TMI Blog2021 (8) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... cond proviso to Sec. 207(2) of the Act find that the assessee is a senior citizen, more than 60 years of age as confirmed by the CIT(A) on referring to the date of birth of the assessee in the pan card. In the F.Y 2015-16 relevant to A.Y 2016-17 the assessee is 71 years old. The assessee has filed the return of income ITR Form no.3 for the A.Y 2016-17 applicable to individuals and HUF being partners in firm and not carrying on business or profession under any proprietorship. We find that the assessee has filed the return of income on 02.08.2016 disclosing the income under income from business or profession as Rs. Nil. As per the provisions of Sec. 10(2A) of the Act, the share of profit of the partnership firm is exempted in the hands of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of Sec. 207 and 208 are applicable to the appellant. 3. The Ld. CIT(A) ought to have appreciated that the age of the appellant being more than sixty years and have not earned any income chargeable to tax under the head prof it and gains of business or profession, advance tax provisions of Sec. 207 and 208 are not applicable. 4. The Ld. CIT(A) erred n confirming the levy of interest u/s 234B and 234C on the amount of advance tax liability. 2. The brief facts of the case are that, the assessee is a senior citizen above 60 years of age and is a partner in the partnership firm. The share of profit from the partnership firm is claimed as exempt u/s 10(2A) of the Act. Further the assessee has not earned any income chargeable unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fession and the provisions of advance tax liability u/s 207 of the Act is not applicable. The CIT(A) having accepted the fact of senior citizen based on the PAN Card, where the date of birth of the assessee is 02.04.1944. The CIT(A) find that the assessee has disclosed Rs Nil income under the head profit and gains of business or profession. The CIT(A) is of the opinion that as per section 208 of the Act, the assessee is liable to pay advance tax where the tax payable liability exceeds ₹ 10,000/.The final observations of the CIT(A) are that, both the provisions of sec.207 and 208 of the Act should be fulfilled and the assessee has not complied the requirements under u/s 208 of the Act and dismissed the assessee appeal. Aggrieved with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stand that the liability to pay the advance tax does not apply to an individual who is resident in India and such individual does not have any income chargeable to tax under the head profit and gains of business or profession and further the age of the individual is more than 60 years during the previous year. 4.2 The provisions of section 208 of the Act lays the conditions of liability to pay the advance tax ,which is read as under: Advance tax shall be payable during an financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter is ten thousand rupees or more. . We on applying the second proviso to Sec. 207(2) of the Act find t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has claimed exemption of share of profit from partnership firm u/s 10(2A) of the Act, therefore no income is chargeable to tax under the head profit and gains of business or profession. Further, on perusal of intimation u/s 143(1) of the Act page 1 of Income tax computation Col 4 As provided by the tax payer in the return of income and Col-5 As computed under section 143(1) Income from Business or Profession is indicated Rs. 0 in both the columns of intimation u/s 143(1) of the Act. The provisions of Sec. 207(2) of the Act shall not apply to the individual as per first limb, being who do not have income chargeable under the head profits and gains of business or profession and applying the same analogy to the facts of present ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
