TaxTMI 
TaxTMI 
Can the interest u/s 234-B and 234-C imposed where the assessment has been completed after proceedings u/s 147/148. Pl also provide the case law.
Applicability of interest u/s 234-B and C
26 Feb 2009 
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Interest under section 234B imposed on assessed tax after reassessment; section 234C applies only to shortfall on returned income.
Interest under section 234B is leviable on tax assessed after reassessment proceedings under section 147/148 by virtue of the Explanation, whereas section 234C is levied only on shortfalls in installment liability based on returned income and does not apply to shortfalls arising solely from assessed income. (AI Summary)
Interest under section 234B is leviable on tax assessed after reassessment proceedings under section 147/148 by virtue of the Explanation, whereas section 234C is levied only on shortfalls in installment liability based on returned income and does not apply to shortfalls arising solely from assessed income. (AI Summary)