Interest u/s 234B of the Income Tax Act chargeable on assessed income and not returned income

PCIT Vs Manoj Kapoor (Jharkhand High Court) Jharkhand High Court held that interest under Section 234B of the Income Tax Act has to be charged on the assessed income and not on the returned income of an Assessee. Facts- The Assessee is an individual and deriving income from trading of spare-parts of motorcar and mobile phones and filed its return of income. The case of the Assessee was selected for scrutiny assessment. In course of assessment proceedings, the Assessee voluntarily surrendered the LTCG for taxation. But the A.O added the entire receipt from sale of shares amounting to Rs.10,45,2...