M/S. PENAM LABORATORIES LTD.,NEW DELHI vs. DCIT, NEW DELHI
In the result, the appeal of the assessee is partly allowed
ITA 527/DEL/2014[2010-11]Status: DisposedITAT Delhi16 Nov 2016AY 2010-11
Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2010-11 Vs. Deputy M/S. Penam Laboratories Ltd., Commissioner Of F-223, New Rajinder Nagar, Income Tax, Circle-14(1), New New Delhi Delhi Pan : Aaacp0362M (Appellant) (Respondent) Appellant By Sh. Rajesh Jain, Ca Respondent By Sh. F.R. Meena, Sr.Dr Date Of Hearing 23.08.2016 Date Of Pronouncement 16.11.2016 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against The Order Dated 11/11/2013 Passed By The Ld. Commissioner Of Income-Tax (Appeals)- Xvii, Laxmi Nagar , Delhi For Assessment Year 2010-11 Raising Following Grounds: “1. That The Learned Cit (A) Erred In Upholding The Levy Of Interest U/S 234A & 234B Of The Act Without Considering The Amount Of Income Tax Paid On Various Dates During The Period April 2010 To March 2011, Totaling To Rs. 1,20,00,000/- As Per Details Submitted During The Course Of Hearing, Without Appreciating The Spirit Of Various Judgement Of Honourable Supreme Court & High Court, Specially The Case Of Pranoy Roy 309 Itr 231 (Sc) Where In It Was Held That Interest Is Compensatory In Nature. 2. That The Learned Cit (A) Erred In Upholding That Interest U/S 234A Amounting To Rs. 9,45,492/- Been Rightly Charged, In Spite Of 2 Ay: 2010-11 Holding That Interest Will Not Be Chargeable On The Amount Of Tax Paid Before Filing The Income Tax Return. 3. That The Learned Cit (A) Erred In Not Directing Of Assessing Officer Categorically That Interest U/S 234B Of The Act Should Be Calculated After Giving Due Credit Of Taxes Paid By The Appellant On Various Dates During The Period April 2010 To March 2011, Amounting Rs. 1,20,00,000/-. 4. That The Order Of Cit (A) Is Not Based On Correct Facts & Judicial Precedents Relied Upon By The Appellant & Therefore Deserve To Be Set Aside.”
Section 140ASection 143(2)
