Penal interest u/s 234
This query is : Resolved
13 June 2011
I want to know where,as a result of any retrospective amendment ,certain receipts which were hitherto treated as exempt,becomes taxable..Is the assessee subject to penal interest u/s 234 for default in payment of such advance tax ?
kindly help me out..
Thanks & Regards
Mitul Sinha
kindly help me out..
Thanks & Regards
Mitul Sinha
14 June 2011
Interest will be levied at assessment level since it is a mandatory provision. However,waiver / reduction of interest can be sought for before the Chief Commissioner of income tax vide CBDT order F.No. 400/129/2002-IT(B) dated 26/6/2006 since the issue is squarely covered in the citation.
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