2014 (12) TMI 637

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....bstantial question of law was raised while admitting the appeal:     "Whether on the facts and in the circumstances of the case, the Income - Tax Appellate Tribunal was justified in law in holding that interest was rightly charged under Section 234B(4) of the Income-tax Act, 1961 despite the fact that no interest had been levied under Section 234B(1) of the Act at the time of framing regular assessment under Section 143(3) of the Act?" 2. The assessee company is engaged in the business of manufacturing and trading in industrial gases. The assessee company filed its return of income for the assessment year in question after having set off of brought forward business loss and unabsorbed depreciation of earlier years. The ....

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.... the revenue supported the impugned order and submitted that the Tribunal has rightly observed that since in the subsequent order, the assessee's income turned in positive figure, it was liable to pay interest and the assessee should have anticipated these circumstances. He submitted that the Tribunal has rightly considered the decision of the Apex Court in the case of CIT vs. Ranchi Club reported in 247 ITR 209. He has relied upon the decision of the Himachal Pradesh High Court in the case of CIT vs. Ruchira Papers Ltd reported in [2013] 212 taxman 9. He submitted that the present appeal lacks merit and therefore deserves to be dismissed. 5. We have heard learned advocates for both the sides and perused the orders passed by the CIT ....