TaxTMI 
TaxTMI 
2025 (3) TMI 147
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....of income in case of a company. AO had information that the appellant had purchased immovable property of Rs. 2,68,61,000/- and since no return was filed, AO initiated reassessment proceedings by issue of notice u/s. 148 on 30.03.2018. In response the appellant filed the return on 10.5.2018 declaring total income at Rs. 17,559/-. AS the assessee has not complied with the statutory notices, the AO passed the order u/s. 144 r.w.s. 147 and made an addition of Rs. 2,68,61,000/- u/s. 69 of the Act. Thereafter it was come to the notice of the AO that interest u/s. 234A(3) levied at Rs. 89,167/- was short as it was charged for one month as against for 80 months, a notice for the rectification u/s. 154 was issued which also remained uncompiled. Thu....
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....ing officer on account of unexplained investment u/s 69 of the Act wherein the Assessee herein has duly declared the source of investment in the financial statements filed along with ITR. 6. That the Ld. CIT (A) has grossly erred while upholding the charging of interest by the Ld. Assessing Officer against the returned income declaring loss of Rs. 17,559/-. 7. That the Ld. CIT (A) has grossly erred in upholding the initiation of penalty proceedings by Ld. Assessing Officer u/s 271(1)(c) of the Act. 8. That the Ld. CIT (A) has grossly erred in upholding the charging of interest by Ld. Assessing Officer u/s 234A, 234B, 234C & 234D of the Act. 9. 9. The appellant craves leave to add, alter, amend or vary any of the above grounds during....
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....do not pertain to the order appealed against. In view of the above facts and circumstances of the case Ground No. 1 along with 4 sub-grounds are dismissed. 6.2. Ground of Appeal No. 2: 6.2.1. Ground no. 2 has 6 sub-grounds. Out of the above, ground no. 2(5), ground no. 2(8), ground no. 2(9) and ground no. 2(10) are general in nature and hence dismissed. 6.2.2. With regard to Ground no. 2(7), since it pertains to initiating of penalty u/s. 271(1)(c), which is initiated in order passed u./s. 144 rws 147 dated 27.12.2018 which is not the order appealed against presently in this appeal, hence this ground is also dismissed. 6.2.3. With regard to ground no 2(6), the appellant had submitted that Ld.AO has erred in levy of interest u/s. 234....
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....egular assessment, as reduced by the amount of,- [Substituted by Act 21 of 2006, Section 48, for " on the amount of the tax on the total income as determined under sub-section (1) of section 143 or on regular assessment as reduced by the advance tax, if any, paid and any tax deducted or collected at source" (w.e.f. 1.4.2007).] (i) advance tax, if any, paid; (ii) any tax deducted or collected at source; (iii) any relief of tax allowed under section 90 on account of tax paid in a country outside India; (iv)any relief of tax allowed under section 90-A on account of tax paid in a specified territory outside India referred to in that section; (v) any deduction, from the Indian income-tax payable, allowed under section 91, on account of....
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....cation notice u/s. 154 was issued to the appellant which remained uncomplied, hence order u/s. 154 was passed on 17.3.2020 charging interest u/s. 234A at Rs. 71,33,375/-. 6.2.6. As per the order u/s. 154 while passing the original assessment, interest u/s. 234A(3) was erroneously charged for one month at Rs. 89,167/- while the correct interest should have been charged from October, 2011 to May 2018 [when the appellant filed e-return in response to notice u/s. 148 on 10.5.2018]. Thus the interest u/s. 234A was increased from Rs. 89,167/- to Rs. 70,44,208/-. As per Section 234A, the Ld.AO has charged the interest at 1% for every month or part of the month comprising in the period commencing on the date immediately following the due date and....