TaxTMI 
TaxTMI 
2013 (8) TMI 668
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....tion and ambiguity . 2. The learned Authorised Representative submitted that the assessee raised the grounds in its appeal ITA No.891/Hyd/2p011 with regard to levy of interest under S.234A and S.234B of the Incoeme-0tax Act, and the learned Authorised Representative at the time of arguing on the original appeal has relied on the judgments of the Delhi High Court in the case of CIT V/s. K.K.Marketing (278 ITR 596) and in the case of Viswanath Khanna Vs. Union of India (335 ITR 548), and the assessee has also relied on the judgment of the Punjab and Haryana High Court in the case of CIT V/s. Ashok Kumar (334 ITR 355). He submitted that the Tribunal has meticulously mentioned those judgments in its order and gave its findings at para 37 of it....
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....ed towards the outstanding tax liability of the assessment years under consideration, and accordingly directed the Assessing Officer to recalculate the interest under S.234A and 234B of the Income-tax Act. It clearly means that if there is no exiting tax liability at the time of seizure of the cash, the seized amount should be adjusted towards payment of advance tax in terms of judgments cited by the assessee, noted above. Accordingly, we direct the Assessing Officer to pass appropriate orders in conformity with the order of the Tribunal. 5. It is pertinent to mention at this juncture that the income-tax authorities are required to exercise their powers in accordance with law, as per the power given to them in specific sections. If the pow....
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....bunals to ignore the decisions of the High Court or to refuse to follow the decisions of the High Court on the pretext that an appeal has been filed in the Supreme Court which is pending or that steps are being taken to file an appeal. If any authority or the Tribunal refuses to follow any decision of the High Court on the above grounds, it would be clearly guilty of committing contempt of the High Court and is liable to be proceeded against." At this juncture, it is also pertinent to mention the observations of the High Court, by placing reliance on the judgment of the Bombay High Court in the case of Subramanian ITO V/s Siemens India Ltd. (156 ITR 11), which are as follows- "Reference may also be invited to the decision of the Bombay Hi....