Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 1321 - AT - Income TaxLiability to pay advance tax u/s 207 - charging of interest u/s. 234B and section 234C for non-compliance of advance tax provisions - Assessee is a senior citizen of more than 60 years - HELD THAT:- A perusal of the income tax return submitted before us during the year under consideration shows the assessee had no income which is chargeable under the head “profits and gains” of business and profession. On a perusal of the order of the ld. CIT(A), we see that he has not brought on record any cogent material to demonstrate that the assessee is earning income from business or profession and is not drawing salary from these concerns on which TDS has been deducted u/s. 192 - CIT(A) has primarily relied on the understanding that since the assessee himself is a managing director of the company in which he is having control, he is not entitled to earn salary from the said company and the income so earned from the company bears the character "business and professional income”. In view of the fact that the assessee is a senior citizen above 60 years of age, has been consistently filing return declaring income earned as Salary income from these concerns, tax has been deducted at source u/s 192 of the Act on the payments made to the assessee and that the Ld. CIT(Appeals) has not brought any material on record to exhibit that the assessee has not earned salary income, we are of the view that the assessee has satisfied conditions of section 207 of the Act and is not liable to pay advance tax. In the result, we hold that ld. CIT(A) has erred in confirming the charging of interest u/s. 234B and section 234C for non-compliance of advance tax provisions. Appeal of the assessee is allowed.
|