Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 795 - AT - Income TaxLevy of interest under sections 234B and 234C - contention of the learned authorised representative has been that interest under section 234C should have been computed only for a period of one month from March 16, 2007 to March 31, 2007, because the liability for tax has accrued after the date for payment of third instalment, i.e., after March 15, 2007 - Held that:- The Assessing Officer is accordingly directed to compute the interest under sections 234C and 234B following the decision of tin the case of CIT v. Smt. Premlata Jalani [2003 (7) TMI 62 - RAJASTHAN High Court] in relation to the issue of computation of interest under section 234C wherein it has been held that liability to pay tax by way of advance tax in case of capital gains arises only after the transaction has taken place and under section 234A in the light of the decision of the hon'ble Supreme Court in the case of CIT v. Pranoy Roy [2008 (9) TMI 150 - SUPREME COURT ] the Assessing Officer ought to have taken the self-assessment tax paid before the due date of filing of return - Decided in favour of assessee for statistical purposes. Also taking into consideration the decision of the hon'ble Gujarat High Court in the case of Bharatbhai B. Shah v. ITO [2013 (10) TMI 1025 - GUJARAT HIGH COURT] and decision of the learned Commissioner of Income-tax (Appeals)-5 in the case of brother of the assessee namely "Sh. Bharat Vinod Daftary"
|