https://www.taxtmi.com/caselaws?id=292628 The Tribunal ruled in favor of the assessee on both issues. It determined that the pre-amended provisions of Section 56(2)(vii)(b) of the Income Tax Act should apply, as the substantial obligations were discharged in FY 2011-12. Consequently, the Tribunal directed the AO to delete the additions. Additionally, the Tribunal concluded that interest under s.234B should be levied based on the income declared in the returns, not the assessed income, thus allowing the appeal concerning the chargeability of interest under s.234B in favor of the assessee. en-us Mon, 20 Jan 2020 00:00:00 +0530 Wed, 13 Nov 2024 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292628 The Tribunal ruled in favor of the assessee on both issues. It determined that the pre-amended provisions of Section 56(2)(vii)(b) of the Income Tax Act should apply, as the substantial obligations were discharged in FY 2011-12. Consequently, the Tribunal directed the AO to delete the additions. Additionally, the Tribunal concluded that interest under s.234B should be levied based on the income declared in the returns, not the assessed income, thus allowing the appeal concerning the chargeability of interest under s.234B in favor of the assessee. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292628