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2010 (11) TMI 796 - KARNATAKA HIGH COURTDenial of unabsorbed investment allowance and unabsorbed depreciation allowance - Whether the Tribunal was correct in holding that no interest under section 234B and 234C was leviable in the case of the assessee as the provisions of section 34A (4) of the Act override the provisions of section 234B and 234C of the Act, since the assessed taxes had been paid before the due date for filing the return - Held that:- assessee was not required to pay any tax on the original return income. By virtue of the order dated 26.03.1999 the set off pertaining to the previous years came to be altered. Consequently the unabsorbed allowances that were required to be shown for the year 1992-1993 became altered. This happened only in the year 1999, obviously the assessee was not expected to guess, imagine or presume such an alteration in the years to come which is almost seven years later than the return of income filed by the assessee. Therefore the Tribunal was justified in saying that as on the date of return of income field on 29.12.1992, there was neither delayed payment of tax nor short fall of tax payable as income tax, substantial questions of law have to be answered against the revenue, appeal is dismissed.
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