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of <h1>Tribunal grants petition, reconsiders interest levy under section 234D. Order recalled for further review.</h1> <h3>M/s MRF Limited Versus The The Dy. CIT</h3> The Tribunal allowed the miscellaneous petition filed by the assessee, emphasizing the need to reconsider the issue of interest levy u/s 234D in light of ... - Issues involved: The judgment deals with the issue of levy of interest under section 234D of the Income Tax Act, specifically in relation to a petition against the order of the Tribunal dated 11.3.2011 in Revenue's appeal in I.T.A.No. 1676/Mds/2010 for assessment year 2002-03.Summary:Issue 1 - Levy of interest u/s 234D:The petitioner raised concerns regarding the levy of interest u/s 234D, arguing that the Tribunal did not consider the absence of a refund u/s 143(1) and the jurisdictional High Court's decision in the case of CIT vs Ramco Industries. The petitioner contended that a mistake apparent from the record, rectifiable u/s 254(2), had occurred in the Tribunal's order. The Tribunal, after considering the submissions, noted that it had the power u/s 254(2) to rectify mistakes within four years from the order date. It was observed that the Assessing Officer had charged interest u/s 234D for refunds granted earlier, but the issue was not clearly presented before the Tribunal. The Tribunal decided to recall the order for further consideration in light of the jurisdictional High Court's decision.Issue 2 - Consideration of High Court's directive:The Tribunal acknowledged the directive from the Hon'ble Madras High Court to seek clarification on the non-consideration of the provisions of section 234D and the High Court's decision in the case of Ramco Industries. Despite the Revenue's argument against the need for a rectification petition, the Tribunal proceeded to address the issue based on the directive and relevant legal provisions.Conclusion:The Tribunal allowed the miscellaneous petition filed by the assessee, emphasizing the need to reconsider the issue of interest levy u/s 234D in light of the jurisdictional High Court's decision. The order was recalled for further examination, and the appeal was scheduled for a future hearing to address the unresolved issues effectively.
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