Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (10) TMI 294 - HC - Income TaxShort payment of advance tax interest on the basis of explanation1 inserted to section 234B when the assessee had filed return of loss and was not liable to pay advance tax - held that held that - A comparison of the two provisions shows that under the original provision interest was leviable on the income as declared in the return filed by the assessee. By the amended provision, the interest is leviable on the income as determined by the assessing authority minus the income on which the tax has been paid or deducted. The amendment is only calculated to clarify the ambiguity that was felt in the original provision. It is not arbitrary or unreasonable interest is liable on assessed income less advance tax paid less tds.
|