TaxTMI 
TaxTMI 
2020 (3) TMI 434
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.... as 'invalid', since the payment of additional taxes is a primary condition for maintainability of the application. The report of the Commissioner under Rule 2(B) had pointed out that there was a short payment of tax, amounting to Rs. 4,58,772/- for AY 2015-16, Rs. 3,52,780/- for AY 2013-14 and Rs. 7,84,966/- for A Y 2016-17. 3. There have been a significant number of hearings in this matter and both the petitioner and the revenue have filed their versions of the pending arrears for various assessment years, as on date. Vide letter dated 21.01.2020, after considering the consolidated position of pending demands for AYs 2013-14, 2015-16 and 2016-17, the Assessing Authority confirms that there is no shortfall in the tax remitted by t....
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....210/- has arisen due to difference in TDS being of Rs,28,11,600/- claimed in original returns vs. Rs. 23,84,892/- as per 143(1) (Ref.Pg.18 in S.No.3 Additional Type Set). This difference was not exising as on date of filing settlement application on 16.10.2018 which is evidenced by Form 26AS as on 11.10.2018 (S.No.2 of Additonal Type Set) Written Submission of the Department on the above isue The demand of Rs. 5,06,210 was raised u/s 143(1) due to wrong quoting of TAN by the assessee in the return of income in respect of M/s Landmark housing Projects Chennai Private Limited to the extent of Rs. 4,26,712. Now on verificaition of the assessee's claim made regarding wrong quoting of TAN vide the application u/s 154 with reference to the....
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....n only Rs. 17,45,528/- for computing taxes before ITSC (S.No.5 Additional Type Set) Written Submission of the Department on the above issue Though a deamnd of Rs. 7,84,960 was raised u/s 143(1) due to TDS mismatch of Rs. 6,61,692 (Rs. 24,07,220 claimed in the return-Rs. 17,45,528 available in 26AS, it is noticed on verification of the petitioner's claim that the petitoine considered TDS credit at a lower amount of Rs. 17,45,528 (to the extent of the credit available in 26AS) for the purpose of computation of tax payable as per the Settlement Application. Therefore, there is no additional demand payalbe by the petitioner for the A.Y 2016-17 in the regard. AY 2013-14 Contention of the Department in Counter Affidavit Issue of dema....
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....nterest u/s234B is correctly computed Interest u/s.234B for A.Y.2012-13, 2013-14 and 2014-15 ought to have been calculated only until such date of adjustment of excess tax for A.Y.2015-16 (taxes for A.Y.2015-16 and in March 2018 and May 2018 itself) and not till the date of filing application before ITSC i.e., October 2018. on recalculating interest u/s234B in this basis the refund due to petitioner as on date of filing settlement application is Rs. 20,18,724/- (Rd.pg32-37 in S.No.3 Additional Type Set) Department in Counter Affidavit states in Para 6 (c) that interest is to be calculated independently for each assessment year till date of payment of taxes for each Assessment Year. The scheme of settlement allows taxes paid in excess in one....
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.... date of adjustment. Reference is made to section 245C(1D) dealing with computation of additional amount of income tax in case where the application relates to more than one year which specifically states aggregate of the amount of tax is the additional amount of income tax payable in respect of applications referred in 245C(1D). E) Without prejudice, if interest u/s 234B is to be calculated till date of filing settlement application i.e., if taxes paid in excess in A.Y.2015-16 in March and May 2018 is allowed to adjusted against taxes payable for other years only in October 2018, then u/s 244A interest is to be allowed for taxes paid in March and May 2018 till October 2018. Hence there would be no shortfall as on date of filing settlement....
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.....01.2016 is Rs. 27,28,824/- (S.No.9 of Additional Type Set). However since, 07.01.2016 but betfore filing settlement application on 16.10.2018, the TDS credit for the A.Y.2010-11 has increased to Rs. 44,70,854/- which is evidenced by Form 26AS S.No.10 of Additional Type Set. So difference between Rs. 44,70,854/- and Rs. 27,28,824/- amounting to Rs. 17,42,099/- not allowed by AO in the assessment order is due as refund even on date of making application before ITSC. No specific comments in this regard in counter affidavit. H) Demand for A.Y.2013-14 is disputed demand and same not to be considered in calculation of tax and interest at the 245D(2C) proceedings before ITSC. I) Additions made through assessment orderu/s.143(3) not offered as i....