2016 (11) TMI 804

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng for grant of interest is clarificatory and in any event applicable to the facts of the present case? (ii) Whether on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order passed by the Commissioner of Income Tax under section 263? 2. The Statement of Case made by the Tribunal as rectified by its order dated 23rd September, 2016 reads as under : "2. The relevant facts of the case are that the assessee is a company carrying on business of printing. The assessment year involved is 1984-85 for which the accounting year ended on 31st March, 1984. The assessment was completed under section 143(3) on 25.10.1985, at a total income of Rs. 60,02,301/. On appeal, the CIT(A)I, Bombay passed an appel....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 452 (Carona Sahu Co. Ltd. Vs. CIT). In other words, the Tribunal found that no refund was due to the assessee in the original assessment and the order passed by the I.A.C. On 17.06.1986 was not a regular assessment in the light of the Bombay High Court reported in 146 ITR 452. The Tribunal also rejected the plea of the assessee that the amendment made by Taxation Law Amendment Act, 1984 was clarification in nature. According to the Tribunal, it was a substantive provision and it cannot be given effect to the period prior to 1.4.1985." 3. From the above, the relevant dates are extracted hereunder : Assessment Year 1984-85 Direct Tax Laws (Amendment) Act, 1984 1st April, 1985 Order of the Assessing Officer 25th October, 1985 O....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Vs. Carona Sahu Co.Ltd., 146 ITR 452. (c) Being aggrieved, the applicant assessee carried the issue of interest receivable in terms of Section 214(1A) of the Act in appeal to the Tribunal. The Tribunal dismissed the applicant assessee's appeal on the basis of the decision of this Court in Carona Sahu Co. Ltd. (supra) on the interpretation of Section 214(1) of the Act. Further, the Tribunal negatived the applicant assessee's contention that Section 1(A) of Section 214 of the Act as introduced by the Direct Tax Laws (Amendment) Act, 1984 is clarificatory. Consequently, it held that the amended Section 214 of the Act which contains subsection (1A) thereof can not be given effect to for the period prior to 1st April, 1985. (d) The qu....