“Section 220(7)”

CONTINENTAL CONSTRUCTION LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee is allowed for statistical purpose

Bench: Sh. N. K. Billaiya & Ms. Astha Chandraassessment Year: 1983-84 Continental Constructions Acit Ltd., 28, Nehru Place Circle – 4 (2) New Delhi-110019 Vs. New Delhi Pan No.Aaacc2309R (Appellant) (Respondent) Appellant By Sh. M.P. Rastogi, Advocate Respondent By Sh. T. James Singson, Cit Dr Date Of Hearing: 09/11/2023 Date Of Pronouncement: 09/11/2023 Order Per N. K. Billaiya, Am: This Appeal By The Assessee Is Preferred Against The Order Of The Cit(A)-2, New Delhi Dated 28-02-2017 Pertaining To A.Y.1983- 84. 2. The Grievance Of The Assessee Read As Under :- 1. On Facts & Circumstances & In Law, Learned Assessing Officer & Cit(A) Have Erred & Were Not Justified In Charging Of Interest U/S 220(2) In Respect Of The Impugned Amount Of Rs 14,15,99,180/- (Which Was Determined By Order U/S 220(7) Dated 05/01/2001) For Any Period Prior To The Date Of Revocation Of The Said Order U/S 220(7) I.E 12/06/2007. 2. Learned Assessing Officer Has Failed To Appreciate The Law That Interest U/S 220(2) Is Chargeable Only When There Is An Un-Discharged Demand Notice, Which In The Case Of Appellant Could Be Said To Have Arisen Only On 12/06/2007, Consequent To The Order Of Revocation & Thus Interest Should Have Been Chargeable Only On Default Of Payment Of Demand Stated In The Notice U/S 156 Dated 12/06/2007. 3. On Facts & Circumstances Of The Case & In Law, Learned Assessing Officer & Cit(A) Have Failed To Correctly Appreciate The Ratio Of The Judgement Of The Apex Court In The Case Of Vikrant Tyres Ltd Reported In 247 Itr 821 (Sc)

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI BEFORE SH. N. K. BILLAIYA, ACCOUNTANT MEMBER AND MS