9911796707
TMI Blog2015 (10) TMI 1466X X X X Extracts X X X X X X X X Extracts X X X X ..... s should not be excluded while computing interest under section 234C of the Act. 2. In this case, assessee filed return of income on 01.11.2004 declaring income of Rs. 13,54,32,577/-. Assessment was completed under section 143(3) of the Act on 27.11.2006 accepting the income returned. In the return of income filed, the assessee considered tax of Rs. 1,60,31,359/- paid on 10.9.2004 in Mauritius as advance tax and calculated interest under section 234C accordingly. The Assessing Officer passed order under section 154 of the Act on 30.03.2011 treating such payment of advance tax made on 10.09.2004 as self-assessment tax since it was paid beyond the financial year and accordingly calculated interest under section 234C of the Act. Against this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee submits that in any event the rectification said to be done by the Assessing Officer is debatable and cannot be carried out in an order under section 154 of the Act. 4. Departmental Representative vehemently supports the orders of lower authorities. 5. Heard both sides. Perused orders of lower authorities. The only issue to be decided in this case is whether the payment made by the assessee on 10.09.2004 in Mauritius can be considered as advance tax as was done by the assessee or can it be a self-assessment tax as was considered by the Assessing Officer. 6. In the grounds of appeal, assessee though raised grounds in respect of section 234B in para 3.1 to 3.5, no arguments have been advanced and therefore, these grounds a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties are governed by various sections of the Indian Income tax Act. They include i) Determination tax including education cess, surcharge etc.as per the rates in force. ii) Levy of interest u/s 234A, 2348, 234C and 2340 of the Act, upto the date of assessment etc. iii) Levy of interest u/s 220(2)of the Act In the instant case, the action of AO in treating the above payment in Mauritius as 'self assessment tax' ( as against the appellant's claim of advance tax) has lead to levy of interest u/s 234C of the Act. 5.7 The provisions of See 234C of the Act provide for levying of interest if the appellant fails to pay the tax within the specific periods contained in the financial year. The provisions clearly recognized the na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, the AO rightly treated the tax payments made after the end of the financial year (paid on 10.9.2004) as self assessment taxes and re determined the levy of interest u/s 234C of the Act. The action of the AO by rectifying the assessment u/s 154 of the Act is very well justified and therefore the appellant's contentions are hereby rejected." 8. On going through the observations of the Commissioner of Income Tax (Appeals), we do not find any valid reason to interfere with the findings of the Commissioner of Income Tax (Appeals). Thus, we sustain the order of the Commissioner of Income Tax (Appeals) and reject the grounds raised by the assessee. 9. In the result, appeal of the assessee is dismissed. Order pronounced in the open cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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