https://www.taxtmi.com/caselaws?id=283492 The Tribunal ruled in favor of the assessee, holding that the levy of interest under sections 234B and 234C of the Income-tax Act, 1961 was not justified due to the non-resident company's tax liability being deductible at the source. The Tribunal directed the Assessing Officer to compute the advance tax payable by deducting the TDS amount from the tax liability. Additionally, the disallowance of UK lb 430 for expenses related to the sale of shares and debentures was overturned as the assessee provided sufficient evidence to establish the genuineness and purpose of the expenditure. en-us Tue, 18 Nov 2003 00:00:00 +0530 Wed, 25 Sep 2019 12:16:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283492 The Tribunal ruled in favor of the assessee, holding that the levy of interest under sections 234B and 234C of the Income-tax Act, 1961 was not justified due to the non-resident company's tax liability being deductible at the source. The Tribunal directed the Assessing Officer to compute the advance tax payable by deducting the TDS amount from the tax liability. Additionally, the disallowance of UK lb 430 for expenses related to the sale of shares and debentures was overturned as the assessee provided sufficient evidence to establish the genuineness and purpose of the expenditure. Case-Laws Income Tax Tue, 18 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283492