2009 (3) TMI 88

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..... inance charges and got it deleted. Thereafter income tax assessment was again rectified by the assessing officer withdrawing the deduction granted on interest tax on finance charges which the assessee ceased to be entitled by virtue of the order of the Tribunal in the interest tax appeals filed by the assessee. - ITAT held that the provisions of section 154 is not applicable to this case - honorab .....

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..... by the assessing officer withdrawing the deduction granted towards interest tax paid on finance charges received in hire purchase transactions. The issue arose because of the divergent orders issued by different authorities in interest tax assessments. The demand of interest tax paid on finance charges was allowed in I.T. assessment by way of rectification of original assessment, when the asse .....

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..... without rectification of assessments for the years 2005-06 and 2006-07 to cancel the assessment of refund amounts, there will be double taxation of the same amount. In this view of the matter, we dismiss the departmental appeals without going into the correctness of the decision of the Tribunal. However, we make it clear that the assessee is not entitled to rectification or modification of t .....

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