TaxTMI 
TaxTMI 
2023 (10) TMI 660
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....t that the income being gift of an immovable property was received in the last quarter of the year and the appellant was not liable to pay advance tax in the third quarter of the year and therefore Learned CIT (Appeals) had acted against the law and facts. For these and such other reasons as may be urged at the time of hearing, the order of the Id. CIT (A) may be vacated. 2. The appellate craves leave to add, amend, alter or delete any of the above grounds of appeal during the course of the appellate proceedings before the Hon'ble ITAT." 3. The return of income for A.Y. 2020-21 was filed on 01.10.2020 and assessee received the intimation u/s 143(1) from the CPC, Bangalore on 09.01.2021 which was replied by the assessee. The return was pr....
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....able to be taxed under the head "Income from other sources" and accordingly the assessee had shown the said gift income in the return of income filed for the year with payment of taxes. Since the assessee received a gift of an immovable property by way of registered conveyance deed on 16.12.2019, he is required to pay advance tax on such income in the last quarter i.e. on or before 15.03.2020 and the assessee paid advance taxes of Rs. 19,94,500/- on such gift income on 09.03.2020. The assessee had not defaulted in payment of advance tax as the resultant income accrued and received by the assessee in the last quarter of F.Y. 2019-20. Accordingly, assessee was not required to pay any interest u/s 234C of the Income Tax Act, 1961. As per Secti....
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.... the actual receipt of the gift. The assessee submitted that the CIT(A) erred in law in alleging that the assessee would have paid the advance tax before 31.12.2019 as the assessee had known about the fact that the due dates for payment of advance tax is 15th June, 15th September, 15th December and 15th March of the respective financial year. As the assessee received gift after the due date of third quarter, the assessee paid more than 90% of the tax payable on 09.03.2020 before due date of fourth quarter. There is no such provisions in the Act or any instructions by CBDT that the assessee should have pay the advance tax before expiry of quarter in which any income is earned or will be earned by the assessee. The assessee relied upon the or....