2007 (9) TMI 668

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ocate, for the Respondent. ORDER M.M. KUMAR, J. This is revenue's appeal under Section 260A of the Income-tax Act, 1961 (for brevity, 'the Act'), against order dated 24.2.2005, passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh (for brevity, 'the Tribunal), in I.T.A. No. 173/Chandi/2001, in respect of assessment year 1987-88. It is claimed that the following sub....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sthan High Court in the case of Commissioner of Income-tax v. Rajasthan Warehousing Corporation, (1994) 210 ITR 906 and in view of judgment of Hon'ble the Supreme Court in the case of Orissa State Warehousing Corporation v. CIT, (1999) 237 ITR 589. Subsequently, assessment was reopened under Section 147 of the Act after issuance of notice dated 10.2.1998 under Section 148 of the Act. After complet....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Court in the case of Orissa State Warehousing Corporation (supra). It has been, thus, held that the assessee is not liable to pay advance tax on or before such decision of the Supreme Court. We have heard learned counsel for the parties and perused the record with their able assistance. After hearing learned counsel it has emerged that the aforementioned question stands already answered by ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n charging of interest under Section 234B of the Act is mandatory, but in the present case, the provisions of Section 234B of the Act cannot be invoked. It may also be noted that admittedly upto the assessment year 1991-92, the assessee did get the benefit of Section 10(29) of the Act. It was assessed on 'nil income. The exemption was granted on the basis of Allahabad High Court decision ....