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“interest under section 234B”

InterestSection 234BSection 234B1,475 judgments

The decision most relied on for interest under section 234B is Godrej & Boyce Mfg. Co. Ltd. v. DCIT (328 ITR 81), cited in 1,183 judgments on BharatTax.

Leading authorities on interest under section 234B

Godrej & Boyce Mfg. Co. Ltd. v. DCIT
328 ITR 81 · 2010 · High Court
1,183
citing judgments

Rule 8D, for computing disallowance under Section 14A for expenses related to exempt income, applies from Assessment Year 2008-09 onwards; for prior years, a reasonable disallowance must be made. The disallowance under Section 14A cannot exceed the actual exempt income earned.

CIT v. Anjum M.H. Ghaswala
252 ITR 1 · 2001 · Supreme Court
452
citing judgments

Levy of interest under sections 234A, 234B, and 234C of the Income Tax Act is mandatory. Tax statutes are to be interpreted strictly, allowing no room for purposive interpretation.

CIT v. EKL Appliances Ltd.
345 ITR 241 · 2012 · High Court
422
citing judgments

Transfer pricing adjustments for outstanding receivables are permissible only if the Tax Officer establishes, through analysis over a period, a pattern indicating an international transaction intended to benefit an associated enterprise. The Tax Officer cannot question purely business decisions like royalty payments or exceed jurisdiction by applying cost-benefit analysis to determine the arm's length price of services.

CIT v. Cotton Naturals (I) (P.) Ltd.
55 Taxmann.com 523 · 2015 · High Court
273
citing judgments

The interest rate for benchmarking foreign currency loans advanced to Associated Enterprises should be the market-determined rate applicable to the currency of the loan, such as LIBOR for US Dollar loans, rather than a domestic lending rate like the Indian PLR.

DIT v. GE Packaged Power Inc.
373 ITR 65 · 2015 · High Court
199
citing judgments

Interest under section 234B for default in payment of advance tax is not leviable when the entire income is subject to tax deduction at source under section 195, as no advance tax liability arises for the assessee in such circumstances.

Karanvir Singh Gossal v. CIT
349 ITR 692 · 2012 · Supreme Court
158
citing judgments

The Supreme Court's decision establishes principles or grounds for seeking a waiver of mandatory interest levied under Sections 234A, 234B, and 234C of the Income Tax Act, 1961.

DIT v. NGC Network Asia LLC
313 ITR 187 · 2009 · High Court
144
citing judgments

Where a duty is cast on the payer to deduct and pay tax at source under Section 195, the payee-assessee cannot be levied interest under Section 234B for failure to pay advance tax if the payer defaults on its TDS obligation. This principle may also extend to interest under Section 234C.

80P(2)(d) of the Act. In Kaliandas Udyag Bhavan Premises Co-op Society Ltd. v. ITO
94 Taxmann.com 15 · 2018 · ITAT
130
citing judgments

A co-operative society, even if it is a co-operative bank whose general deduction under Section 80P is restricted by Section 80P(4), can still claim a deduction under Section 80P(2)(d) for interest income derived from its investments held with another co-operative society, as it retains its identity as a co-operative society.

Judgments citing interest under section 234B

Speedking Courier Services Pvt Ltd, Mumbai vs. Income Tax Officer-4(3)(3), Mumbai

In the result, the appeal is allowed

ITA 4677/MUM/2023[2012-13]Status: DisposedITAT Mumbai29 May 2024AY 2012-13

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2012-13 Speedking Courier Income Tax Officer- Services Pvt. Ltd. 4(3)(3), 25/27, Old Hanuman Galli, Room No. 648, Vs. 1St Cross Lane, 6Th Floor, Kalbadevi, Aayakar Bhavan, Mumbai- 400 002. Maharshi Karve Marg, Mumbai- 400 020 Pan: Aaics3715M (Appellant) (Respondent) Present For: Assessee By : Shri K. Gopal, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit) Sr., D.R. Date Of Hearing : 16 . 05 . 2024 Date Of Pronouncement : 29 . 05 . 2024 O R D E R Per : Ratnesh Nandan Sahay: 1. The Appellant Has Filed This Appeal Against The Order Of The Ld. Income Tax Officer- 4(3)(3) Mumbai By Raising Following Grounds Of Appeal: “The Addition Of Rs.1,53,00,000/- Made Under Section 68 Of The Act Is Not Justified. 1. The Ld Cit(A) Is Erred In Confirming The Addition Of Rs. 1,53,00,000/- Made By The Ld. A.O. Under Section 68 Of The Act Without Appreciating That The Basic Condition To Invoke The Provisions Of Section 68 Are Not Satisfied In The Present Case. Hence, The Addition Made Under Section 68 Of The Act Is Not In Accordance With The Law & The Same May Be Deleted.

