2012 (2) TMI 133

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....d, it was charged from 01.04.2009 to 02.08.2009. The assessee moved an application u/s 154 submitting that excess interest has been charged under sections 234B and 234C. Therefore, order u/s 154 was passed on 06.11.2009. In this order, apart from credit of Rs. 4,76,834/- granted earlier, credit of Rs. 60,56,196/- was granted on account of self-assessment tax paid by the assessee. Interest of Rs. 3,34,290/- was charged u/s 234B and interest of Rs. 1,15,124/- was charged u/s 234C. The aforesaid order was challenged before the CIT(Appeals)-III, New Delhi. 2. It was submitted that tax payable on the returned income amounts to Rs. 60,49,080/-. After giving credit for tax deducted at source of Rs. 4,76,834/-, the liability comes down to Rs. 55....

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.... on the date on which such request was made and re-compute the interest accordingly. 3. Aggrieved by this order, the revenue is in appeal before us. The only substantive ground taken before us is that the ld. CIT(Appeals) erred on facts and in law in directing the AO to re-compute interest under sections 234B and 234C by adjusting a part of the seized cash towards advance-tax liability on 12.03.2009. 4. Before us, the ld. DR relies on the order of the AO, while the ld. counsel for the assessee supports the impugned order on the basis of decision of Hon'ble Delhi High Court in the case of K.K. Marketing (supra). 5. We have considered the facts of the case and submissions made before us. The facts have already been summarized by us. ....