AMIT INDUSTRIES Vs. UNION OF INDIA AND OTHERS

JUDGEMENT

(1.) The petitioner-assessee has impugned the order dated 20.3.2003, passed by the Settlement Commission, Annexure P.1 whereby interest under section 234B of the Income Tax Act, 1961 (in short, "the Act") which was levied vide order dated 20.10.1999 has been enhanced.

(2.) Brief facts as narrated in the petition may be noticed.

(3.) Learned counsel for the petitioner submitted that earlier the case was adjourned sine die to await the decision of the Hon'ble Supreme Court. He urged that in view of the latest pronouncement of the Constitution Bench of the Hon'ble Apex Court in Brij Lal and others v. Commissioner of Income Tax,2010 46 DTR 153 wherein reference has also been made to earlier judgment in Ghaswala's case , the order of the Settlement Commission is untenable.