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Issues: Whether the order dated 20.01.2005 dismissing the petitioner's application under Section 154 of the Income-tax Act, 1961 for additional interest under Section 244(1A) of the Income-tax Act, 1961 should be quashed and remanded for fresh adjudication in view of the subsequent decision of the Supreme Court in Sandvik Asia Ltd.
Analysis: The Court examined the impugned order rejecting the rectification application for additional interest and considered that the order was founded on a High Court decision which has since been reversed by the Supreme Court. The Court directed that on remand the competent authority shall pass a fresh order within three months after receipt of a certified/web copy of this order. While recalculating interest the competent authority or Assessing Officer must apply the extant legal provisions, including the applicable rate of interest from time to time. For the assessment year in question, the Court provided an operable timeline and specified a contingency interest rate if compliance is delayed.
Conclusion: The impugned order dated 20.01.2005 is quashed and the matter is remanded to the competent authority for fresh disposal in favour of the assessee; the competent authority is directed to pass a fresh order within three months and to take into account applicable provisions and rates while calculating interest; in case of non-compliance the order shall carry interest as directed by the Court.
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