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2015 (8) TMI 1361 - AT - Income TaxClaim of foreign tax credit - Held that - From a perusal of the annexures filed by the assessee along with the written submissions for A.Y. 2010-11 it is observed that the assessee had electronically filed its return on 28.9.2010. In the said return in col. No.10 no tax relief u/s. 90 or 91 has been claimed. The assessee filed a revised return on 29.3.2012 electronically. In Col. 10 of this return the assessee had claimed relief u/s. 90 of Rs. 21, 32, 548. The return has been filed by the assessee within the time contemplated u/s. 139(1) of the Act. Neither the AO nor the CIT(Appeals) considered the claim of assessee in the revised return of income filed. We are therefore of the view that the claim of assessee for FTC has been made in the return of income and had been omitted to considered by the AO and CIT(Appeals). We therefore deem it fit and proper to set aside the order of the CIT(Appeals) on this issue and remand the same to the Assessing Officer for fresh consideration Levy of interest u/s. 234C - whether levy is on the returned income or assessed income - Held that - From a plain reading of the provisions of section 234C it is clear that levy of interest u/s. 234C of the Act is on the returned income. We therefore direct the AO to levy interest on the returned income.
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