Individual resident of 60 years or more not having business income is not required to pay advance tax

Vikram Singh Vs ITO (ITAT Delhi) ITAT Delhi held that as per provisions of section 207 of the Income Tax Act, an individual resident of 60 years or more and not having income chargeable under the head ‘profit and gains’ of business or profession is not required to pay the advance tax. Facts- Assessee sold an immovable property of Rs. 2,62,35,074/- during the FY 2009-10. To verify the transaction an information was called u/s 133(6) of the Act. However, Assessee did not respond. Proceedings u/s 147 of the Act was initiated and notice u/s 148 of the Act was issued after prior approval of ld ...