https://www.taxtmi.com/caselaws?id=57820 The Tribunal dismissed the appeal, affirming the levy of interest under Section 234D of the Income-tax Act, as the regular assessment occurred on or after 1-6-2003. It concluded that Section 234D is procedural, applicable to all pending matters from its effective date, regardless of the assessment year or refund date. The Tribunal determined that the section is a machinery provision, not a substantive law, and emphasized its compensatory nature for the use of the refund amount. Contradictions in the CIT(A)'s order were deemed irrelevant, focusing instead on the section's applicability based on the regular assessment date. en-us Fri, 07 Oct 2005 00:00:00 +0530 Wed, 10 Apr 2024 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57820 The Tribunal dismissed the appeal, affirming the levy of interest under Section 234D of the Income-tax Act, as the regular assessment occurred on or after 1-6-2003. It concluded that Section 234D is procedural, applicable to all pending matters from its effective date, regardless of the assessment year or refund date. The Tribunal determined that the section is a machinery provision, not a substantive law, and emphasized its compensatory nature for the use of the refund amount. Contradictions in the CIT(A)'s order were deemed irrelevant, focusing instead on the section's applicability based on the regular assessment date. Case-Laws Income Tax Fri, 07 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57820