9911796707
TMI Blog2014 (12) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... urt] – thus, the order of the Tribunal is upheld – Decided against assessee. - TAX APPEAL NO. 162 of 2005 - - - Dated:- 1-12-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. For the APPELLANT : MR SN DIVATIA, ADVOCATE FOR THE RESPONDENT : MR KM PARIKH, ADVOCATE JUDGEMENT Per: K S Jhaveri: 1. Being aggrieved and dissatisfied with the impugned order dated 20.08.2004 passed by the Income Tax Appellate Tribunal, Ahmedabad 'A' Bench (hereinafter referred to as 'the Tribunal') in Income Tax Appeal No. 3707/Ahd/2003 for the assessment year 1996-97, the assessee has preferred the present tax appeal. 1.1 The following substantial question of law was raised while admitting the appeal: Whether on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the appellant company submitted that the Tribunal as well as CIT(A) erred in confirming the rectification made by the Assessing Officer. He submitted that the authorities below erred in not appreciating the provisions of section 234B(4) of the Act. It is submitted that the said provision envisages increase or reduction of the interest already charged under sub-section (1) or sub section (3) of section 234B of the Act. He has relied upon the decision of the Calcutta High Court in the case of Emami Ltd. vs Commissioner of Income tax, Kolkatta reported in [2011] 12 taxmann.com 64 (Cal.). 4. Mr. K.M. Parikh, learned advocate appearing for the revenue supported the impugned order and submitted that the Tribunal has rightly observed that si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med to be a notice under section 156 and the provisions of this Act shall apply, accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. 5.1 Thus it is clear that section 234B(4) of the Act authorises the Assessing Officer to enhance or reduce the interest as the case may be when an order u/s 154 is passed. The Tribunal has rightly observed in para 8 as under: 8. We have duly considered the rival contentions. As far as the first submission of the assessee is concerned, that while framing the assessment order u/s 143(3) of the Act, the ld. Assessing Officer has not directed tolevy the interest u/s 234-B. Therefore, while passing the order u/s 154 rws 155 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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