Section 234C Interest leviable on defaults in advance tax payment on returned Income & not on assessed income

Sumitomo Corporation Vs DCIT (ITAT Delhi) Conclusion: Interest was payable under Section 234C on default in payment of advance tax installment on returned income, and not on assessed income. Held: AO had levied interest u/s 234C of Rs. 76,23,106/-. Assessee submitted that the interest under Section 234C was leviable on default in payment of advance tax installment on returned income and not on assessed income. Assessee submitted that interest u/s 234C was levied only when the assessee failed to deposit the tax based upon its return of income and as per the return of income tax payable aggregat...