Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
ITAT held that interest under section 234B is payable only up to the date of payment of self-assessment tax under section 140A and thereafter only to the extent of any residual shortfall arising from assessment; where the return was processed under section 143(1) without any variation in tax liability, no further shortfall arose. Consequently, CPC erred in computing interest under section 234B beyond the date of self-assessment tax payment (03.04.2023). The excess interest so charged is a mistake apparent on the record and not sustainable; the assessee's appeal is allowed and the impugned interest liability is quashed to the extent charged after the payment date.
ITAT held that interest under section 234B is payable only up to the date of payment of self-assessment tax under section 140A and thereafter only to the extent of any residual shortfall arising from assessment; where the return was processed under section 143(1) without any variation in tax liability, no further shortfall arose. Consequently, CPC erred in computing interest under section 234B beyond the date of self-assessment tax payment (03.04.2023). The excess interest so charged is a mistake apparent on the record and not sustainable; the assessee's appeal is allowed and the impugned interest liability is quashed to the extent charged after the payment date.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
