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TMI Blog2015 (8) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... ,548 1.1. The learned Commissioner of Income-tax (Appeals) ["CIT(A)"] has erred in not granting the claim of foreign tax credit amounting to Rs. 2,132,548." 3. The assessee is a company. It provides software development services to its customers. It is a Software Technology Park of India (STPI) unit entitled to claim deduction u/s.10A of the Act. It filed the original return of income on 28.9.2010 declaring a total income of Rs. 2,386,058/-for the AY 2010-11. Subsequently, a revised return was filed on 29.03.2012 for the purpose of claiming Foreign Tax Credit ('FTC') of Rs. 21,32,548. The assessee was liable to pay taxes as per the provisions of Minimum Alternate Tax (MAT). 4. The Assessing Officer did not allow the claim of assessee fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the written submissions for A.Y. 2010-11, it is observed that the assessee had electronically filed its return on 28.9.2010. In the said return, in col. No.10, no tax relief u/s. 90 or 91 has been claimed. The assessee filed a revised return on 29.3.2012 electronically. In Col. 10 of this return, the assessee had claimed relief u/s. 90 of Rs. 21,32,548. The return has been filed by the assessee within the time contemplated u/s. 139(1) of the Act. Neither the AO nor the CIT(Appeals) considered the claim of assessee in the revised return of income filed. We are therefore of the view that the claim of assessee for FTC has been made in the return of income and had been omitted to considered by the AO and CIT(Appeals). We therefore deem it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h day of March is less than the tax due on the returned income, then, the company 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:" 10. From a plain reading of the provisions of section 234C, it is clear that levy of interest u/s. 234C of the Act is on the returned income. We therefore direct the AO to levy interest on the returned income. This ground of appeal is accordingly allowed. 11. Ground No.3 raised by the assessee is with regard to charging of interest u/s. 234D of the Act, which is consequential and AO is directed to give consequential relief. 12. In the result, the appeal by the assessee is partly allowed. Pronounced in the open court on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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