9911796707
TMI Blog2023 (4) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued Dy. CIT, Bengaluru u/s 143(1) of the Act. 1. Briefly stated the facts of the case are; 1.1. The appellant is a resident individual e-filed his return of income [for short "ITR"] for AY 2020-21 on 17/10/2020 declaring total income of Rs.86,77,950/- which was e-processed u/s 143(1) of the Act computing interest u/s 234A of the Act to Rs.55,794/- for the period commencing from 01/08/2020 upto the date of filing of return as against appellant's quantification of Rs.19,183/- computed from 01/08/2020 upto the date of discharge of taxes by way of self-assessment u/s 140A of the Act. 1.2. Aggrieved by aforesaid charge of interest, the appellant assailed before Ld. FAA, wherein the Ld. NFAC vide para 5.2 rejected the claim vis-à-vis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to add, alter, omit or substitute any of the above grounds at the time of hearing of the appeal". 2. Undisputedly, the appellant has discharged the entire tax liability in five instalments in two months i.e. August and September, 2020 and while doing so, interest u/s 234A was computed and paid on the amount of outstanding tax liability as on the date of respective payments for the period commencing from 01/08/2020. Per contra the revenue has set up the case for recovery of interest commencing from first day after the expiry of due date of filing i.e. 01/08/2020 upto the date of return filed i.e. 17/10/2020. 3. After hearing to rival contentions, we find that, the substantive ground falls in a narrow compass, as to 'what is the period upto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -section (2) to section 243A, the interest payable under sub-section (1) shall be reduced by the interest, if any, paid u/s 140A towards the interest chargeable thereunder. 6. In the extant appeal, since the appellant in terms of section 234A(1) computed the interest accrued on each occasion of payment by instalment on the outstanding balance of taxes due to ex-chequer and discharged the entire tax liability alongwith interest accrued thereon before filing of his return, we finding no fault with the computation of interest liable u/s 234A, hold the orders of both the Ld. TAB as erroneous, consequently we set-aside the order of Ld. NFAC and direct the Ld. CPC to compute interest in aforestated terms. 7. Resultantly, the appeal of the appel ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
