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TMI Blog2006 (9) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant was not entitled to indexation under section 48 of the Income-tax Act, 1961 ("the said Act" for short) and, therefore, was not eligible to rely on section 55(2)(b)(i) to adopt the fair market value of shares - For not paying the advance tax in time as claimed by the Department, penal interest u/s 234B has been levied – held that Tribunal is expected to decide the liability of the appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. This claim of the appellant has been disallowed. The matter was carried up to the Income-tax Appellate Tribunal which dismissed the appeal filed by the appellant by its judgment and order dated April 15, 2004. This has been done on the ground that according to the Revenue the appellant was not entitled to indexation under section 48 of the Income-tax Act, 1961 ("the said Act" for short) and, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s out that indexation has been provided, principally as a method of finding out what will be the cost of acquisition for Indian buyers as a sort of yardstick which would not be applicable in the case of non-resident companies. Mr. Motariya appearing for the Revenue tried to defend the order. However, as far as the submission on penal interest is concerned, it is quite clear from the judgment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther the Tribunal erred in holding that the first proviso to section 48 of the Act was charging section and therefore erred in holding that section 55(2)(b)(i) of the Act was not available to the assessee being a non-resident? (iii) Whether the Tribunal erred in holding the levy of interest under section 234B of the Act without appreciating that in cases where tax is deductible at source there i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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