| Question And Answer | |
|---|---|
| Subject: | INCOME TAX QUERY US 154/155 OF INCOME TAX ACT 1961 |
| Category: | Income-Tax |
| Querist: | ATUL MODI |
| Answered by: | Dr .K. Shivaram Senior Advocate |
| Tags: | Interest u/s 234B, rectification |
| Date: | March 25, 2022 |
THE ASSESSMENT COMPLETED U/S 144 RWS 147 FOR AAY2013-14MADE ON 28.11.2019 IN WHICH THE ASSESSING OFFICER HAS NOT LEVIED INTEREST U S 234B(1) THE ASSESSEE HAS FILED THE APPLICAATION AGAINST THE ASSESSMNT ORDER UNDER VIVAD SE VISHWAS ACT 2020 AND MADE THE PAYMENT FOR WHICH FORM 4DTVSV RECEIVED . NOW THE ASSESSING OFFICER WANTS TO AMEND THE ASSESSMENT ORDER AS THERE IS A MISTAKE APPAARENT FROM THE RECORD WITH IN THE MEANING OF SECTION 154/155 OF THE INCOME TAX ACT 1961.PLEASE ADVICE HOW TO GO IN THIS MATTER
In Co-Operative Rabobank U. A. v. CIT (IT) (2021)437 ITR 639 / 205 DTR 113/ 322 CTR 257/ ( 2022) 284 Taxman 175 (Bom)(HC) has allowed the writ petition wherein the revenue sought to withdraw the interest paid earlier under section 244A of the Act. The Court also discussed the issue of waiver of interest u/ s 234B of the Act. The assessee can read the judgement , the ratio may help to the assessee. The issue being debatable the Designated Authority may not be justified in proposing to pass the rectification order u/s 154 of the Act .