COMMISSIONER OF INCOME-TAX Vs. MEGHMANI ORGANICS LTD.

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order dated 16.06.2006 passed by the learned Income Tax Appellate Tribunal (hereinafter referred to as "ITAT") in ITA No. 4016/Ahd/2003 for the Assessment Year 2000-01, the Revenue has preferred the present tax appeal to consider the following substantial questions of law.

(2.) Now, so far as question No. (2) i.e. whether the Tribunal is justified in holding that interest u/S. 234B of the Act is to be charged on the tax payable after reducing the credit available u/S. 115JAA of the Act for A.Y. 2000-01 ignoring the fact that Explanation 1 below Section 234B of the Act has been introduced with effect from 01.04.2007 and therefore, can not be applied retrospectively is concerned, even the said issue is now not res integra in view of the decision of the Hon'ble Supreme Court in the case of CIT v. Tulsyan Nee Ltd., 2011 330 ITR 226. Learned Counsel appearing on behalf of the Revenue is not in a position to dispute. He is also not in a position to point out any contrary decisions to the decision of the Hon'ble Supreme Court in the case of Tulsyan Nee Ltd. . In view of the above and for the reasons stated and considering the decisions of the Hon'ble Supreme Court in the case of Lakshmi Machine Works and Shiva Tex Yarn Ltd , question No. (1) is answered against the Revenue. Similarly, applying the ratio of law laid down by the Hon'ble Supreme Court in the case of Tulsyan Nee Ltd , question No. (2) is also held against the Revenue. Hence, present tax appeal is dismissed. In the facts and circumstances of the case, there shall be no order as to costs.