Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
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The Income Tax Appellate Tribunal (ITAT) ruled that when an assessee promptly computed and paid advance tax u/ss 234A, 234B, and 234C of the Income Tax Act, and an unanticipated capital gain transaction occurred in the fourth quarter, the liability to pay advance tax on the capital gain arises only after the transaction takes place. Since the assessee discharged the advance tax liability u/s 234C on March 31, 2019, after the capital gain accrued, and the department did not allege non-payment of the entire tax due, including capital gains, no interest u/s 234C was warranted. Relying on the case of M/S HAMILTON INDUSTRIES PVT. LTD., the ITAT directed the deletion of interest of Rs. 1,18,52,988/- and partially allowed the assessee's appeal.
The Income Tax Appellate Tribunal (ITAT) ruled that when an assessee promptly computed and paid advance tax u/ss 234A, 234B, and 234C of the Income Tax Act, and an unanticipated capital gain transaction occurred in the fourth quarter, the liability to pay advance tax on the capital gain arises only after the transaction takes place. Since the assessee discharged the advance tax liability u/s 234C on March 31, 2019, after the capital gain accrued, and the department did not allege non-payment of the entire tax due, including capital gains, no interest u/s 234C was warranted. Relying on the case of M/S HAMILTON INDUSTRIES PVT. LTD., the ITAT directed the deletion of interest of Rs. 1,18,52,988/- and partially allowed the assessee's appeal.
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