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TMI Blog2019 (5) TMI 1987X X X X Extracts X X X X X X X X Extracts X X X X ..... ided in favour of assessee. Charging of interest u/s. 234 B C on the assessed income is in contrary to law in view of the decision of Ajay Prakash Verma [ 2013 (1) TMI 140 - JHARKHAND HIGH COURT] relying upon Smt. Tej Kumari [ 2000 (9) TMI 52 - PATNA HIGH COURT] wherein, interalia, it has been held that interest can be charged on the returned Income only and not on the assessed Income - direct the AO to delete the interest as charged u/s.234B of the Act. This ground of appeal of the assessee is allowed. - SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER For the Assessee : Shri Ajay Poddar, Advocate For the Revenue : Shri P.K. Mondal, ACIT (DR) ORDER This appeal has been filed by the assessee against the order of Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t price of shares purchased on 16.05.2013 out of past savings earnings duly shown in the balance sheet of the assessee may be deleted fully. 3. Brief facts of the case are that the assessee is an individual and deriving income from trading of spare-parts of motorcar and mobile phones and filed its return of income declaring total income at Rs. 6,61,080/- electronically on 17.09.2015. The case of the assessee was selected for scrutiny assessment. In response to notices, the assessee appeared produced all books of accounts, papers documents. In course of assessment proceedings, the assessee voluntarily surrendered the aforesaid LTCG for taxation. But the Ld. A.O. added the entire receipt from sale of shares amounting to Rs. 10,45,266 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchased 30,000/- shares of M/s. Kailash Auto Ltd., on 16.05.2013 for Rs. 5,40,000/- out of past income savings duly shown in the accounts. As per the ld. AR of the assessee the shares purchased by HUF were also transferred to the assessee as there was no demat account in the name of HUF. Subsequently the shares were sold by the assessee for Rs. 10,45,265.55 earning LTCG of Rs. 5,05,265.55 and the assessee claimed exemption u/s. 10(38) of the Act in his return as dye securities transaction tax was paid by the assessee. When the assessee came to know that the said transaction is not correct and therefore to buy peace, the assessee surrendered the aforesaid LTCG as income from other sources in his revised computation of taxable income. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e total addition made u/s.69 of the Act on account of unexplained investment. As the assessee in the present appeal has not challenged the total addition made by the AO u/s.69 of the Act and has only challenged addition of Rs. 5,40,000/-, which I have directed to the AO to be deleted, therefore, the appeal of the assessee is treated as allowed. 8. The charging of interest u/s. 234 B C on the assessed income is in contrary to law in view of the decision of Hon'ble Jharkhand High court in the case of Ajay Prakash Verma datd 25.07.2012 in Tax Appeal No. 38 of 2010 reported in 2013 (1) JCR 580 (Jhr.) relying upon Smt.Tej Kumari Vrs. CIT (2001)114 Taxman 404(Pat) (FB), confirmed by Hon'ble Supreme Court vide order dated 01.08.2000 wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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