9911796707
TMI Blog2009 (1) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant. Pankaj jain, Advocate, for the respondent. JUDGMENT The judgment of the court was delivered by J. S. KHEHAR J. - In the present appeal, the respondent-assessee filed the return of its income on January 29, 1996. Consequent upon the processing of the return under section 143 of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the Assessing Officer required the respondent-assessee to be charged interest under section 234B of the Act on account of non-payment of advance tax. Vide an order dated September 29, 1996, the Assessing Officer required the respondent-assessee to pay Rs. 23,48,846 as interest under section 234B of the Act. The order of the Revenue determining the liability of the respondent-ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de India; (iv) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section ; and (v) any tax credit claimed to be set off in accordance with the provisions of section 115JAA, the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest. Explanation.- Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent-assessee. The Commissioner of Income-tax (Appeals) dismissed the appeal preferred by the assessee vide an order dated October 5, 2006. Dissatisfied with the order passed by the Commissioner of Income-tax (Appeals), the respondent-assessee preferred a second appeal before the Income-tax Appellate Tribunal. The appeal preferred by the respondent assessee was allowed by the Income-tax Appellate Tribunal vide an order dated November 27, 2007. 5. Through the instant appeal, the Revenue has impugned the order passed by the Income-tax Appellate Tribunal dated November 27, 2007. In the present appeal, the solitary issue under consideration is the validity of the order dated April 27, 2006, passed by the Assessing Officer under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 8. Before concluding this order, it is imperative for us to take into consideration one of the submissions advanced by learned counsel for the respondent-assessee, namely, that the order dated April 27, 2006, passed by the Assessing Officer was barred by limitation, under section 154(7) of the Act. In this behalf, it is the vehement contention of learned counsel for the respondent-assessee, that the computation of interest under section 234B of the Act was determined by the Assessing Officer in the first instance by an order dated September 29, 1996, which ultimately culminated in an order dated March 23, 1998(passed under section 143 of the Act). After making the respondent-assessee liable to interest on account of delayed payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Appellate Tribunal, which the Assessing Officer found was contrary to section 140A of the Act. It is, therefore, that the Assessing Officer issued a notice under section 154 of the Act to the respondent-assessee on February 20, 2006, whereafter, the impugned order dated April 27, 2006, was passed by the Assessing Officer. What was sought to be corrected by the Assessing Officer in exercise of his power under section 154 of the Act was obviously the order dated April 7, 2005. The issue to be adjudicated upon while examining the submissions of learned counsel for the respondent, therefore, is whether the order dated April 27, 2006, was passed within the period of limitation stipulated under section 154(7) of the Act, while modifying/correc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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