Faceless reassessment jurisdiction turned on retrospective AO definition, with later faceless-assessment changes treated as clarificatory and procedur...
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Computation of interest u/s 234B of the Income Tax Act. Section 234B(2)(i) provides for adjustment of interest computed u/s 234B(1) by reducing the amount of interest paid u/s 140A at the time of filing the return. The Tribunal held that the rule of appropriation in the Explanation to Section 140A(1) applies only at the time of payment of self-assessment tax, not during regular assessment u/s 143. The assessing officer cannot change the interest paid u/s 234B at the time of filing the return. Relying on the Patson Transformers Ltd case, the Tribunal accepted the appellant's computation of interest u/s 234B and deleted the levy of interest under that section. The assessee's appeal was allowed.
Computation of interest u/s 234B of the Income Tax Act. Section 234B(2)(i) provides for adjustment of interest computed u/s 234B(1) by reducing the amount of interest paid u/s 140A at the time of filing the return. The Tribunal held that the rule of appropriation in the Explanation to Section 140A(1) applies only at the time of payment of self-assessment tax, not during regular assessment u/s 143. The assessing officer cannot change the interest paid u/s 234B at the time of filing the return. Relying on the Patson Transformers Ltd case, the Tribunal accepted the appellant's computation of interest u/s 234B and deleted the levy of interest under that section. The assessee's appeal was allowed.
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