TANALUR SERVICE CO-OP BANK LTD,MALAPPURAM vs. THE ACIT, GHAZIABAD

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ITA 215/COCH/2023Status: DisposedITAT Cochin25 September 2024AY 2015-16Bench: Shri Satbeer Singh Godara (Judicial Member), Shri Amarjit Singh (Accountant Member)2 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the statutory amendment regarding the impugned levy was applicable only from June 1, 2015, and was not retrospective. Therefore, the levy was deleted.

What were the facts?

The assessee's appeal concerns the levy of interest under Section 201A read with Section 234E and Section 220(2) of the Income Tax Act. The levy was imposed for the period April 1, 2014, to March 31, 2015.

What were the issues?

Whether interest under Section 201A read with Section 234E and Section 220(2) can be levied for a period prior to the effective date of the statutory amendment.

Which sections of the Income-tax Act were involved?

Section 201A,Section 234E,Section 220(2)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Respondent: Smt. V. Swarnalatha, Sr. D.R
Hearing: 12.08.2024

Heard together (2 matters)

ITA No.215 /Coch/2023
SA No. 36 /Coch/2023

Read from the judgment's own cause title. This page is filed under one of them.

SA No. 36 /Coch/2023 Assessment Year: 2015-16 Tanalur Service Co-operative Bank The Assistant Commissioner of Limited, Service Bank Building v. Income-tax Tanalur, Malappuram – 676 307. Kozhikkode. PAN : AADAT8161F. (Appellant/Applicant) (Respondent) Appellant by : ------- None ------ Respondent by : Smt. V. Swarnalatha, Sr. D.R. Date of Date of Hearing : 12.08.2024 Pronouncement : 25.09.2024 O R D E R Per Bench : This assessee’s appeal for A.Y. 2015-16 arises against the National Faceless Appeal Centre, Delhi [CIT(A)]’s DIN & Order No. ITBA/NFAC/S/250/2022-23/1049267296(1) dated 31.01.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act). It has also filed Stay Application SA No. 36/Coch/2023 seeking to restrain the department from recovering the corresponding demand as well.

2.

It emerges at the outset that both the lower authorities have levied s. 201A r.w.s 234E interest u/s. 220(2) of the Act for the relevant accounting period from 01.04.2014 to 31.03.2015 despite the fact that the statutory amendment regarding the impugned levy is applicable only w.e.f. 01.06.2015. There is no material on record indicating the impugned & SA No. 36/Coch/2023 Tanalur SCB Limited. amendment to be retrospective in nature. We thus adopt stricter interpretation as per Commissioner v. Dilip Kumar and Company [2018] 9 SCC 1 (SC) (FB) to delete the impugned 200A r.w.s. 234E late filing levy of Rs. 69,150/- in very terms. Ordered accordingly.

3.

This assessee’s appeal SA No. 36/Coch/2023 is rendered infructuous. A copy of this common order be placed in the respective case files. Order pronounced in the open court on this 25th Day of September, 2024.

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