2012 (11) TMI 1147

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....RDER PER D. MANMOHAN, V.P. This appeal, filed by the assessee, is directed against the order dated 29.06.2011 passed by the CIT(A)-9, Mumbai and it pertains to A.Y. 2005-06. 2. The following grounds were urged by the assessee in this appeal: - "1. The Commissioner of Income Tax (Appeals)-9, Mumbai, hereinafter referred to as CIT(A), erred in confirming the charging of interest by....

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....ective amendment w.e.f. 1st April, 2001 was made to the provisions of section 115JB of the Act, whereby an amount set aside as provision for diminution in the value of any asset was to be added to the net profit for the purpose of computing tax payable under that section. The case of the assessee is that the amended provision was not available in the statute at the time when the assessee company w....

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....legal dictum "Lex Non Cogit Ad Impossibilia" which in turn was referred by the Delhi Bench of the ITAT [75 ITD 155 (TM]. At the time of hearing the learned counsel for the assessee placed reliance upon the decision of the Hon'ble Calcutta High Court in the case of Emami Ltd. vs. CIT 337 ITR 470 wherein the Hon'ble Calcutta High Court observed that interest cannot be levied under section 23....