Section 234B - Page 13

Interest u/s 234A/ 234B cannot be levied in absence of any mention in Assessment Order

Income Tax Officer Vs. M/s. Heritage Project (ITAT Amritsar)

In the absence of any specific mention of the Assessing Officer in the assessment order for charging of interest u/s 234A and 234B, no interest would be recovered from the assessee merely by way of a demand notice....

Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

S. Vijayalakshmi Vs ITO (ITAT Chennai)

Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263....

Proposed Income Tax Rule 39A takes us 30 year back: CTC

The financial information sought for in form 39A is an invasion of privacy. A lot of financial information is price sensitive for a listed entity and filing of such information would cause governance issues. The assessee would be providing information which has neither released to a Stock Exchange nor is in public domain and there is no g...

Posted Under: Income Tax |

Nil Book Profit – Section 234B & 234C Interest not applies

CIT Vs National Dairy Development Board (Gujarat High Court)

When its book profit was nil on the last date of the financial year then the assessee had no liability to pay advance tax and therefore, interest u/s 234B and section 234C of the Act will not be charged...

As Advance tax not payable on salary Income so interest U/s. 234B, 234C cannot be levied

Ian Peter Morris vs. ACIT (Supreme Court of India)

In cases where receipt is by way of salary, deductions under Section 192 of the Act is required to be made. No question of payment of advance tax under Part 'C' of Chapter VII of the Act can arise in cases of receipt by way of 'salary'....

Appeal can be filed against Levy of Interest u/s 234A,234B and 234C

Principal Commissioner of Income Tax, Faridabad Vs Shri Krishan Gopal (HUF) (Punjab & Haryana High Court)

The Hon'ble Punjab & Haryan High Court in the case of Shri Krishan Gopal HUF held that the levy of interest u/s 234A , B & C is part and parcel of the of assessment process and it is open to an assessee to dispute the levy in appeal provided he challenge the very levy rather than claiming any waiver...

All about Advance Payment of Income Tax

Advance Payment due date is approaching fast as due date for September Quarter for Payment of advance tax is 15th September 2015, so I thought it appropriate to discuss provisions related to payment of advance tax and consequences of late payment, Short Payment or non payment of advance tax. ...

Posted Under: Income Tax |

Statement u/s 132(4) being rebuttable presumption, can be retracted later on valid evidences

ACIT Vs Shri Johari Lal Sodhani (ITAT Jaipur)

ITAT Jaipur held In the case of ACIT vs. Shri Johari Lal Sodhani that the CIT (A) had given various reasons of retraction and also has considered the evidence for not honouring the statement made under section 132(4)....

No interest u/s 234B during Block Assessment

ACIT Vs Akhil Jain (ITAT Delhi)

In the Case of ACIT v Akhil Jain, ITAT Delhi held that no interest will be levied u/s 234B during the Block Assessment by the virtue of Section 158BF....

Interest u/s 234B is automatic even if assessment order does not contain any direction for payment- SC

Bhagat Construction Co Private Limited Vs Commissioner of Income-tax, Delhi (Supreme Court of India)

In the case of Bhagat Construction Co Private Limited vs CIT Hon;ble Supreme Court has held that Interest u/s 234B of Income Tax Act, 1961 is automatic even if assessment order does not contain any direction for payment subject to computation of same in Form I.T.N.S 150...

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