Penal interest u/s 234

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Mitul Sinha (Querist)
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13 June 2011 I want to know where,as a result of any retrospective amendment ,certain receipts which were hitherto treated as exempt,becomes taxable..Is the assessee subject to penal interest u/s 234 for default in payment of such advance tax ?

kindly help me out..

Thanks & Regards
Mitul Sinha

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 June 2011 Interest will be levied at assessment level since it is a mandatory provision. However,waiver / reduction of interest can be sought for before the Chief Commissioner of income tax vide CBDT order F.No. 400/129/2002-IT(B) dated 26/6/2006 since the issue is squarely covered in the citation.

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