https://www.taxtmi.com/caselaws?id=762841 ITAT Mumbai held that interest computation under Section 234B is based on assessed income, not returned income. The tribunal ruled that appropriation rules under Section 140A apply only during self-assessment tax payment when filing returns, not during regular assessment under Section 143. The Assessing Officer cannot retrospectively change interest amounts paid under Section 234B at the time of filing returns after income determination. Following Patson Transformers Ltd precedent, the tribunal accepted the appellant's computation method and deleted the interest levy under Section 234B. Appeal allowed. en-us Thu, 21 Nov 2024 00:00:00 +0530 Sat, 07 Dec 2024 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762841 ITAT Mumbai held that interest computation under Section 234B is based on assessed income, not returned income. The tribunal ruled that appropriation rules under Section 140A apply only during self-assessment tax payment when filing returns, not during regular assessment under Section 143. The Assessing Officer cannot retrospectively change interest amounts paid under Section 234B at the time of filing returns after income determination. Following Patson Transformers Ltd precedent, the tribunal accepted the appellant's computation method and deleted the interest levy under Section 234B. Appeal allowed. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762841