https://www.taxtmi.com/caselaws?id=752239 ITAT Cochin held that determination of interest under sections 234A and 234B requires fresh consideration when original assessment is set aside for fresh assessment. The dispute concerned whether subsequent assessment after appellate remand constitutes "regular assessment" for interest computation purposes. Tribunal noted that previous SC decisions in Modi Industries Ltd. and other cases addressed different statutory provisions no longer operative due to legislative changes. Matter was restored to CIT(A) for fresh adjudication with speaking order after adequate hearing. Assessee's appeals allowed for statistical purposes, with all contentions remaining open to both parties. en-us Thu, 02 May 2024 00:00:00 +0530 Sat, 04 May 2024 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752239 ITAT Cochin held that determination of interest under sections 234A and 234B requires fresh consideration when original assessment is set aside for fresh assessment. The dispute concerned whether subsequent assessment after appellate remand constitutes "regular assessment" for interest computation purposes. Tribunal noted that previous SC decisions in Modi Industries Ltd. and other cases addressed different statutory provisions no longer operative due to legislative changes. Matter was restored to CIT(A) for fresh adjudication with speaking order after adequate hearing. Assessee's appeals allowed for statistical purposes, with all contentions remaining open to both parties. Case-Laws Income Tax Thu, 02 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752239