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Deputy Commissioner Of Income-Tax,, vs M/S. Finolex Plasson Industries Pvt. ... on 29 January, 2018 cites

Morgan Stanley Investment Management ... vs Cit 2, Mumbai on 20 September, 2017

A bare perusal of provisions of clause (a) of sub-section (1) to section 234C reveal that the interest is to be charged if there is any deficiency in payment of advance tax vis-à-vis the returned income. The provision of section does not suggest anywhere that the interest u/s. 234C is to be charged in respect of income assessed. The Mumbai Bench of the Tribunal in the case of Morgan Stanley Investment Management (P) Ltd. Vs. Deputy Commissioner of Income Tax (supra) has held that interest u/s. 234C is to 6 ITA Nos.1273 to 1278 & 1540 to 1542/PUN/2015 be charged on the tax due on returned income. No interest can be charged u/s. 234C where no tax is due on the returned income. The relevant extract of the findings of Tribunal on the issue raised are as under :
Income Tax Appellate Tribunal - Mumbai Cites 9 - Cited by 1 - Full Document

Commissioner Of Income-Tax vs Mahalaxmi Glass Works (P.) Ltd. on 13 September, 1989

19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening 15 ITA Nos.1273 to 1278 & 1540 to 1542/PUN/2015 stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alternate submission placed reliance on the decision of Hon‟ble Bombay High Court in the case of Commissioner of Income Tax Vs. Mahalaxmi Glass Works Pvt. Ltd.
Bombay High Court Cites 0 - Cited by 112 - S P Bharucha - Full Document
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