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Income Tax : Representation for relaxation from levy of interest u/s. 234A on payment of self-assessment tax for A.Y. 2020-21 within extended d...
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Income Tax : The ITAT Delhi held that an omnibus satisfaction note without identifying year-wise incriminating material or its relevance to the...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
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Income Tax : CIRCULAR NO. 2/2015 The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-asses...
In the instant case, the deductee has already discharged tax liability with interest payable under Section 201(1)(a) of the Act. As such no further interest can be claimed by the revenue from the respondents either under Section 234A or 234B or 234C of the Act. The view taken by the Tribunal for the reasons stated cannot be faulted.
Since the tax due had already been paid which was not less than the tax payable on the returned income which was accepted, the question of levy of interest Under Section 234A does not arise.
The Patna High Court in the case of Ranchi Club Ltd. Vs. C.I.T. [1996] 217 ITR 72 (Pat.), rendered a very significant judgement that interest under Section 234A and 234B is to be levied on the income declared in the return of income and not on the assessed income. This judgement was passed on 13.11.1995. Thereafter, on 2.7.1996, another very significant judgement was rendered in the case of Ranchi Club Ltd. & Others Vs. C.I.T. [1996] 222 ITR 44 (Pat.)
