9911796707
TMI Blog2013 (1) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... ot been examined by the authorities below - remand the issue to the file of the AO with a direction to examine the claim of the assesee and if it is found that the income has in fact accrued to the assessee on 24.3.2008, then no interest u/s 234C shall be charged. - ITA No.770/Bang/2011 - - - Dated:- 19-10-2012 - P. Madhavi Devi and Jason P Boaz, JJ. Appellant Rep by: Shri Nagin Khincha, CA Respondent Rep by: Shri A. Sundar Rajan, JCIT ORDER Per: P. Madhavi Devi: This appeal is filed by the assessee. The relevant assessment year is 2008-09. The appeal is directed against the order of the Commissioner of Income-tax - (Appeals) I at Bangalore dated 12.08.2011. The appeal arises out of the assessment completed u/s 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Income-tax Act and held that the only exemptions to application of provision of sec. 234C is to the capital gains or winnings from lotteries etc. but as the assessee has offered the income under the head profit and gains of business of profession , the first proviso of sub sec. (1) of 234C is not applicable and the AO has correctly worked out interest u/s 234C of the Act. He accordingly upheld the levy of interest of Rs.24,87,169/- u/s 234C of the Act. 6. Aggrieved, the assessee is in appeal before us. 7. The learned counsel for the assessee while reiterating the submissions made before the authorities below has placed reliance upon the decisions of the Tribunal in the case of Jindal Irrigation Systems, 56 ITD 164, wherein it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed hereunder: "It was a unique case where the AO accused the assessee of default in a duty which possibly it could not have performed, and where the principle of lex non cogit ad impossibillia was fully applicable. The liability to pay advance tax on the income chargeable to tax in an assessment year is not absolute on that income but is made dependent on the estimate to be made by the asssessee. An estimate is not a guess or prediction, it has to be based on material available on the record and the facts and circumstances prevailing on the stipulated due date. When the law creates any default on his part, and there is no remedy for him, the law will in general excuse him. When the obligation is one implied by law, impossibili ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
