Case Law Details
Case Name : DIT Vs Mitsubishi Corporation (Supreme Court of India)
Related Assessment Year : 1998-99 to 2004-05
Courts :
Supreme Court of India
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Director of Income Tax Vs Mitsubishi Corporation (Supreme Court of India)
1. In the judgment delivered by the Supreme court today on chargeability of interest u/s 234B it is held that prior to the financial year 2012-13, the amount of income-tax which is deductible or collectible at source can be reduced by the assessee while calculating advance tax.
2. The position has changed since the financial year 2012-13, in view of the proviso to Section 209(1)(d), pursuant to which if the assessee receives any amount, including the tax deductible at source on such amount, the assessee cannot reduce suc...
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Author Bio
Whether Firms are exampt or relaxation under section 234B of income tax act