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Sree Meenakshi Reltors Versus The Income Tax Officer, Ward II (3) , Coimbatore

2016 (10) TMI 215 - ITAT CHENNAI

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, we perused the Explanations to the provi .....

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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 ‘’tax due on Returned income’’ as referred .....

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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(3) r.w.s 147 and 250 of the Income Tax A .....

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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 asses .....

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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 sale of plots and filed the Return of in .....

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d. 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 of purchase and sales made during the y .....

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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.140A of the Act was not considered for cal .....

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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 4.2 of the order and partly allowed the .....

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e 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/s.234C of the Act should be charged on f .....

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ance 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. We found the assessee is a partnership .....

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