For Appellant: Shri K. Gopal, A.RFor Respondent: Shri P. D. Chougule (Addl. CIT) Sr., D.R
Section 142(1)Section 143Section 143(2)Section 147Section 148Section 151(1)Section 234BSection 68

made under section 68 treating the same as unexplained cash credit is not justified and the same may be deleted. Levy of interest under section 234B & 234C of the Act is unjustified 3. The Appellant denies the liability to pay interest under section 234B & 234C as the same is unjustified

Ishares Msci Bric Etf (As A Successor to Ishares Bric Index Mauritius Co (Liquidated)), Mumbai vs. DCIT (International Tax)-2(2)(2), Mumbai

In the result, the appeals of the assessees in ITA

ITA 4599/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 May 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

For Respondent: Shri Anil Sant, Sr. DR
Section 143(3)Section 234ASection 234BSection 234CSection 270A

accordance with law. Needless to say that the assessee be given an opportunity of being heard. It is ordered accordingly. Levy of interest under section 234B and 234C & Initiation of penalty proceedings under section 270A of the Act 22. The grounds raised by these assessees on the issue of levy ... interest under section 234B and 234C & initiation of penalty proceedings are consequential/premature and hence they do not warrants separate adjudication. 23. In ITA.No.4565/Mum/2023 a ground is raised with regard to refund determined to be payable to the assessee. In this regard we issue direction to the AO accordingly

Ishares Msci Em Asia Ucits Etf, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result, the appeals of the assessees in ITA

ITA 4566/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 May 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

For Respondent: Shri Anil Sant, Sr. DR
Section 143(3)Section 234ASection 234BSection 234CSection 270A

accordance with law. Needless to say that the assessee be given an opportunity of being heard. It is ordered accordingly. Levy of interest under section 234B and 234C & Initiation of penalty proceedings under section 270A of the Act 22. The grounds raised by these assessees on the issue of levy ... interest under section 234B and 234C & initiation of penalty proceedings are consequential/premature and hence they do not warrants separate adjudication. 23. In ITA.No.4565/Mum/2023 a ground is raised with regard to refund determined to be payable to the assessee. In this regard we issue direction to the AO accordingly

Ishares Core Msci Em Imi Ucits Etf, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result, the appeals of the assessees in ITA

ITA 4565/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 May 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

For Respondent: Shri Anil Sant, Sr. DR
Section 143(3)Section 234ASection 234BSection 234CSection 270A

accordance with law. Needless to say that the assessee be given an opportunity of being heard. It is ordered accordingly. Levy of interest under section 234B and 234C & Initiation of penalty proceedings under section 270A of the Act 22. The grounds raised by these assessees on the issue of levy ... interest under section 234B and 234C & initiation of penalty proceedings are consequential/premature and hence they do not warrants separate adjudication. 23. In ITA.No.4565/Mum/2023 a ground is raised with regard to refund determined to be payable to the assessee. In this regard we issue direction to the AO accordingly

Ishares Emerging Markets Imi Equity Index Fund, Mumbai vs. Deputy Commissioner of Income Tax (Int Taxation)-2(2)(2), Mumbai

In the result, the appeals of the assessees in ITA

ITA 4563/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 May 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

For Respondent: Shri Anil Sant, Sr. DR
Section 143(3)Section 234ASection 234BSection 234CSection 270A

accordance with law. Needless to say that the assessee be given an opportunity of being heard. It is ordered accordingly. Levy of interest under section 234B and 234C & Initiation of penalty proceedings under section 270A of the Act 22. The grounds raised by these assessees on the issue of levy ... interest under section 234B and 234C & initiation of penalty proceedings are consequential/premature and hence they do not warrants separate adjudication. 23. In ITA.No.4565/Mum/2023 a ground is raised with regard to refund determined to be payable to the assessee. In this regard we issue direction to the AO accordingly

Ishares Dege Msci Em Minimum Volatility Ucits, Mumbai vs. Deputy Commissioner of Income Tax (International of Income Tax (Int Tax)-2(2)(2), Mumbai

In the result, the appeals of the assessees in ITA

ITA 4562/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 May 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

