2012 (4) TMI 689

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....DER PER I.P. BANSAL, JUDICIAL MEMBER This is an appeal filed by the assessee. It is directed against the order passed by the CIT (A) dated 7th December, 2011 for Assessment Year 2002-03. 2. At the outset, it was pointed out by the learned AR that only one issue is raised in the present appeal which is regarding disallowance made u/s 14A read with Rule 8D of IT Rules, 1962. The Assessing O....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....We find that there is a force in the claim of the learned AR that Rule 8D is not applicable to the impugned assessment year, hence, the matter has to be reconsidered in the light of the aforementioned decision of Hon'ble Delhi High Court in the case of Maxopp Investment Limited vs. CIT (supra) as the said decision of Hon'ble Delhi High Court was not available when learned CIT (A) has decid....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....conclusion that charge of interest is mandatory and consequential in nature." 6. We find that this issue is now covered by the decision of Hon'ble Supreme Court in the case of JCIT vs. Rolta India Ltd. 330 ITR 470 (SC) wherein it has been held that interest u/s 234B and 234C shall be payable for failure to pay advance tax in respect of tax payable u/s 115JA/115JB. Therefore, we hold that le....