https://www.taxtmi.com/caselaws?id=205703 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, ruling that mandatory interest under ss. 234B and 234C of the IT Act should not be charged for retrospective amendments in s. 115JB. The Tribunal emphasized that interest is not leviable when an assessee acts in good faith based on prevailing laws and subsequently adjusts income due to retrospective changes. The Department's appeal was dismissed, affirming the assessee's genuine belief in compliance with the law at the time of filing the return. en-us Thu, 16 Dec 2010 00:00:00 +0530 Thu, 21 Jul 2011 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205703 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, ruling that mandatory interest under ss. 234B and 234C of the IT Act should not be charged for retrospective amendments in s. 115JB. The Tribunal emphasized that interest is not leviable when an assessee acts in good faith based on prevailing laws and subsequently adjusts income due to retrospective changes. The Department's appeal was dismissed, affirming the assessee's genuine belief in compliance with the law at the time of filing the return. Case-Laws Income Tax Thu, 16 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205703