For Respondent: Shri Anil Sant, Sr. DR
Section 143(3)Section 234ASection 234BSection 234CSection 270A

accordance with law. Needless to say that the assessee be given an opportunity of being heard. It is ordered accordingly. Levy of interest under section 234B and 234C & Initiation of penalty proceedings under section 270A of the Act 22. The grounds raised by these assessees on the issue of levy ... interest under section 234B and 234C & initiation of penalty proceedings are consequential/premature and hence they do not warrants separate adjudication. 23. In ITA.No.4565/Mum/2023 a ground is raised with regard to refund determined to be payable to the assessee. In this regard we issue direction to the AO accordingly

Clsa India P. Ltd, Mumbai vs. Asst CIT Ltu, Mumbai

In the result, the appeal filed by the assessee is partly allowed

ITA 6232/MUM/2014[2005-06]Status: DisposedITAT Mumbai22 May 2024AY 2005-06

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Clsa India Pvt. Ltd. Asst. Cit Ltu 29Th Floor, Centre 1 World Trade Formerly Known As Clsa India Ltd. Vs. 8/F Dalamal House, Nariman Point, Centre, Cuff Parade, Mumbai Mumbai-400 021 Pan/Gir No. Aaacc 2262 K (Assessee) : (Respondent) : Shri Mukesh Bhutani, Assessee By Ms. Karishma Phatarpekar, Shri Paras Savla : Shri Akhtar H. Ansari, Sr. Ar & Respondent By Shri A. K. Ambastha, Sr. Ar Date Of Hearing : 23.02.2024 Date Of Pronouncement : 22.05.2024

Section 250Section 92CSection 92C(3)

disregarding the fact that the appropriated taxes, were actually deducted at source on such payments under section 195 of the Act. Levy of interest under section 234B and 234D of the Act 28. On the facts and circumstances of the case and in law, the learned AO / CIT (A) erred ... levying interest under sections 234B and 234D of the Act of Rs.2,29,19,337 and Rs.14,65,607 respectively. 3. The assessee has also raised the following additional ground : Additional Ground: 29. On the facts and circumstances of the case and in law, the learned Assessing Officer be directed

Ctr Manufacturing Industries Private Limited, Pune vs. The Deputy Commissioner of Income Tax, Circle 1(1), Pune

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 347/PUN/2024[2016-17]Status: DisposedITAT Pune21 May 2024AY 2016-17

Bench: Shri R.K. Panda & Ms. Astha Chandra

For Appellant: Shri Rajendra AgiwalFor Respondent: Shri Ramnath P. Murkunde
Section 10(34)Section 115JSection 143(1)Section 143(2)Section 14ASection 156Section 234BSection 250Section 271(1)(C)Section 271(1)(c)

claimed under section 115JAA of the Act in the return of Income, while computing demand under section 156 of the Act; Levy of interest under section 234B of the Act 10. erred in levying interest of Rs.55,90,631.00 as interest under section 234B of the Act; Initiation of penalty

Jane Street Asia Capital Ltd, Mumbai vs. The Assistant Commissioner of Income Tax Int Tax Circle 3(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3329/MUM/2023[2020-21]Status: DisposedITAT Mumbai17 May 2024AY 2020-21

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

For Appellant: Shri Dhanesh Bafna a/w HardikFor Respondent: Shri Anil Sant, Sr. DR
Section 111ASection 115ASection 143(2)Section 143(3)Section 144C(13)Section 153Section 234BSection 270ASection 70(2)

consequence of the misstatement by the Ld. AO in Ground 5 above, the Ld. AO erred in levying interest under section 234B of the Act amounting to INR 1,66,33,63,320/-. 8. On the facts and in the circumstances of the case

Little Fairy Limited, Nicosia vs. ACIT Circle International Taxation 2(1)(1), New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 1513/DEL/2022[2017-18]Status: DisposedITAT Delhi17 May 2024AY 2017-18

Bench: Shri Saktijit Dey & Shri M. Balaganeshlittle Fairy Ltd, Vs. Acit, Office 601, 6Th Floor, Circle- Anastasio Building, 15, International Tax- Dimitriou Karatasou, 2(2)(1), Strovolos 2024, Nicosia, New Delhi Foreign Cyprus (Appellant) (Respondent) Pan:Aaccl1478L Assessee By : Shri J. Srivastav, Adv Shri Karav Malhotra, Adv Revenue By: Shri Manish Kumar Davas, Sr. Dr Date Of Hearing 08/03/2024 Date Of Pronouncement 15/05/2024

For Appellant: Shri J. Srivastav, AdvFor Respondent: Shri Manish Kumar Davas, Sr. DR
Section 144C(3)Section 234BSection 282

facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in upholding the levy of interest under section 234B of the Act while passing the impugned appellate order. 5. That on the facts and in the circumstances of the case

