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2014 (1) TMI 1267 - ITAT DELHIInterest u/s 234B of the Act - Payment of advance tax – Held that:- Interest u/s 234B is levied for the failure to pay advance tax as per the provisions of S. 208 and 209 of the Act - All the assessee here are non-resident companies - The assessee's case is that, if the Assessing Officer's stand that the Revenues received by these G.E. Overseas Entities are held as liable to tax in India, then, as per S.195 of the Act, the payers of such income were under an obligation to deduct tax at source and consequently, in terms of pre-amended S. 209(1)(d) of the Act, the assessee was not required to pay advance tax, as the advance tax payable by the tax payer is to be calculated, by reducing the tax on current income, by the amount of tax which would be "deductible or collectable" at source under the Act, during the said F.Y. – the decision in Director of Income Tax Versus M/s. Jacabs Civil Incorporated / Mitsubishi Corporation [2010 (8) TMI 37 - DELHI HIGH COURT] followed - it would not be permissible for the Revenue to charge any interest under Section 234B of the Act – also , the Tribunal has rightly held that the assessee was not liable to pay any interest under Section 234B of the Act – Decided against Revenue.
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