2022 (7) TMI 627

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..../06/2020 by the ld. Asst. Director of Income Tax, CPC (hereinafter referred to as ld. AO). 2. The only issue to be decided in this appeal is as to whether the interest u/s.234C of the Act could be charged on the dividend income earned by the assessee for all the four quarters when actually the said dividend has been received by the assessee only in third and fourth quarters of the financial year. 3. We have heard rival submissions and perused the materials available on record. We find that assessee is a private discretionary trust and had filed its return of income for the A.Y.2018-19 on 14/07/2018 admitting the total income of Rs. 63,02,52,700/-. Out of this amount, dividend income taxable u/s.115BBDA of the Act amounts to Rs.62,99,76,25....

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.... in vain as the assessee got the reply that there was no discrepancy from the end of the CPC. Not satisfied with the above grievance resolution, the assessee lodged grievance on the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) on 16/06/2020 in response to which the rectification rights were transferred to the ld. AO i.e. ITO-23(3)(4). Subsequently, the assessee filed a rectification application vide letter dated 13/07/2020 requesting the ld. AO to pass an order u/s.154 of the Act after recalculating the interest u/s.234C of the Act. In response to the same, the ld. AO vide letter dated 21/07/2020 intimated that the issue had already been dealt by CPC vide order u/s.154 of the Act dated 01/06/2020 and also in the grie....

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....estimate (a) the amount of capital gains; or (b) income of the nature referred to in sub-clause (ix) of clause (24) of section 2; [or] (c) income under the head "Profits and gains of business or profession in cases where the income accrues or arises under the said head for the first time; or]] [(d) the amount of dividend income.] and the assessee has paid the whole of the amount of tax payable in respect of income referred to in clause (a) or clause (b) "for clause (c) for clause (d]] as the case may be, had such income been a part of the total income, as part of the [remaining instalments of advance tax which are due or where no such instalments are due], by the 31st day of March of the financial year".] 6. We find that cl....