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2013 (12) TMI 728 - HC - Income TaxWhether interest u/s 234A, 234B, and 234C be charged on notional income - Held that:- The assessee has received compensation and interest thereupon only after the judgment of the Hon'ble Supreme Court in the year 2001 - Only due to judicial pronouncement, the assessee has become entitled to receive the additional compensation and interest thereupon - The interest can be charged only on the income received and not from the date on which it was entitled to receive interest - No interest can be charged on notional interest - Following CIT Vs. ICD, Syndicate [2006 (3) TMI 90 - KARNATAKA High Court] - No interest can be charged when there is no real income - The interest will have to be charged in the year when income was earned - It cannot be charged retrospectively when there was no receipt in the hands of assessee - Decided in favour of assessee.
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