Interest u/s 234B(2A) payable only on balance additional tax payable after excluding prepaid tax

Shiv Shipping And Logistics Vs Income Tax Settlment Commission (Gujarat High Court) Gujarat High Court held that interest under section 234B(2A) of the Income Tax Act is payable only on the balance additional tax payable after allowing credit of prepaid tax. Facts- The petitioner is before this Court seeking to challenge the order dated 29.01.2021 passed by the respondent under Section 245(D) of the Income Tax Act for the Assessment Year 2015-16 to 2018-19 as the interest under Section 234B(2A) of the Act has been levied without allowing the credit of prepaid taxes. According to the petitioner...