Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Shri Suresh Sharma Versus Asst. Commissioner of Income Tax, Circle 3 (1) , Bangalore.

Rectification of mistake - rectification application before the Assessing Officer in respect of the quantum of interest charged under Section 234A - Held that:- CIT (Appeals) has specifically considered the contention of the assessee regarding the excessive charging of interest under Section 234A of the Act and also the applicability of the decision of the Hon'ble Apex Court in the case of CIT V Pranoy Roy & Another in [2008 (9) TMI 150 - SUPREME COURT] and rendered a finding against the assesse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the assessee and has therefore upheld the decision of the learned CIT (Appeals). In the present M.P. also the assessee has not made out any case that the decision of the learned CIT (Appeals) and the impugned order of the Tribunal are on facts, which are wrongly considered.

In view of the facts of the matter as discussed above and the clear findings recorded no merit in the contentions made by the assessee in the present M.P. In our view, a clear finding has been rendered on all issue .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ection 254(2) of the Act. For the reasons discussed above, we are very clear that the assessee has not pointed out any mistake apparent from the record - Decided against assessee. - M.P. No.75/Bang/2015 - Dated:- 24-9-2015 - SHRI VIJAYPAL RAO, JUDICIAL MEMBER AND SHRI JASON P. BOAZ, ACCOUNTANT MEMBER For The Appellant : Smt. Sheetal, Advocate. For The Respondent : Shri S. Nambi Rajan, JCIT (D.R) ORDER Per Shri Jason P. Boaz, A.M. : This Miscellaneous Petition ( M.P. in short) is raised in respec .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

me of the assessee was determined at ₹ 2,95,35,710. The assessee subsequently on 15.12.2011 filed a rectification application before the Assessing Officer in respect of the quantum of interest charged under Section 234A of the Act. The Assessing Officer passed an order under Section 154 of the Act dt.18.5.2012 rejecting the assessee's application. Aggrieved by this order under Section 154 of the Act, the assessee preferred an appeal before the CIT (Appeals) - II, Bangalore who dismisse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

along was that interest charged under Section 234A and 234B of the Act was excessive and it was never the case of the appellant that the same was not chargeable and therefore finding given by the CIT (Appeals) is not sustainable in the eye of law. 3. The CIT (Appeals) ought to have appreciated on the peculiar facts and circumstances of the case, the interest worked out by the appellant under Section 234A and 234B was correct, which would have been accepted by the Assessing Officer. 4. Without pr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d the assessee's appeal. It is against this order of the Tribunal that the assessee has preferred the present M.P. , seeking rectification of the order of the Tribunal by accepting the interest calculation under Section 234A of the Act as submitted by the assessee to the authorities concerned. 3.3 From a perusal of the contents of the M.P., it is the contention of the assessee that :- i) interest under Section 234A of the Act is chargeable after reducing the amount of tax paid by the assesse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f self-assessment tax was required to be reduced out of the total payment before the interest under Section 234A of the Act is computed. It is the contention of the assessee that the order of the Tribunal suffers from a mistake in this regard, which requires rectification. 3.4 Per contra, the learned Departmental Representative vehemently opposed the M.P. and submitted that the assessee is seeking a review of the decision taken in the impugned order of the Tribunal, which is not permissible unde .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

excessive interest under Section 234A of the Act. It was also contended that the judicial pronouncement by the Hon'ble Apex Court in the case of Pranoy Roy (supra) and the Hon'ble Gujarat High Court in the case of Bharatbhai B Shah V ITO reported in (2007) 31 Taxman.Com 34 were squarely applicable to the assessee's case and ought to have been considered and followed by the authorities below. It is contended by the assessee that the M.P. that these issues have not been considered by t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

relied upon. On an appreciation of the facts on record, we find that the grievances raised by the assessee in the grounds of appeal regarding the quantum of interest it is chargeable under Section 234A and 234B of the Act, as per the assessee's calculation at ₹ 34,116 and ₹ 4,99,921 respectively visa- vis that of the Assessing Officer, at ₹ 2,86,932 and ₹ 5,51,822 respectively, has been addressed by the learned CIT(A) in the impugned order. We also find that the lear .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

