https://www.taxtmi.com/caselaws?id=11641 The court held that the Assessing Officer's jurisdiction under Section 143(1) of the Income-tax Act, 1961 did not extend to recalculating interest under Section 234C based on a different interpretation of the law. The court emphasized that the AO's power was limited to arithmetic calculations, and any disputed issues required a regular assessment under Section 143(3). Regarding the computation of interest under Section 234C for capital gains, the court ruled that interest should only be charged from the date the liability to pay tax on the gains arose, not before. The appeal by the Revenue was dismissed, affirming the correctness of the assessee's interest calculation. en-us Mon, 14 Jul 2003 00:00:00 +0530 Thu, 04 Feb 2010 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11641 The court held that the Assessing Officer's jurisdiction under Section 143(1) of the Income-tax Act, 1961 did not extend to recalculating interest under Section 234C based on a different interpretation of the law. The court emphasized that the AO's power was limited to arithmetic calculations, and any disputed issues required a regular assessment under Section 143(3). Regarding the computation of interest under Section 234C for capital gains, the court ruled that interest should only be charged from the date the liability to pay tax on the gains arose, not before. The appeal by the Revenue was dismissed, affirming the correctness of the assessee's interest calculation. Case-Laws Income Tax Mon, 14 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11641