2010 (11) TMI 796

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....the learned counsel for the revenue and so also the learned counsel for the respondent/assessee.   2. We are concerned with the assessment year 1992-93. For this assessment year, the respondent/assessee had filed returns as early as on 28.12.1992 showing his net income as Rs.21,25,981/- and the tax payable Rs.12,11,809/-. Subsequently, by order dated 27.3.1995 assessment came to be made un....

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....ssessee has to pay interest under section 234B amounting to Rs.17,94,060/- and another sum of Rs.38,123/- under section 234C. Aggrieved by the said order, an appeal came to be preferred by the respondent/assessee before the appellate authority. The said appeal came to be dismissed by order dated 30.3.2001. Aggrieved by the said order, the assessee approached the Tribunal in ITA No.647/Bang/2001 an....

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....ssessee as the provisions of section 34A (4) of the Act override the provisions of section 234B and 234C of the Act, since the assessed taxes had been paid before the due date for filing the return?   2. Whether the Tribunal is correct in holding that no interest under section 234B and 234C can be computed only up to the date of regular assessment i.e, upto 27.03.1995 and not up to 30.9.19....

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....otal income assessed was Rs.21,25,981/-. This income became taxable because of denial of unabsorbed investment allowance and unabsorbed depreciation allowance to the extent of 1/3rd of such amount. When such amounts came to be restricted to an extent of 2/3rd of such amount, automatically Rs.21,25,981/- would be enhanced by virtue of provision of Section 34-A. In other words but for Section 34A so....