16 March 2017
An assessee who has filed return for the AY 2013-14 and deposited more than 90% of tax as advance tax and accordingly interest under 234B was not charged at the time of filing of original return . Later on due to search this return is again assessed under section 153A and the original assessed tax is increase in the order under 153A , however the advance tax deposited is still more than 90% of assessed tax under 153A. whether assessee is liable to pay interest under section 234B(3) on the increased amount.
16 March 2017
Please refer text from section 234B(3)”...the amount on which interest was payable in respect of shortfall in payment of advance tax for any financial year under sub-section (1) is increased, the asssessee shall be liable to pay.....”
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