TaxTMI 
TaxTMI 
2024 (11) TMI 219
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....irming the levy of interest u/s 234C of the Act amounting to Rs. 51,75,514/-. 3. Briefly stated the facts of the case are that, the assessee is a company incorporated in Singapore and is registered as a Category I Foreign Portfolio Investor (FPI) with the Securities and Exchange Board of India ('SEBI'). The assessee has made investments in debt securities and equity shares in India. The return for the year under consideration was electronically filed on 15/03/2022 declaring total income of Rs. 7,56,66,23,191/-. The return was processed and intimation dt. 22/06/2022 u/s 143(1) of the Act, was served with a demand of Rs. 47,13,33,940/-. TDS credit was not granted and erroneous interest u/s 234B and 234C of the Act were levied which were subs....
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....he case of Goldman Sachs Investment (Mauritius) Ltd. v. Dy.CIT (2021) 187 ITD 184 (Mum)(Trib.) and Hon'ble Madras High Court in the case of C.I.T. v. Madras Fertilizers Limited [149 ITR 703]. The ld. D/R strongly supported the findings of the AO/ld. CIT(A). It is the say of the ld. D/R that though the assessee has received interest throughout the year but it is not known that for which period the assessee has fully paid the advance tax. 5. We have given a thoughtful consideration to the orders of the authorities below and have perused the decisions relied upon by the ld. Counsel. It is an undisputed fact that on some part of the interest received by the assessee on commercial papers, NCDs and Government securities, payers have faulted in ....
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....e current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income: Provided that if the advance tax paid by the assessee on the current income, on or before the 15th day of June or the 15th day of September, is not less than twelve per cent or, as the case may be, thirty-six per cent of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates;] (b) 68[69[an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44AD o....
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....x due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the Finance Act, 2000 (10 of 2000), as amended by the Taxation Laws (Amendment) Act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of March, 2001 in respect of the instalment of advance tax due on the 15th day of June, 2000, the 15th day of September, 2000 and the 15th day of December, 2000 :] 77[Provided also that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the Finance Act, 2000 (10 of 2000) as amended by the ....
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....l have the meaning assigned to it in clause (22) of section 2, but shall not include sub- clause (e) thereof.] (2) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years.]] 7. As per Explanation 1, tax due on returned income means the tax chargeable on the total income declared in the return of income furnished by the assessee for the assessment immediately following the financial year in which the advance tax is paid or payable, as reduced by the amount of any tax deductible or collectible at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is take....