Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The case involves the computation of interest under section 234B for defaults in payment of advance tax. The Appellate Tribunal held that interest was correctly charged under section 234B(1) for the 36-month period from April 2010 to March 2013 based on the first assessment under section 153A. The subsequent appellate order only impacts the assessed income and tax liability, not the period for interest levy. Section 234B(3) applies when there is no first-time assessment under section 147/153A. Interest is to be charged based on the tax liability determined in the appellate proceedings for the mentioned 36-month period. The AO is directed to recompute interest in line with the Tribunal's order, allowing the assessee to raise objections if needed to avoid further litigation.
The case involves the computation of interest under section 234B for defaults in payment of advance tax. The Appellate Tribunal held that interest was correctly charged under section 234B(1) for the 36-month period from April 2010 to March 2013 based on the first assessment under section 153A. The subsequent appellate order only impacts the assessed income and tax liability, not the period for interest levy. Section 234B(3) applies when there is no first-time assessment under section 147/153A. Interest is to be charged based on the tax liability determined in the appellate proceedings for the mentioned 36-month period. The AO is directed to recompute interest in line with the Tribunal's order, allowing the assessee to raise objections if needed to avoid further litigation.
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