Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (10) TMI 660 - ITAT AHMEDABADAddition to the interest payable u/s 234B and u/s 234C - deemed income from gift - As submitted income being gift of an immovable property was received in the last quarter of the year and the appellant was not liable to pay advance tax in the third quarter of the year - HELD THAT:- The assessee received the immovable property through gift and the conveyance deed is registered on 16.12.2019. The assessee received the same after the due date of third quarter. Therefore, the contentions of the assessee that since the assessee received a gift of an immovable property by way of registered conveyance deed on 16.12.2019, he is required to pay advance tax on such income in the last quarter i.e. on or before 15.03.2020 and the assessee paid advance taxes on such gift income on 09.03.2020, appears to be justifiable and as per the provisions of advance tax payment. Thus, the finding of the CIT(A) that, assessee had defaulted in payment of advance tax is not correct. In fact, as the said income accrued and received by the assessee in the last quarter of F.Y. 2019-20, the assessee has paid more than 90% of the tax payable on 09.03.2020 before the due date of fourth quarter. There is no loss of revenue in this case. Therefore, charging the interest u/s 234C of the Act is not valid. The appeal of the assessee is allowed.
|