Levy of interest under section 234C - Nil return or assessed tax ...

Case Laws Income Tax

March 14, 2022

Levy of interest under section 234C - Nil return or assessed tax - it is pertinent to note that section 234C refers to the term ‘returned income’ in comparison to section 234B which refers to the term ‘assessed tax’ for imposing interest. In the present case, it is not in dispute that returned income in case of assessee trust was NIL. As only in the case of default / shortfall in payment of advance tax as compared to tax due on returned income, interest is chargeable under sections 234C of the Act. Thus, we hold that no interest is chargeable under section 234C of the Act in the present case - AT

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Levy of interest under section 234C - Nil return or assessed tax ...

Case Laws Income Tax

March 14, 2022

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