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2003 (7) TMI 62 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the holding of the Income-tax Appellate Tribunal is incorrect in law that the interest is payable only for one month on account of non-payment of instalment of advance tax on the capital gain which has arisen after March 16, 2000, whereas the entire advance tax due on such capital gain was not deposited by March 31, 2000, and is contrary to the provision of section 234C(1)(b) of the Act ?" - Where interest is chargeable on delayed or deferred payment of advance tax, it shall be payable only with effect from the date the liability to pay advance tax in respect thereof has been incurred. There cannot be any interest prior to the date in respect of such liability when there was no liability to pay advance tax under any provisions of the Act
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