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TMI Blog2011 (10) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... 955/2006 was ordered to be clubbed alongwith ITA 949/2006 by order dated 8.11.2010 since it was a common order passed by Tribunal. 3. The assessees made a declaration before the Commissioner of Income Tax, Mysore under Voluntary Disclosure of Income Scheme, 1997 (hereinafter referred to 'VDIS' for brevity) offering undisclosed income. The said declaration was rejected as tax and interest was not paid as per section 67(2) of the Finance Act, 1997 within the stipulated period. Hence, a notice under 148 was issued and assessment was completed by separate orders dated 6.6.2002 and 9.7.2002. On determination of the tax payable interest was levied under sections 234A, 234B and 234C. Assessees filed application under section 154 of the Act seeking deletion of interest levied under sections 234A and 234B of the Act. Said application came to be rejected by the assessing officer by order dated 18.4.2005 and 11.07.2005. 4. Aggrieved by this order of rejection the assessees filed an appeal before CIT Appeals. After considering the contentions and grounds urged in the memorandum of appeals, the CIT (Appeals) by separate orders dismissed the appeals namely by order dated 24.8.2005 and 25.10.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Section 139. Return of income. (1) Every person,- (a) being a company (a firm): or (b) being a person other than a company (or a firm), if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax. shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed: Section 234A (1) Where the return of income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period, commencing on the date immediately following the due date, and,- (a) where the return is furnished after the due date, ending on the date of furnishing of the return; or (b)&n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g such financial year [to the date of determination of total Income under sub-section (1) of section 143 [and where a regular assessment is made, to the date of such regular assessment, on an amount]] equal to the assessed tax or, as the case may be on the amount by which the advance tax paid as aforesaid falls short of the assessed tax. [Explanation 1.-In this section, "assessed tax" means the tax on the total income determined under sub-section (1) of section 143 and where a regular assessment is made, the tax on the total income determined under such regular assessment as reduced by the amount of,- (i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection, and which is taken into account in computing such total income; (ii) any relief of tax allowed under section 90 on account of tax paid in a country outside India. (iii) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section: (iv) any deduction, from the Indian income-tax payable, allowed under section 91, on acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 45D, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years.] 9. The filing of the declaration under VDIS and also its rejection by the competent authority and consequential issue of notice by the jurisdictional AO u/s. 148 on the assessees and filing of return of income thereafter by the assessee are not in dispute. The jurisdictional assessing officer on the basis of the return of income filed pursuant to notice issued u/s 148 has proceeded to complete the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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