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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

Brillpharma Pvt. Ltd., Mumbai vs. ACIT, CPC, Bangalore

In the result, appeal by the assessee is allowed for statistical purpose

ITA 414/MUM/2022[2019-20]Status: DisposedITAT Mumbai25 May 2022AY 2019-20

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Ms. Ruchi TamhankarFor Respondent: Shri B.K. Bagchi, Sr. A.R
Section 143(1)Section 143(1)(a)Section 2(24)Section 250Section 36(1)(va)Section 44A

raised in assessee’s appeal is allowed for statistical purpose. 13. As regards ground no.3, Assessing Officer is directed to compute the interest under section 234B and 234C of the Act, in accordance with law. Accordingly, ground no.3 raised in assessee’s appeal is allowed for statistical purpose

Gmr Highways Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle- 3(1)(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 495/BANG/2020[2016-17]Status: DisposedITAT Bangalore25 May 2022AY 2016-17

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Gmr Highways Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle 3(1)(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1643/BANG/2019[2015-16]Status: DisposedITAT Bangalore25 May 2022AY 2015-16

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Assistant Commissioner of Income Tax, Central Circle-2(2), Bengaluru vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1744/BANG/2017[2013-14]Status: DisposedITAT Bangalore25 May 2022AY 2013-14

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Assistant Commissioner of Income Tax, Central Circle-2(2), Bangalore vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1743/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 May 2022AY 2012-13

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Assistant Commissioner of Income Tax, Central Circle-2(2), Bengaluru vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1742/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 May 2022AY 2011-12

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Assistant Commissioner of Income Tax Central Circle-2(2), Bangalore vs. M/S Gmr Infrastructure Ltd, Bangalore

In the result, Ground no. 1 raised for A

ITA 1741/BANG/2017[2010-11]Status: DisposedITAT Bangalore25 May 2022AY 2010-11

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1705/BANG/2017[2010-11]Status: DisposedITAT Bangalore25 May 2022AY 2010-11

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1622/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 May 2022AY 2011-12

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1600/BANG/2017[2013-14]Status: DisposedITAT Bangalore25 May 2022AY 2013-14

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Gmr Infrastructure Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1599/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 May 2022AY 2012-13

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

Amortization of Upfront Fees 5 and legal Fees paid as revenue 2010-11 9 expenditure 2010-11 5 4 6 Interest under section 234B 2011-12 5 4 3. It is submitted that the above issues that are common are on identical facts for A.Ys ... assessee’s group concern case (supra) observed as under: “22. Last ground argued by the ld. DR is with respect to levy of interest under Section 234B of the Act. We found the learned CIT (Appeals) has considered amendment and also dealt at page 36 & 37 paras

Dow Chemicals International Pvt Ltd. As Successor of Rohm and Haas (India) Pvt Ltd, Mumbai vs. ITO 14 (1)(3), Mumbai

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

ITA 7936/MUM/2019[2015-16]Status: DisposedITAT Mumbai19 May 2022AY 2015-16

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2015-16 Dow Chemical International Private Income Tax Officer-14(1)(3), Limited As Successor Of Rohm & Hass Room No. 458, 4Th Floor, (India) Private Limited, Vs. Aayakar Bhavan, M.K. Road, Godrej It Park-P2, 1St Floor Block B, 02, Mumbai-400020. Lbs Road, Godrej Business District, Pirojshanagar, Vikhroli (West), Mumbai-400079. Pan No. Aaacr 2855 F Appellant Respondent

For Appellant: Mr. Rajan R. Vora/For Respondent: Dr. Yogesh Kamat, CIT-DR
Section 92C

section 234A of the Act 20. erred in charging interest of Rs 7,94,439 under section 234A of the Act. Charge of interest under section 234B of the Act 21. erred in charging under section 234B of the Act amounting to Rs.51,88,911. Penalty proceedings under section

