https://www.taxtmi.com/caselaws?id=762977 ITAT Chennai ruled in favor of the assessee regarding interest liability under section 234C for advance tax on capital gains. The assessee had promptly paid advance tax but faced capital gains transactions on 28-03-2019, paying the additional advance tax by 31-03-2019. The tribunal held that advance tax liability for capital gains arises only after the transaction occurs. Since the assessee discharged its section 234C liability by the due date and the department did not dispute timely payment, no interest under section 234C was warranted. The tribunal deleted interest of Rs. 1,18,52,988 and partly allowed the appeal. en-us Wed, 04 Dec 2024 00:00:00 +0530 Wed, 11 Dec 2024 08:15:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762977 ITAT Chennai ruled in favor of the assessee regarding interest liability under section 234C for advance tax on capital gains. The assessee had promptly paid advance tax but faced capital gains transactions on 28-03-2019, paying the additional advance tax by 31-03-2019. The tribunal held that advance tax liability for capital gains arises only after the transaction occurs. Since the assessee discharged its section 234C liability by the due date and the department did not dispute timely payment, no interest under section 234C was warranted. The tribunal deleted interest of Rs. 1,18,52,988 and partly allowed the appeal. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762977