Dy. Commissioner of Income Tax Circle-1(1), Pune vs. Enterprisedb Software India Private Limited, Pune

ITA 989/PUN/2023[2017-18]Status: DisposedITAT Pune16 May 2024AY 2017-18

Bench: Hon’Ble Shri G. D. Padmahshali & Hon’Ble Shri Vinay Bhamoreआयकर अपील सं. / Ita No. 989/Pun/2023 & Co No. 008/Pun/2024 निर्धारण वर्ा / Assessment Year : 2017-18 Dy. Commissioner Of Income Tax, Central Circle-1(1), Pune . . . . . . . अपीलार्थी / Appellant

For Appellant: Mr Rajendra Agiwal [‘Ld. AR’]For Respondent: Ms Sonal Sonkavde [‘Ld. DR’]
Section 1Section 143(2)Section 143(3)Section 195Section 195(1)Section 246A(1)Section 250Section 253(2)Section 40

Grounds 10. The learned CIT(A) erred in not adjudicating on the ground raised by the Respondent with respect to the levying of interest under section 234B of the Act on the demand raised by the learned DCIT. 11. The learned CIT(A) erred in not adjudicating on the ground

Aila Infrastructure Private Limited, Maharashtra vs. Income Tax Officer, Mumbai

In the result, the appeal of the assessee is allowed

ITA 371/MUM/2024[2013-2014]Status: DisposedITAT Mumbai16 May 2024AY 2013-2014

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalm/S. Aila Infrastructure Pvt. Ltd., 8F/95, Sonawala Building, Sleater Road, Tardeo, Mumbai - 400 007. Pan: Aakca 5414B ...... Appellant Vs. Ito Ward 12(1)-1, Room No. 226/262, 2Nd Floor, Aayakar Bhawan, M.K. Road, Mumbai – 400 020. ..... Respondent

For Appellant: Shri M.M. Golwala & Ms. Aruna Aiyar, Ld. ARFor Respondent: Shri Manoj Kumar Sinha, Ld.DR
Section 14Section 143(3)Section 234ASection 234BSection 250Section 69Section 69B

levying interest under section 234A amounting to Rs. 312,653/-. 9) The Assessing Officer / Commissioner of Income Tax (Appeals) erred in levying interest under section 234B amounting to Rs. 10, 23,228/-. The Appellant craves leave to add to, amend, alter, modify or withdraw any or all the Grounds

Manas Das, Bengaluru vs. Income Tax Officer, Ward-5(3)(4), Bengaluru

In the result, the appeal filed by the assessee also stands allowed for statistical purposes

ITA 287/BANG/2024[2017-18]Status: DisposedITAT Bangalore15 May 2024AY 2017-18

Bench: Smt Beena Pillai & Shri Waseem Ahmedassessment Year : 2017-18 Shri Manas Das, S/O. Bireswar Das, # 1, Rahat Residency, The Income Tax Rahat Bagh, Officer, Nagavarapalya, Ward – 5(3)(4), C V Raman Nagar, Bengaluru. Vs. Bengaluru – 560 093. Pan: Acbpd4044N Appellant Respondent

For Appellant: Shri Sharath Rao, CA
Section 143(3)Section 192Section 234BSection 234CSection 270ASection 6Section 90

credit for tax paid in US has been claimed as a refund at the stage of tax return filing by the appellant. 2. Interest under section 234B and section 234C of the Act On the facts and in the circumstances of the case. the learned AO has erred in levying

Nitin Nagarji Mehta, Mumbai vs. Income Tax Officer, Ward 25(3)(5) Mumbai, Mumbai

In the result, all the three appeals of the assessee are dismissed

ITA 4821/MUM/2023[2017-18]Status: DisposedITAT Mumbai14 May 2024AY 2017-18

Bench: Shri Om Prakash Kant & Shri Raj Kumar Chauhan

For Appellant: ----- None -----For Respondent: Shri Sunil Shinde, Sr. A.R
Section 144Section 147Section 68

359/Mum/2023 AYs 2012-13, 14-15 & 17-18 4 Nitin Nagarji Mehta v. ITO 5. The Appellant denies any liability to pay interest under section 234B and 234C of the Act. Hence, the same are not leviable. 6. The Appellant craves leave to add, alter, amend, rescind or withdraw

Nitin Nagarji Mehta, Mumbai vs. Asst. Commissioner of Income Tax, Circle 32(2), Mumbai