M/S. Ocwen Financial Solutions Private Limited, Bengaluru vs. Joint Commissioner of Income Tax, Special Range - 5, Bangalore

In the result appeal filed by the assessee stands partly allowed

ITA 2411/BANG/2019[2015-16]Status: DisposedITAT Bangalore13 May 2022AY 2015-16

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 2411/Bang/2019 Assessment Year : 2015-16 M/S. Ocwen Financial Solutions Pvt. Ltd., Pritech Park, Block 12, The Joint Commissioner Unit 2, 5B & 6A Floors, Of Income-Tax, Bellandur Village, Special Range-5, Sarjapur Marathahalli Bangalore. Ring Road, Vs. Bangalore – 560 103. Pan: Aaaco3764E Appellant Respondent : Shri K.R. Vasudevan & Assessee By Ms. Rashmi, Advocates : Dr. Manjunath Karkihalli, Revenue By Cit-Dr Date Of Hearing : 02-03-2022 Date Of Pronouncement : 13-05-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Final Assessment Order Dated 24/09/2019 Passed By The Ld.Jcit, Special Range-5, Bangalore Under Section 143 (3) R.W.S 144C (13) Of The Act, For Assessment Year 2015-16 On Following Grounds Of Appeal: “I. Transfer Pricing The Grounds Mentioned Hereinafter Are Without Prejudice To One Another.

For Respondent: Shri K.R. Vasudevan &
Section 133(6)Section 143Section 92C

allowing appropriate adjustment towards the risk difference between the Appellant vis-à-vis the comparable companies. II. Corporate Tax 18. Levy of interest under section 234B of the Act a. The Learned AO has erred in levying interest under section 234B of the Act which is consequential to the addition ... assessment order. Page 4 of 24 IT(TP)A No. 2411/Bang/2019 b. The Learned AO has also erred in computation of such interest under section 234B of the Act The appellant craves leave to add, alter, rescind and modify the grounds herein above or produce further documents, facts and evidence

M/S. Shell Information Technology International B.V., Mumbai vs. Dy CIT (International Taxation)-4(2)(1), Mumbai

In the result, appeal by the assessee is allowed for statistical purpose

ITA 1245/MUM/2021[2017-18]Status: DisposedITAT Mumbai11 May 2022AY 2017-18

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur AgarwalFor Respondent: Ms. Surabhi Sharma, CIT–DR
Section 143(3)Section 144C(13)Section 2(24)Section 234B

Short granting of credit for Tax Deducted at source (TDS) 8. Erred in not granting the TDS credit of Rs. 6,50,837. Interest under section 234B of the Act 9. Erred in levying interest under section 234B of the Act without appreciating the facts and circumstances of the case

M/S. Iqvia Ag (Previously Known As 'Ims Ag', Mumbai vs. Dy CIT (International Taxation)-2(2)(2), Mumbai

In the result, appeal by the assessee is allowed for statistical purpose

ITA 1203/MUM/2021[2016-17]Status: DisposedITAT Mumbai11 May 2022AY 2016-17

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur AgarwalFor Respondent: Shri Milind Chavan, Sr. DR
Section 143(3)Section 144C(13)Section 234BSection 9Section 9(1)Section 9(1)(vi)

Royalty under the Act as well as Article 12(3) of the Tax Treaty, be deleted. Ground No. 2 - Levy of Interest under Section 234B of the Act of Rs. 1,77,90,467 1. On the facts and circumstances of the case and in law, the levy of interest

Wills Towers Watson India P.Ltd, Mumbai vs. Asst CIT Cir 11(3)(1), Mumbai

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

ITA 1140/MUM/2015[2010-11]Status: DisposedITAT Mumbai10 May 2022AY 2010-11

Bench: Shri Sanjay Garg () & Shri Om Prakash Kant () Assessment Year: 2010-11 Towers Watson India Private Limited, The Assistant Commissioner Of 511/512, Solitaire Corporate Park, Income Tax, Circle-11(3)-1, 151, Andheri Kurla Road, Vs. Room No. 427, 4Th Floor Aayakar Andheri (East) , Bhavan, M.K. Road, Mumbai-400093. Mumbai-400020. Pan No. Aaacg 2955 K Appellant Respondent

