Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 113 - ITAT BANGALOREInterest u/s 234C - assessee is in the business of real estate development - search action u/s 132 - Held that:- The assessee has claimed to have earned the business income only at the fag end of the financial year by the delivery of possession of the property and that this delivery of possession is as per the agreement between the assessee and the developer. The decision of the Tribunal in the case of Jindal Irrigation Systems (1995 (8) TMI 97 - ITAT HYDERABAD-A) is very much applicable to the facts of the case as the claim of the assessee that the income has accrued to the assessee on 28.3.2008 has not been examined by the authorities below - remand the issue to the file of the AO with a direction to examine the claim of the assesee and if it is found that the income has in fact accrued to the assessee on 24.3.2008, then no interest u/s 234C shall be charged.
|