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TMI Blog2021 (7) TMI 413X X X X Extracts X X X X X X X X Extracts X X X X ..... e on the basis of which interest calculation has to be made is unknown the mistake is not apparent from record and the notice under section 154 as well as order under section 154 both are bad and illegal which are liable to be quashed. Since the ld. CIT(A) deleted the interest by following the binding precedent rendered by Hon ble jurisdictional High Court, in the absence of any decision to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd derives income from salary, house property, business and other sources. For assessment year 2011-12, assessee filed his return of income on 20.09.2012 showing an income of ₹ 20,18,25,050/-. Assessment was also concluded at such income by order dated 25.03.2013 u/s. 143(3) of the Income-tax Act (for short the Act ). Thereafter, Assessing Officer issued notice u/s. 154 of the Act stating t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest of ₹ 68,65,627/- u/s. 220(2) of the Act was calculated. He placed reliance on the decision of Hon ble jurisdictional High Court in the case of Bharat Commerce and Industries vs. CIT, (1994) 210 ITR 13. Since the CIT(A) deleted the charging of interest, Revenue preferred this appeal. 4. When the matter is called, there is no representation from the assessee. Notice was sent to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts are absolutely simple and admitted. By order dated 25.03.2013, income of the assessee was determined at returned income by which the tax was calculated at nil. Assessing Officer, however, passed an order u/s. 154/143(3) of the Act calculating the interest u/s. 220(2) at ₹ 68,65,627/-. In Bharat Commerce and Industries (supra), Hon ble jurisdictional High Court observed that counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Since the ld. CIT(A) deleted the interest by following the binding precedent rendered by Hon ble jurisdictional High Court, in the absence of any decision to the contrary by any higher forum, we cannot find fault with the findings of the ld. CIT(A). We, consequently find the grounds of appeal as devoid of merits and dismiss the same. 7. In the result, the appeal of the Revenue is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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