TMI Blog2015 (8) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... nor the CIT(Appeals) considered the claim of assessee in the revised return of income filed. We are therefore of the view that the claim of assessee for FTC has been made in the return of income and had been omitted to considered by the AO and CIT(Appeals). We therefore deem it fit and proper to set aside the order of the CIT(Appeals) on this issue and remand the same to the Assessing Officer for fresh consideration Levy of interest u/s. 234C - whether levy is on the returned income or assessed income - Held that:- From a plain reading of the provisions of section 234C, it is clear that levy of interest u/s. 234C of the Act is on the returned income. We therefore direct the AO to levy interest on the returned income. - ITA No.604/Bang/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C. It was also submitted that as the time limit for filing the revised return had expired on 31 March 2012, it is submitting the revised statement of income and taxes requesting the credit for such foreign taxes paid. 5. The AO without considering the revised return of income passed the assessment order based on the revised statement of income and taxes filed by the assessee and did not grant credit for foreign taxes paid. 6. On appeal before the CIT(Appeals), the same facts were reiterated as was submitted before the AO. The CIT(A) did not grant the claim for foreign taxes on the ground that the same is not claimed in return of income. The assessee submitted the fact of not claiming credit for foreign taxes based on ITR-V (acknowledg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above. Ground No.1 is accordingly allowed. 9. Ground No.2 is with regard to levy of interest u/s. 234C of the Act. It is the plea of the assessee that levy of interest u/s. 234C is on the returned income and not on the assessed income. The provisions are of section 234C are as follows:- Interest for deferment of advance tax. 234C. (1) Where in any financial year,- (a) the company which is liable to pay advance tax under section 208 has failed to pay such tax or - (i) the advance tax paid by the company on its current income on or before the 15th day of June is less than fifteen per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five ..... X X X X Extracts X X X X X X X X Extracts X X X X
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