TaxTMI 
TaxTMI 
2023 (1) TMI 1203
X X X X Extracts X X X X
X X X X Extracts X X X X
....n passing an order on all the Grounds of Appeal ignoring the submissions of the Appellant 2. In the view of the above, the learned CIT (A) be directed to pass a speaking order on all the Grounds of Appeal. B. THE LEARNED CIT (A) FAILED TO PASS ORDER ON EXCESS LEVY OF INTEREST UNDER SECTION 234C OF THE ACT RS. 8,51,047/-: 3. On the facts and circumstances of the case and in law, the learned CIT (A) erred in passing order quoting that interest under section 234C of the Act at Rs.8,51,047 are consequential and do not require specific adjudication. 4. In doing so, the learned CIT (A) has failed to appreciate that the Appellant is engaged in the business of Portfolio Management Services The performance fees that the Appellant cars from i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eal before the ld. CIT(A) against the charging excess interest as referred above u/s 234C and 234B by the CPC, Bangalore. However, ld. CIT(A) has dismissed the appeal of the assessee. 4. During the course of appellate proceedings before us the ld. Counsel vehemently contended that the assessee was engaged in the business of Portfolio Management Services and because uncertainty of stock market the performance fees which the assessee earned from its client could be ascertained only on the last day of the year. The ld. Counsel also submitted that it was impossible to estimate the performance fees as its earning will be based on the performance of the stock market upto the last date of the year. The ld. Counsel has placed reliance on the decis....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of the assessee itself for assessment year 2008-09 dated 05.05.2015 placed in the paper book wherein after considering the decision of Hon'ble Bombay High Court in the case of Prime Securities Ltd. Vs. ACIT (333 ITR 464) and decision of ITAT, in the case of Kotak Securities Ltd., vide ITA No. 1502/Mum/2007 and decision of ITAT, Mumbai in the case of Kumari Kumar Advani Vs. ACIT vide ITA No.7661/Mum/2013 held that in the case of the assessee it had estimated its income and liability for payment of advance tax in accordance with law that was in force, therefore, there was no failure on the part of the assessee to pay advance tax in accordance with provision of Sec. 208 and 209. In the case of Prime Securities as referred above it is held tha....