https://www.taxtmi.com/caselaws?id=442047 The High Court affirmed the ITAT's decision to delete Rs. 5,40,000 from the addition made by the A.O. regarding unexplained investment. However, the Court reversed the ITAT's ruling on the calculation of interest under Section 234B, holding that interest should be charged on assessed income, not returned income. The Court emphasized the amendments made in Section 234B and 234C post the Finance Act, 2001, and clarified that interest must be charged on assessed income as per the applicable law during the assessment year. The appeal was partly allowed in favor of the Revenue. en-us Wed, 16 Aug 2023 00:00:00 +0530 Tue, 22 Aug 2023 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442047 The High Court affirmed the ITAT's decision to delete Rs. 5,40,000 from the addition made by the A.O. regarding unexplained investment. However, the Court reversed the ITAT's ruling on the calculation of interest under Section 234B, holding that interest should be charged on assessed income, not returned income. The Court emphasized the amendments made in Section 234B and 234C post the Finance Act, 2001, and clarified that interest must be charged on assessed income as per the applicable law during the assessment year. The appeal was partly allowed in favor of the Revenue. Case-Laws Income Tax Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442047