Applicability of Interest u/s 234B(3) for the first time in reassessment completed under section 147

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF KERALA, IN THE CASE OF : The South Indian Bank Ltd. Vs CIT, APPEAL NO: ITA No. 1611 of 2009, DECIDED ON: December 2, 2009 RELEVANT PARAGRAPH 4. It is clear beyond doubt from the above provisions that interest payable under section 234B(1) could be levied even in a reassessment completed under section 147 on excess short fall of advance tax, consequent to increase in demand of tax pursuant to revision of assessment under section 147. In this case, the first assessment which is in the form of intimation under Section 1430X&) led to a refund of abov...