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The ITAT allowed the assessee's appeal in part, holding that interest under s.234B cannot be levied beyond the date on which the tax liability was discharged (30.04.2023); accordingly, excess interest computed by the CPC up to the date of processing of the return was directed to be deleted. The Tribunal affirmed the CIT(A)'s conclusion that a particular payment had been correctly characterized by the CPC as a payment under s.140B(1) of the Act, finding no infirmity in that determination; that aspect of the assessment was therefore upheld against the assessee and in favor of the Revenue.
The ITAT allowed the assessee's appeal in part, holding that interest under s.234B cannot be levied beyond the date on which the tax liability was discharged (30.04.2023); accordingly, excess interest computed by the CPC up to the date of processing of the return was directed to be deleted. The Tribunal affirmed the CIT(A)'s conclusion that a particular payment had been correctly characterized by the CPC as a payment under s.140B(1) of the Act, finding no infirmity in that determination; that aspect of the assessment was therefore upheld against the assessee and in favor of the Revenue.
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