Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (10) TMI 215 - ITAT CHENNAI

2016 (10) TMI 215 - ITAT CHENNAI - TM - Charging of interest u/sec.234C on return of income filed in response to notice u/sec. 148 - whether 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)? - Held that:- The provisions of charging of interest u/s.234C of the Act is automatic and assessee need not be provided an opportunity. Further, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 interpretation of charging of interest u/s.234C of the Act cannot be restricted to the 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

ided against assessee. - I.T.A. No. 715/Mds/2016 - Dated:- 17-8-2016 - SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER For The Appellant : Shri. K. Raghu, Advocate For The Respondent : Shri. Shiva Srinivas, IRS, JCIT ORDER PER G. PAVAN KUMAR, JUDICIAL MEMBER: The appeal filed by the assessee is directed against order of the Commissioner of Income-tax (Appeals)-2, Coimbatore, in ITA No.218/14-15, dated 30.12.2015 for the assessment year 2011-2012 passed u/s.143( .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 f .....

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 uls 148, for the same assessment year, in the facts and the circumstances of the case and in law. (4) For these and other additional grounds of appeal that may be adduced at the time of hearing, the order of the Commissioner of Income Tax (Appeals)-2, Coimbatore, is opposed to law and unsustainable in the facts and the circumstances of the case . 3. The Brief facts of the case are that the assessee is a partnership firm and in the business of Real Estate and engaged in promotion of layout and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

bsequent to the survey operations, the ld. Assessing Officer issued notice u/s.148 of the Act on the assessee firm. In 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rvations on the provisions of Secs.234B and 234C and rejected the petition. Aggrieved by the order passed u/.143(3) r.w.s. 147 of the Act, the assessee filed an appeal before Commissioner of Income Tax (Appeals). 4. In the appellate proceedings, the ld. Authorised Representative of assessee argued the grounds and explained that the ld. Assessing Officer erred in levying interest u/s.234B of the Act in assessment u/s.143(3) r.w.s. 147 of the Act being excessive and self assessment tax paid u/s.14 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

fic submissions on the levy of interest u/s.234B of the Act in default on payment of advance tax and interest u/s.234C of the Act on deferent of advance tax. The ld. Commissioner of Income Tax (Appeals) considered the submissions on the levy of interest u/s.234B of the Act as per the provisions of Act and directed the ld. Assessing Officer to consider the Income tax 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s) the assessee assailed an appeal before Tribunal. 5. Before us, the ld. Authorised Representative reiterated the submissions made in assessment, appellate proceedings and the Rectification petition u/s.154 of the Act filed by the assessee which was rejected. The ld. Assessing Officer should not have charged interest u/s.234C of the Act on the tax payable on Revised return of income filed in compliance to notice u/s.148 of the Act including the unaccounted money of =57,52,320/-. The interest u/ .....

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 Act on the revised is not in accordance with law and prayed for allowing the appeal. 6. Contra, the ld. Departmental Representative relied on the Order of the Commissioner of Income Tax (Appeals) and opposed to the grounds. 7. We heard the rival submissions and perused the material on record. The crux of the issue argued by the ld. Authorised Representative that the interest u/s.234C of the Act shall not be chargeable on the return of income filed in compliance to notice u/s.148 of the Act. .....

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 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 Explanations to the provisions of Sec. 234C of the Act the tax due on returned income shall be reduced by (i) tax deducted and collected at source, ( .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| 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