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2010 (9) TMI 771 - HC - Income TaxAdvance Tax - Interest - In CIT v. Arun Kapoor (2010 -TMI - 204622 - Punjab and Haryana High Court), this court had occasion to consider a similar issue where it has been held that the assessee is entitled to adjustment of seized amount towards advance tax liability from the date of making the application in that regard - The assessee had made request for adjustment of the advance tax liability of Rs. 3,14,312 against the seized amount of Rs. 5,90,000 on August 28, 1989 - Since the first installment of advance tax was payable on September 15, 1989 and the request for adjustment having been made on August 28, 1989 and reminder on September 12, 1989, no interest was exigible u/s 234A and 234B of the Act - The Tribunal has rightly held that the assessee was entitled to adjustment of the said amount and no interest could be charged on that basis - Therefore, no fault could be found with the approach adopted by the Tribunal.
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