Claim for credit in respect of advance tax paid by a declarant ...

Court Affirms Advance Tax Credit Under Scheme, 2016; Sections 184 & 185 Affect Tax Rate, Surcharge, Penalty on Undisclosed Income.

February 8, 2022

Case Laws     Income Tax     HC

Claim for credit in respect of advance tax paid by a declarant under the Scheme, 2016 - character of the advance tax - the overriding effect of Sections 184 and 185 is confined to the rate at which the tax is to be imposed on the undisclosed income, surcharge to be paid thereon and the penalty. The substance of the matter, especially the fact that the advance payment made by the declarant retains the character of tax, however, cannot be lost sight of. - If the said payment is not apportionable towards any other liability, there is no justifiable reason to deprive the declarant from getting the credit for the same against the liability under the Scheme, 2016 - HC

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