Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (11) TMI 192 - AT - Income TaxPower Purchase Price payable to UPPCL - Held that:- It is mentioned that the question of differential rate, that is the difference between the rate stipulated in the agreement and charged by UPSEB in the bills and the rate recommended by independent authority was in dispute and the said dispute was not resolved during the relevant year. Therefore, the contractual liability on account of such differential rate is not a liability in praesenti. There is a possibility of reduction or extinction of the liability, therefore, it cannot be regarded as an ascertained liability. In this view, the appeals were decided in favour of the revenue - The report was submitted by the Nair Committee much after the close of the previous year - in favour of revenue. Credit of advance tax and self assessment tax paid by the assessee company be allowed after due verification of tax deposit vouchers and tax levied on the assessee - restore this issue to the file of the AO - in favour of assessee for statistical purposes. Interest under sections 234B and 234C - Held that:- As decided in Jtc. I. T., Mumbai Versus M/s Rolta India Ltd [2011 (1) TMI 5 - SUPREME COURT OF INDIA ] for the purpose of levy of interest u/s 234B the term “assessed tax” means the assessed or regular assessment, thus what is applicable in respect of section 234B of the Act is also applicable in respect of Section 234C of the Act even when assessment is made u/s 115JA - in favour of revenue.
|