2016 (10) TMI 215

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....erein after referred to as 'the Act'). 2. The assessee has raised the following grounds of appeal: ''(1) The learned CIT(A) ought to have held that interest u/s. 234C was not chargeable at all, by the AO on the basis of 'tax due on the returned income'' uls 147 of the I T. Act, 1961, as there was no failure of the nature described in that section read with 'Explanation' under section 234C, the appellant having furnished a return uls 139, entitling it to a refund of tax, in the facts and the circumstances of the case and in law. (2) The learned CIT(A) , ought to have held that" tax due on the returned income" under Explanation to Section 234C of the I T. Act, 1961, means the tax chargeable on the total income....

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....3,000/- and the receipt of on-money of =57,52,302/- by the firm outside the Books of account. Whereas the partner on the issue of payment of on-money =1,19,63,000/- has accepted the same as unaccounted in the year 2009-2010. Subsequent to the survey operations, the ld. Assessing Officer issued notice u/s.148 of the Act on the assessee firm. In compliance to notice, the firm filed Return of income on 11.12.2013 including on money receipt of =57,52,320/- and paid self assessment tax u/sec.140A of the Act alongwith interest. The ld. Assessing Officer issued notice u/s.143(2) of the Act. In compliance to notice, the ld. Authorised Representative of assessee appeared from time to time and produced Books of account, details of purchase and sales ....

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....he levy of interest u/s.234B of the Act in default on payment of advance tax and interest u/s.234C of the Act on deferent of advance tax. The ld. Commissioner of Income Tax (Appeals) considered the submissions on the levy of interest u/s.234B of the Act as per the provisions of Act and directed the ld. Assessing Officer to consider the Income tax paid u/s.140A of the Act and the provisions of Sec.234B(2) of the Act in calculating the interest and discussed elaborately at para 4.2 of the order and partly allowed the appeal. In respect of Sec.234C chargeability of interest the ld. Commissioner of Income Tax (Appeals) considered the action of the ld. Assessing Officer is in accordance with law and interest u/s.234C of the Act is also levied on....

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....sions and perused the material on record. The crux of the issue argued by the ld. Authorised Representative that the interest u/s.234C of the Act shall not be chargeable on the return of income filed in compliance to notice u/s.148 of the Act. We found the assessee is a partnership firm and filed original Return of income on 30.07.2011 within time allowed u/s.139(1) of the Act disclosing total income of =1,22,270/-. Due to survey operations u/s.133A of the Act on 04.09.2013, it was found that the assessee firm has received on-money of =57,52,320/- and same was included in Revised return of income filed on 11.12.2013 paid taxes of =17,87,709/- including interest. The ld. Authorised Representative contentions being no interest u/s.234C of the....