2017 (7) TMI 694

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....s "Tribunal") in Income Tax Appeal No. 483/LUC/2003 relating to Assessment Year 1994-95. 2. This appeal was admitted by earlier Division Bench on 25.02.2008 on the following substantial questions of law: "1. Whether on the facts and in the circumstances of the case, Income Tax Appellate Tribunal was justified in summarily dismissing the order passed by C.I.T. (Appeals) sustaining levy of interest under Sections 201 (1) and 201 (1A) of Income Tax Act, 1961 on the ground of limitation only without appreciating that there is no prescribed time limit for invoking provisions of Section 200 and Section 201 of Act and the same are attracted immediately upon happening of an event, namely, payment and failure to deduct tax as required by Secti....

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....interest liability on the aforesaid amount for the period January, 1994 to December, 1999 to US Dollar 1,939,286/- and demanded total sum of US Dollar 4,082,143/- from Assessee-IGCL, treating it to be an Assessee in default. 4. Appeal preferred by Assessee-IGCL before Commissioner of Income Tax (Appeal) XXV, Mumbai (herein-after referred to as "CIT (A)") was allowed by order dated 03.04.2000 and Assessing Officer was directed for de-novo consideration. Thereafter, fresh order was passed on 28.03.2002 computing amount under Section 201(1), in default, as US Dollar 13,78,780 and calculating interest thereon from January 1994 to March, 2002 to the tune of US Dollar 13,78,780. A demand of US Dollar 31,50,512 was raised. Assessee-IGCL carried....