In the result, all the three appeals of the assessee are dismissed

ITA 4820/MUM/2023[2014-15]Status: DisposedITAT Mumbai14 May 2024AY 2014-15

Bench: Shri Om Prakash Kant & Shri Raj Kumar Chauhan

For Appellant: ----- None -----For Respondent: Shri Sunil Shinde, Sr. A.R
Section 144Section 147Section 68

359/Mum/2023 AYs 2012-13, 14-15 & 17-18 4 Nitin Nagarji Mehta v. ITO 5. The Appellant denies any liability to pay interest under section 234B and 234C of the Act. Hence, the same are not leviable. 6. The Appellant craves leave to add, alter, amend, rescind or withdraw

Nitin Nagarji Mehta, Mumbai vs. Income Tax Officer, Ward 25(3)(5), Mumbai

In the result, all the three appeals of the assessee are dismissed

ITA 4819/MUM/2023[2012-13]Status: DisposedITAT Mumbai14 May 2024AY 2012-13

Bench: Shri Om Prakash Kant & Shri Raj Kumar Chauhan

For Appellant: ----- None -----For Respondent: Shri Sunil Shinde, Sr. A.R
Section 144Section 147Section 68

359/Mum/2023 AYs 2012-13, 14-15 & 17-18 4 Nitin Nagarji Mehta v. ITO 5. The Appellant denies any liability to pay interest under section 234B and 234C of the Act. Hence, the same are not leviable. 6. The Appellant craves leave to add, alter, amend, rescind or withdraw

Tech Mahindra Buisness Services Ltd, Mumbai vs. Asst CIT Cir 13(3)(2), Mumbai

In the result, appeal of the Revenue is dismissed

ITA 521/MUM/2015[2010-11]Status: DisposedITAT Mumbai14 May 2024AY 2010-11

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

Section 143(3)Section 144C(13)Section 92C

ground No. 12 of appeal is dismissed as such. 20. In ground No. 13 & 14 of appeal, the assessee has assailed charging of interest under section 234B & 234C of the Act. Charging of interest under aforesaid sections is mandatory and consequential, hence, ground No. 13 & 14 are devoid

DCIT 13(3)(2), Mumbai vs. Tech Mahindra Business Services Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1126/MUM/2015[2010-11]Status: DisposedITAT Mumbai14 May 2024AY 2010-11

Bench: Shri Vikas Awasthy & Shri Amarjit Singh

Section 143(3)Section 144C(13)Section 92C

ground No. 12 of appeal is dismissed as such. 20. In ground No. 13 & 14 of appeal, the assessee has assailed charging of interest under section 234B & 234C of the Act. Charging of interest under aforesaid sections is mandatory and consequential, hence, ground No. 13 & 14 are devoid

Sondekoppa Sundarswamy Naganand, Bangalore vs. Assistant Commissioner of Income Tax, Circle-2(2)(1), Bangalore

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 607/BANG/2024[2017-18]Status: DisposedITAT Bangalore13 May 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year: 2017-18

For Appellant: Shri Padam Chand Khincha, A.RFor Respondent: Shri V. Parithivel, D.R

textual portion of the order U/s.143(3). 9. The CIT (Appeals) ought to have noted that there would not be any liability of interest under section 234B and 234C when the entire tax liability was duly discharged through TDS and advance tax. 10. CIT (Appeals) be directed to consider

Marsh India Insurance Brokers Private Limited, Mumbai vs. Addl/Jt/Dy/Asstt/CIT/ITO/NFAC, Delhi

In the result, both the appeal

ITA 642/MUM/2022[2017-18]Status: DisposedITAT Mumbai13 May 2024AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2016-17 & Assessment Year: 2017-18 Marsh India Insurance Brokers Additional/Joint/Deputy/Assistant Private Limited, Commissioner Of Income 1201-02, Tower, One India Vs. Tax/Income-Tax Officer, National Bulls Centre, Jupiter Mills E-Assessment Centre, Delhi. Compound, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013. Pan No. Aadcm 4220 G Appellant Respondent Assessee By : Mr. Madhur Agrawal Revenue By : Mr. Manoj Kumar, Cit-Dr

For Appellant: Mr. Madhur AgrawalFor Respondent: Mr. Manoj Kumar, CIT-DR
Section 234ASection 234B

income within the due date. the Appellant had filed its return of income within the due date. Ground No. 4: Levying consequential interest under section 234B Ground No. 4: Levying consequential interest under section 234B Ground No. 4: Levying consequential interest under section 234B of the Act amounting