For Appellant: Mr. Nikhil Tiwari, ARFor Respondent: Mr. Ajay Kumar Sharma, CIT-DR
Section 92CSection 92C(4)

actual amount of Rs 39,26,781 refunded to it for the year under consideration, while computing the demand payable; Levying interest under Section 234B of the Act 16. The Learned AO has erred in levying interest under Section 234B of the Act; Levying interest under Section 234D

DCIT 6(2)(1), Mumbai vs. M/S Charak Pharma P. Ltd, Mumbai

In the result, findings of the Ld

ITA 3602/MUM/2019[2014-15]Status: DisposedITAT Mumbai29 Apr 2022AY 2014-15

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Manish ShahFor Respondent: Shri R.A. Dhyani
Section 80Section 80I

adding the disallowance u/s 14A or Rs. 40.993/- to the book profit computed u/s 115 JB of the Act. Ground No.8 Levy of interest under section 234B and 234C of the Act The AO erred in levying excess interest under section 234B and 234C of the Act. The appellant prays

M/S.Balaji Bullion & Commodities (India) Private Limited, Mumbai vs. DCIT Central Circle-40, Mumbai

In the result, both the appeals are allowed

ITA 1291/MUM/2018[2009-10]Status: DisposedITAT Mumbai29 Apr 2022AY 2009-10

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm Balaji Bullion & Commodities The Dy. Commissioner Of (India) Private Limited Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002 (Appellant) (Respondent) Pan No. Aadcbo236F Balaji Universal Tradelinks P. The Dy. Commissioner Of Ltd. Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002

For Appellant: Shri N.M. Porwal, AdvFor Respondent: Shri Dr. Mahesh Akhade, CIT DR
Section 10ASection 153ASection 153BSection 37Section 68

Balaji Universal Tradelinks P. Ltd. & Balaji Bullion & commodities (I) P. Ltd.; A.Y. 09–10 15. The learned A. O. erred in imposing Interest under section 234B and 234C of the IT Act, 1961. 16. The learned A. O. erred in initiating penalty proceedings u/s. 271(1)(c) of Income ... gross violation of principles of natural justice and hence bad in law and void. 21. The learned A. O. erred in imposing Interest under section 234B and 234C of the IT Act, 1961. 22. The learned A. O. erred in initiating penalty proceedings u/s. 271 (1) (c) of the Income

ACIT 6(2)(1), Mumbai vs. Charak Pharma P.Ltd, Mumbai

In the result, findings of the Ld

ITA 5545/MUM/2017[2013-14]Status: DisposedITAT Mumbai29 Apr 2022AY 2013-14

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Manish ShahFor Respondent: Shri R.A. Dhyani
Section 80Section 80I

adding the disallowance u/s 14A or Rs. 40.993/- to the book profit computed u/s 115 JB of the Act. Ground No.8 Levy of interest under section 234B and 234C of the Act The AO erred in levying excess interest under section 234B and 234C of the Act. The appellant prays

DCIT 6(2)(1), Mumbai vs. Charak Pharma P.Ltd, Mumbai

In the result, findings of the Ld

ITA 6365/MUM/2016[2012-13]Status: DisposedITAT Mumbai29 Apr 2022AY 2012-13

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Manish ShahFor Respondent: Shri R.A. Dhyani
Section 80Section 80I

adding the disallowance u/s 14A or Rs. 40.993/- to the book profit computed u/s 115 JB of the Act. Ground No.8 Levy of interest under section 234B and 234C of the Act The AO erred in levying excess interest under section 234B and 234C of the Act. The appellant prays