Condonation of Delay denied: communication lapses and corporate restructuring found insufficient; prolonged inaction and lack of bona fides led to ref...
Export Support intervention INSIGHT launched to provide non financial capacity building, trade intelligence and pilot support with defined funding and...
Issue: Whether interest under section 234A is leviable where the original return was belated but a return filed in response to a section 153C notice was timely. Reasoning: Section 234A(1) charges interest for delay in filing the original return based on tax as determined under section 143(1) or a regular assessment; Explanation 3 treats an assessment made for the first time under section 153A (including assessments pursuant to section 153C) as a regular assessment for section 234A purposes. Outcome: Interest under section 234A was correctly computed and sustained. - ITAT
Issue: Whether interest under section 234A is leviable where the original return was belated but a return filed in response to a section 153C notice was timely. Reasoning: Section 234A(1) charges interest for delay in filing the original return based on tax as determined under section 143(1) or a regular assessment; Explanation 3 treats an assessment made for the first time under section 153A (including assessments pursuant to section 153C) as a regular assessment for section 234A purposes. Outcome: Interest under section 234A was correctly computed and sustained. - ITAT
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