ORDER :

1. Heard learned counsel on both sides.

2. The short point involved in the present case is whether levy of interest under Section 234A/234B of the Income Tax Act, 1961, [for short, 'the Act'], is mandatory or not.

3. At one point of time there was a doubt on the nature of interest payable by the assessee under Section 234A/234B of the Act. That controversy stood finally settled by a Five- Judge Bench decision of this Court in the case of Commissioner of Income-Tax v. Anjum M.H. Ghaswala, (2002) 1 SCC 633 : (2001) 252 ITR 1 and Others, [2001] 252 ITR 1. This judgment is binding on us. In the said judgment, this Court held in unequivocal terms that interest under Section 234B/234C is mandatory in nature. In view of the said decision, we are of the opinion that there was no need for the Assessing Officer to specifically recite in the Order of Assessment that penalty proceedings should be initiated, as contended on behalf of the assessee.

4. It is true that at one point of time, prior to the decision in Anjum Ghaswala case, (2002) 1 SCC 633 : (2001) 252 ITR 1 [supra], there was a conflict of opinion amongst various High Courts in India. One such case was the judgment of Patna High