.2012 rejected the appellant s application. In the appeal filed against the assessment / rectification order so made, the appellant is not agitating the quantum of income assessed but is questioning the amount of interest levied under Section 234A and 234B of the Act. ; the appellant s ground is that interest under Section 234A is not leviable on the amount of tax paid after the date of payment up to the date of filing of the return. The appellant contends that, instead of the interest of ₹ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ions he has also relied on the decision of Gujarat High Court in the case of Bharatbhai B. Shah Vs. ITO reported in (2013) 31 taxmann.com 34. Let us look at the factual matrix of this case in terms of relevant dates and payment : Tax Deducted at Source 21,05,330 Advance Tax on 14.3.2009 25,00,000 Self Assessment Tax on 29.7.2009 10,00,000 29.08.2009 20,00,000 29.09.2009 10,00,000 3.11.2009 10,00,000 50,00,000 Tax on Regular Assessment 9,60,000 It can be seen from the above that the assessee has .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of income late but also paid the taxes late. Thus ground No.2 & 3 is dismissed as the said decision is not applicable in the present case. That leaves the decision of Gujarat High Court in the case of Bharathbahi B Shah (supra). At the outset, the decision is given by Gujarat High Court which is not the jurisdictional High Court. That apart, even in this case the assessee has paid taxes before due date though belatedly filed the return of income. In the present case, however the assessee ha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

at the said case being factually different cannot be applied to the present assessee. As regards assessee's contention at para 4 of the written submission regarding the working of interest, I find the Assessing Officer s working to be correct on the following grounds : (i) The Act under Section 234A(1) provides for giving credit to Advance Tax paid and tax deducted / collected at source. 1) Where the return of income for any assessment year under sub-section (4) of section 139, or in respons .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

under Section 144. On the amount of the tax on the total income as determined under sub-section (1) of section 143, and where a regular assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of :- (i) Advance tax, if any, paid; (ii) Any tax deducted or collected at source; (iii) Any relief of tax allowed under Section 90 on account of tax paid in a country outside India; (iv) Any relief of tax allowed under Section 90A on a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the statutory provisions. (iii) Observing the principle of cassus omissus wherein what is not present in the law cannot be read into it, the assessee's calculation is unacceptable as the assessee is reading an intent that is absent in the Act itself which is to calculate 234A only on certain payments. (iv) In fiscal policy, interest is charged to compensate the loss of revenue to the exchequer. To that extent by not paying his taxes in time, the assessee has to bear the consequences in terms .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lt in furnishing return of income, default in payment of advance tax and interest for deferment of advance tax are mandatory in nature. 4. In the result, the appeal is dismissed. 6.3.2 From a perusal of the operative portion of the impugned order extracted above (supra), the grounds raised and arguments put forth in this appeal, it is clear that the learned CIT(A) in the impugned order has addressed both the issues of excessive calculation of charge of interest under Section 234A and 234B of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

either on facts in respect of the calculation of interest under Section 234A and 234B of the Act or in law and on facts in respect of the judicial decisions cited by the assessee. In this view of the matter, we see no reason to interfere with the findings of the learned CIT(A) in the impugned order and therefore uphold the same. Consequently, the assessee's grounds raised at S.Nos.2 to 4 stands dismissed. 3.5.3 From the above, it is clear that the learned CIT (Appeals) has specifically consi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

at the assessee has failed to controvert the findings of the learned CIT (Appeals), either on facts in respect of the calculation of interest under Section 234A of the Act or in law in respect of the judicial decisions cited by the assessee and has therefore upheld the decision of the learned CIT (Appeals). In the present M.P. also the assessee has not made out any case that the decision of the learned CIT (Appeals) and the impugned order of the Tribunal are on facts, which are wrongly considere .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Article: SERVICES UNDER REVERSE CHARGE UNDER GST REGIME

Forum: Duty Drawback & Input Credit - under GST

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Credit on Repair of Company Car & Its Insurance

Highlight: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017 - Notification

Highlight: Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - Notification

Highlight: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg. - Circular

Highlight: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 - Public Notice

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Notification: Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

Forum: Trans1 return

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Circular: Promote the officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX

Circular: Allocate the charges amongst the Members of the Central Board of Excise and Customs

Circular: Strategy for audits in 2017-18 consequent to GST - Audit by Central Excise and service Department to continue for the accounting year 2016-17 and for the past period

Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex — Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports – Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version