Assessee Not Liable for Interest as Bank Delays Cheque Clearing; Advance Tax Deemed Paid on Time u/ss 234B, 234C.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Interest u/s 234B and 234C charged for default in payment of advance tax - assessee has submitted certificate from the Punjab National Bank that the cheques issued by the assessee have been deposited and sent for clearing on the same date (i.e. before 15th) but were cleared after the due date (17 th and 18th) thus not liable to pay interest for default of payment of advance tax - The assessee is deemed to have paid the advance tax within the due date of payment. Hence, not liable to be charged any interest u/s 234B and 234C - AT....