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2018 (1) TMI 1285 - AT - Income TaxApportioning the cost of construction equally in all assessment years and treated the same as unexplained investment - Held that:- A.R was unable to place any evidence to show the relevant cost of construction incurred by the assessee in respective assessment years so as to determine the unexplained investment towards cost of construction in proportion to the cost of construction incurred by the assessee in relevant to assessment years. Being so, we are not in a position to give any direction to the AO on the basis of argument of assessee’s counsel. In view of lack of evidence on the cost of construction incurred by the assessee in each assessment year, this ground raised in all the assessment years stands dismissed. Interest u/s.234B - whether interest charged from the first day of assessment year till the completion of original assessment i.e 31.12.2009 and not the till the date of order passed u/s.143(3) r.w.s.147 of the Act r.w.s.263 of the Act i.e.20.03.2013? - Held that:- In our opinion, the assessee’s case falls under purview of Sec.234B(1) r.w.s.234B(4) only and not u/s.234B(3) and it would be even encountered that no interest is chargeable for that portion of the income forming part of the total income as determined by the ld.CIT in his order u/s.263, which was not earlier part of the income determined by the ld. Assessing Officer. The interest charged in terms of Sec.234B become payable on the income already disclosed in the return filed, together with the income determined by the AO in consequent to the order passed u/s.263 of the Act. The concerned interest shall be on the consolidated amount of income i.e. both determined in re-assessment order and income determined in consequent to revisional order passed u/s.263, when the reassessment order was subject to revision u/s.263 of the Act. Accordingly, we hold that the interest u/s.234B of the Act to be charged in these cases from the first day of each assessment year to relevant to assessment year till the date of the completion of assessment made i.e. 20.03.2013 and not to the date, the reassessment order was passed i.e.31.12.2009. - Decided against assessee.
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