Section 234B interest not applicable under Block Assessment

Advertisement Brief Facts: 1.  Search was carried out in assesse’s premises by the Income Tax Authorities. The assessee approached the settlement commission and it passed an order u/s 245D(4) read with section 158BC of the Income Tax Act, 1961 for the block period 1996-97 to 2002-03. 2. Accordingly, the A.O. determined income and raised demand, which was duly paid by the assessee. Subsequently, a noticeu/s 154 was issued to the assessee proposing to charge interest u/s 234B of the Act. 3. The assessee submitted that there was no mistake apparent from record and interest u/s 234B was ...