aforesaid and the Revisional Authority considered and decided the revision petition by his order Annexure P/6 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of Commissioner of Income Tax Vs. Ruchira Papers Ltd. - (2013)259 CTR (HP) 153 cited. Shri H. S. Shrivastava, learned Senior Counsel took us through the documents and material available on record and tried to argue that the Revisional Authority has committed various irregularities in the matter of disallowing the claim of the petitioner and adding interest which is unsustainable. Learned counsel appearing for the Revenue Shri Sanjay Lal supported the submissions and argued that justification given by the Revisional Authority in the order is proper and the same does not call for any interference. We have heard learned counsel for the parties and perused the record. As far as addition of Rs.1 Lacs by disallowing the claim for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hal Pradesh High Court was proposed into service. In the order passed by the Assessing Officer on 31.3.94 it is indicated that penalty proposing are indicated separately and interest be charged as per rules. The Himachal Pradesh High Court considered the question of charging of interest in a proceeding held on a reference made to it and the question of law formulated for consideration by the Himachal Pradesh High Court reads as under :- Whether interest under Section 234B of the Act could be charged in the notice of demand issued under s.156 in the absence of any specific order demanding interest in the assessment or rectification orders? This question has been answered by the High Court in para 17 and it is held by the Himachal Pra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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