TMI Blog2016 (10) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) the amount of relief of tax allowed under sections 90 and 90A and deduction from the Indian income –tax payable, allowed under section 91, and (iii) tax credit allowed to be set off under section 115JAA/115JD from the tax on the total income. The assessee firm cannot interprete that the ‘’tax due on Return income’’ shall imply only to the Return of income filed u/s.139(1) of the Act were income is declared. The provisions of Sec.234C of the Act are mandatorily applicable in respect of deferment of payment of advance tax as per the rates prescribed in the previous year relevant to subsequent assessment year and interest is charged. We are of the considered opinion that levy of interest u/s.234C of the Act is an automatic and the interpre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... described in that section read with 'Explanation' under section 234C, the appellant having furnished a return uls 139, entitling it to a refund of tax, in the facts and the circumstances of the case and in law. (2) The learned CIT(A) , ought to have held that tax due on the returned income under Explanation to Section 234C of the I T. Act, 1961, means the tax chargeable on the total income declared in the return furnished by the appellant ix] s 139(1) of the Act, and not on the basis of a second return filed in response to the notice issued u/s 148 of the Act, unless such return was the only return furnished by the appellant, for the assessment year, in the facts and the circumstances of the case and in law. (3) The le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... compliance to notice, the firm filed Return of income on 11.12.2013 including on money receipt of =57,52,320/- and paid self assessment tax u/sec.140A of the Act alongwith interest. The ld. Assessing Officer issued notice u/s.143(2) of the Act. In compliance to notice, the ld. Authorised Representative of assessee appeared from time to time and produced Books of account, details of purchase and sales made during the year and expenses incurred and the ld. Assessing Officer after verification of records accepted Revised return of income and passed assessment order u/s.143(3) r.w.s 147 of the Act dated 23.06.2014. Subsequently, the assessee filed petition u/sec. 154 of the Act on 21.07.2014 for mistake apparent from record in calculation of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax paid u/s.140A of the Act and the provisions of Sec.234B(2) of the Act in calculating the interest and discussed elaborately at para 4.2 of the order and partly allowed the appeal. In respect of Sec.234C chargeability of interest the ld. Commissioner of Income Tax (Appeals) considered the action of the ld. Assessing Officer is in accordance with law and interest u/s.234C of the Act is also levied on the Basis of Return of income furnished in response to notice u/s.148 of the Act and dismissed the ground of the assessee on the provisions of Sec. 234C of the Act. Aggrieved by the order of the Commissioner of Income Tax (Appeals) the assessee assailed an appeal before Tribunal. 5. Before us, the ld. Authorised Representative reiterated th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime allowed u/s.139(1) of the Act disclosing total income of =1,22,270/-. Due to survey operations u/s.133A of the Act on 04.09.2013, it was found that the assessee firm has received on-money of =57,52,320/- and same was included in Revised return of income filed on 11.12.2013 paid taxes of =17,87,709/- including interest. The ld. Authorised Representative contentions being no interest u/s.234C of the Act should be charged on Return of income filed in compliance to notice Sec. 148 of the Act as the chargeability provisions are applicable only to the Return of income filed u/s.139(1) of the Act. The provisions of charging of interest u/s.234C of the Act is automatic and assessee need not be provided an opportunity. Further, we perused the Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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