Dismissing the writ petitions of the Revenue the Court held that, interest under section 234B cannot be levied by passing rectification order. Assessments prior to Financial year 2012-13, subsequent notification of Board will not affect consideration of applications pending on merits. Law prevailing on date of application applies. (AY.1996-97 to 2005-06)
CCIT v. Van Oord Acz Marine Contractors BV. (2022) 447 ITR 250 / 220 DTR 153 / 329 CTR 291/141 taxmann.com 30 (Mad.)(HC) CIT v. John Baptist Lasrado (2022) 447 ITR 250 / 220 DTR 153/ 328 CTR 691 (Mad.)(HC)
S. 245D : Settlement Commission-Powers-Rectification of order-Interest under section 234B cannot be levied by passing rectification order-Advance tax-Waiver of interest-Entitled to reduce tax deductible or collectible at source while computing its advance tax-Interest on account of shortfall in payment of advance tax not leviable on such income-Assessments prior to Financial year 2012-13-Subsequent notification of Board will not affect consideration of applications pending on merits-Law prevailing on date of application applies.[S. 234A, 234B,234C, 245C, 245D(4),245F(1), General Clauses Act. 1897, S. 6, Art.226]