2013 (1) TMI 453

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....he impugned order dated 22.06.2012, passed by the learned first appellate authority, wherein the interest levied under section 234B of the Act was deleted. 2. During hearing of this appeal, we have heard Shri Jasdeep Singh, ld. Senior DR whereas nobody is present for the assessee. Ld. Senior DR defended the assessment order levying the interest u/s 234B of the Act and invited our attention to sec....

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....f the assessee of exemption u/s 9(1)(i) of the Act was rejected and the assessee's income was computed as 15.29% markup on the total expenses incurred by the assessee. Such working was claimed to be based on Rule 10B(1)(e) of the Rules by considering the transactional net margin method. Interest u/s 234A, 234B and 234C was also held to be leviable by the Assessing Officer. On appeal, the ld. CIT (....

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.... received or debited by the person responsible for collecting tax without collection of such tax." We are of the view that the aforesaid proviso inserted by the Finance Act, 2012 is prospective in nature and not with retrospective effect. The proviso was brought into operation w.e.f. 1.4.2012 whereas the Assessment Years involved are 2005-06 and 2006-07, therefore, we are not in agreement with th....