2023 (4) TMI 112

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....lant : Sri GVN Hari, Advocate For the Respondent : Sri ON Hari Prasada Rao, Sr. AR ORDER PER S. BALAKRISHNAN, ACCOUNTANT MEMBER : This appeal filed by the assessee is against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Ld. CIT(A)-NFAC] in DIN & Order No. ITBA/NFAC/S/250/2022- 23/1044260444(1), dated 29/07/2022 arising out of the or....

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....t the interest U/s. 234B and 234C is not chargeable in the case of the assessee as the purchase of the property ought to have deducted the tax payable on the capital gain arising on transfer of the property. The CPC did not agree with the contention of the assessee and charged interest U/s. 234B and 234C of the Act amounting to Rs.16,93,406/- and Rs. 1,50,659/- respectively. Aggrieved by the order....

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....Tax payable, the Tax deductible has to be reduced and according to the said provision no Advance Tax need to be paid. 3. Any other ground that may be urged at the time of hearing." 4. Before us, at the outset, the Ld. AR argued that the Ld. Revenue Authorities are erred in charging interest U/s. 234B of the Act and ought to have considered the fact that the purchaser of the property sh....

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....erused the material available on record and the orders of the Ld. Revenue Authorities. From the order of the Ld. CIT(A)-NFACT, it is apparent that the Ld. CIT(A)-NFAC has discussed the issued at length at para 5.3 of his order before deciding the issue against the assessee. For the sake of reference, relevant para 5.3 of the Ld. CIT(A)-NFAC is reproduced herein below: "5.3. Interest under....