2016 (12) TMI 1090

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...., Adv. Mr. Abhinav Mukerji, Adv. For the Respondent : Mr. K. Radhakrishnan, Sr. Adv. Ms. Rashmi Malhotra, Adv. Mr. Deepak Prakash, Adv. Ms. Shruti Srivastava, Adv. Mrs. Anil Katiyar, Adv. ORDER 1. Leave granted. 2. The appellant - Assessee along with three others had promoted a Company, namely, 'Log in Systems Innovations Private Limited' (the Acquiree Company) in the year 1990. The sa....

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.... Rs. 21,00,000/-. The question that arose in the proceedings commencing with the Assessment Order is whether the aforesaid amount of Rs. 21 lakhs is on account of 'salary' or the same is a 'capital receipt'. The High Court in the order under appeal took the view that the said amount is 'salary amount' on which interest would be chargeable/leviable under Section 234B and 234....

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....ions relating to payment of advance tax is contained in Part 'C' and interest thereon in Part 'F' of Chapter VII of the Act. In cases where receipt is by way of salary, deductions under Section 192 of the Act is required to be made. No question of payment of advance tax under Part 'C' of Chapter VII of the Act can arise in cases of receipt by way of 'salary'. If tha....