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M/s. Bajaj Auto Limited Versus The Commissioner of Income Tax

2018 (2) TMI 605 - BOMBAY HIGH COURT

Interest chargeable u/s 7C in a case where the shortfall in the payment of advance surtax has arisen only on account of unanticipated additions/ disallowance in the income tax assessment - Held that:- Till date the Tribunal has not filed the Supplemental Statement of Case as directed in the order passed by this Court dated 24 February 2017. The Tribunal is directed to file the Supplemental Statement of Case as directed by the order dated 24 February 2017 on or before 20 February 2018. This Refer .....

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l, for the Respondent ORDER 1. On 24 February 2017, we passed the following order: By this Reference under Section 18 of the Companies (Profits) Surtax Act, 1964 (Surtax Act ) read with Section 256(1) of the Income Tax Act, 1961 (the Act), the Income Tax Appellate Tribunal (the Tribunal) has referred the following question of law, for our opinion : Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that interest was chargeable under section 7C .....

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g a decision of its Coordinate Bench in E Merck (I) Ltd 31 ITD 509 rendered under Section 254 (1) of the Act. The contention before us on behalf of the Applicant Assesssee is that interest under Section 7C of the Surtax Act for short payment of the Advance payment of Surtax would not arise in view of the fact - two out of the four heads which resulted in short payment being dismissed by the order dated 8th March, 1989 in the quantum (income tax) proceedings under Section 254(1) of the Act for As .....

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f advance Surtax is determined for working out interest thereon under Section 7C of the Surtax Act. The order of the Tribunal in the Surtax proceedings is dated 10th January, 1990, does not advert to order dated 8th March, 1989 of the Tribunal in quantum (income tax) proceedings under Section 254(1) of the Act. The entire basis of the Applicant's case before us is that out of four additions made on four heads to the Applicant's income in the quantum (Income tax) proceedings which led to .....

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th March, 1989 passed in the quantum (Income tax) proceedings for the subject Assessment Years and its impact in the question of law proposed for our opinion. Further, we also note that the statement of case has not set out the complete facts in respect of both the Assessment Years which would be necessary for us to appropriately answer the question posed for our opinion. 6 This Reference is of the year 1999 and relates to Assessment Years 1982-83 and 1984-85. Therefore, we direct the Tribunal t .....

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ribunal to make supplemental statement of case setting out all relevant facts necessary to answer the question referred. The Tribunal was directed to forward the supplemental statement to this court as expeditiously as possible, preferably within eight weeks from the date of the order. 2 The said supplemental statement is not yet received by this court. 3 The Counsel for the assessee submits that the draft statement has been prepared. The Tribunal shall comply the order dated 24th February 2017 .....

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