Interest can be charged under sec 234B where required and power to reduced or waive is only vested under sec 119 of CBDT
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
I have considered the facts of the case and the submissions of the appellant. I have also perused the case laws as relied upon by the appellant. Before considering the appellant’s submission, it is important to look about the operative part of the direction given by Hon’ble ITAT Ahmedabad ‘B’ Bench in the appellant’s case (ITA No.594/Ahd/2003 and ITA No.7551/Ahd/2003) vide order dt: 16-03-07, At para 7 of this order, Hon’ble ITAT held that ‘Having heard both the parties and perusing the record, we find that the CIT(A) has deleted the interest u/s. 234B on the ground that since the A.O has not specifically mentioned anything in respect of charging of interest u/s. 234B in the asstd. Order, the interest charged is to be cancelled. The CIT(A) has relied upon the decision of the Hon. Supreme Court in the case of Rachi Club, 164 CTR (SC) 200). But we hold that levy under sec. 234A & B is mandatory in accordance with the decision of Hon. SC in the case of CIT vs. Anjum M.H. Ghaswala,
Citation :
Softough Hygiene Products (Mkt ) Pvt . Ltd., Hansol, P.O. Sardarnagar,Ahmedabad PAN No.AACCS9973P Appellant V/s.Dy. Commissioner Income-tax Of f ice,Circle-12, Ahmedabad Respondent
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CS Bijoy
Published in Income Tax
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