Court Clarifies Interest Calculation on Reassessed Tax Liability u/s 234B of Income Tax Act.

Computation of interest u/s 234B - there is definite increase of tax liability from the regular assessment at the time of re-assessment - Tax paid u/s 140A was already refunded with interest - provisions of section 234B(2) was applied wrongly by the tribunal - the differential tax on reassessment had to be levied interest at the rate provided u/s 234B(3) - HC .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X