2013 (7) TMI 168

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....hi. JUDGMENT:- PER : N. Kumar This appeal was admitted to consider the following substantial question of law:      "Whether the appellate authorities were correct in holding that mandatory interest under Section 234B and 234C is not leviable when assessment/intimation are completed under Section 115JA of the Act?" 2. The parties relied on a judgment of this Court....

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....t of interest for delayed payment of tax is compensatory in nature. It is a suffered liability. Though such a liability could be created retrospectively. When such a liability is retrospectively created. The assessee cannot be accused of committing default and he cannot be charged wit interest for such default. As the assessee was under no obligation on the date of the alleged default to pay tax a....