No Interest Under Section 234B for Retrospective Tax Amendments

Exquisite Jewellery Vs ITO (ITAT Mumbai) In a ruling that offers relief to taxpayers affected by retrospective amendments to tax laws, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench has held that interest under Section 234B of the Income-tax Act, 1961, cannot be charged for a shortfall in advance tax payments if the shortfall arises due to an amendment introduced retrospectively. The appeal, filed by Exquisite Jewellery vs. ITO (ITAT Mumbai), pertains to the assessment year 2008-09. The core of the dispute revolved around the levy of interest amounting to Rs. 20,15,970/- under Section 2...