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2015 (2) TMI 734 - HC - Income TaxInterest u/s 234A and s.234B - default in payment of advance tax on account of parking charges - Held that:- In the present facts, the Appellant had not originally filed its return of income and, therefore, there was no occasion for him to make any advance payment. This nonfiling of return of income was on the basis of the Appellant's stand that in view of project completion method followed by him, the income earned on parking charges would have to be returned when the project was completed. This was not accepted as the amount received on account of parking charges was not a part of any project. Thus parking charges was brought to tax in Assessment Year 2000-01. On facts in quantum proceedings, it has been held by the Tribunal that the amount received on parking charges has nothing to do with the appellant's project and was assessable to tax in Assessment Year 2000-01. This has been accepted by the Appellant. If this be so, the Appellant was obliged to pay Advance tax and nonpayment of the same would carry with it the further burden on interest under Section 234B of the Act. This is so in view of Anjum Ghaswala (2001 (10) TMI 4 - SUPREME Court) where it is held that payment of interest is mandatory and compensatory. - Decided against assessee.
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