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Judgment
In these matters, proxy counsel for the respondent is asking for time on the ground that the advocate is in personal difficulty. Normally, we would have granted time but we have heard arguments in other connected matters (ITA 265 of 2003 and 266 of 2003) wherein the same question of law arises. Those matters have already been admitted and the question has been framed. Therefore, we see no reason to adjourn these matters.
Accordingly, the appeals are admitted.
In the opinion of the Court following question is required to be determined:
"Whether the Tribunal was right in holding that amount retained u/s 132(5) of the IT Act, 1961, amounts to payment of taxes and should be taken into consideration while calculating interest payable u/s 234A, 234B and 234C of the IT Act, 1961?"
The paper books be filed by the appellants within three months. It would be open to the appellants to file computer printed copies of the paper book.
These appeals be heard along with ITA 265 of 2003 and ITA 266 of 2003.