2002 (3) TMI 41

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....R LAL GUPTA J.-Is the provision of section 234B, Explanation 1, as amended by the Finance Act, 2001, ultra vires? This is the short question that arises for consideration in this case. The original provision was in the following terms: "Explanation 1.-In this section, 'assessed tax' means,- (a) for the purposes of computing the interest payable under section 140A, the tax on the total inc....

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.... the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income. (b) in sub-section (3), for the words 'one and one-half per cent.', the words 'one and one-fourth per cent.' shall be substituted with effect from the 1st day of June, 2001." A fact which deserves mention at the outset is that nothing ....