9911796707
TMI Blog1999 (8) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... 256(1) of the income-tax Act, 1961 (for short, "the Act"), at the instance of the assessee and the following question of law has been referred by the Tribunal for answer by this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was liable to pay interest under sections 234B and 234C of the Income-tax Act?" The brief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 993, showing an income of Rs. 6,34,648 computed under section 115J of the Income-tax Act. Notice under section 143(2) of the Act was issued fixing the case on March 18, 1993. The Assessing Officer, after computing the income of Rs. 6,34,648 under section 115J of the Act, issued a demand notice by order dated March 18, 1993. Aggrieved against this order, an appeal was preferred before the Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td. v. ACIT [1993] 199 ITR 164 (AT) (Cal), has overruled the earlier decision of the Delhi Tribunal in the case of Steel Authority of India Ltd. [1991] 38 ITD 193. Therefore, the learned Tribunal affirmed the levy of interest under sections 234B and 234C of the Act and reversed the finding of the commissioner of Income-tax (Appeals) and allowed the appeal of the Department. Hence, the present refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount of such advance tax paid on or before the 15th day of September, is less than 45 per cent. of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December, is less than 75 per cent. of the tax due on the returned income, then, the company shall be liable to pay simple interest at the rate of one and one-half per cent. per month for a pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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