M/S MANAN VIDYA,RANCHI vs. ITO WARD-3(2), RANCHI

ITA 247/RAN/2017Status: DisposedITAT Ranchi09 January 20192 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal directed the Assessing Officer to compute the interest under Section 234B strictly on the returned income, rather than the income assessed by the Assessing Officer, following a jurisdictional High Court decision.

What were the facts?

The assessee's appeal for AY 2007-08 was filed against an order passed by the CIT(A) in proceedings under Section 147 of the Income Tax Act. The sole issue raised by the assessee concerned the computation of interest under Section 234B.

What were the issues?

The key issue was whether interest under Section 234B should be computed on returned income or assessed income. The Tribunal considered the applicability of a High Court ruling on this matter.

Which sections of the Income-tax Act were involved?

Section 234B,Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RANCHI BENCH “SMC”, RANCHI

Before: SH. S.S.GODARA

Hearing: 07.01.2019Pronounced: 09.01.2019

PER SH. S.S.GODARA, JUDICIAL MEMBER This assessee’s appeal for AY 2007-08 arises against the order dated 03.10.2016 passed by the CIT(A), Ranchi in Appeal No.120/ Ran/Oth/15-16 in proceedings u/s 147 of the Income tax Act, 1961 (in short “Act”). Heard both the parties. Case file perused.

2.

The assessee’s sole issue canvassed in this instant appeal relates to section 234B interest computation. Hon’ble juri ictional high court in Ajay Prakash Verma, T.A.No.38 of 2010 reported in 2013(1) TMI 140 has categorically held that the impugned interest has to be computed only on returned income than that assessed by the Assessing Officer. I, therefore, direct the AO to compute the impugned interest strictly in tune with hon’ble juri ictional high court above stated decision.

3.

This assessee’s a

The order continues below.

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