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REGARDING AMOUNT OF DISPUTED DEMAND

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(Querist)
09 December 2024 IN FORM 35, AMOUNT OF GROSS TAX LIABILITY TAKEN INTO ACCOUNT OR WITH NET TAX LIABILITY AMOUNT (WITH INTERST UNDER SECTION 234) NEED TO TAKEN INTO ACCOUNT?

IF WE TAKE INTO CONSIDERATION, THE AMOUNT OF NET TAX LIABILITY (WITH INTEREST) THEN 20% IS PAYABLE ON TAX AMOUNT OR (TAX + INTEREST) AMOUNT.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 December 2024 When completing Form 35, include your net tax liability amount, i.e. the disputed tax liability.
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Suresh S. Tejwani

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Suresh S. Tejwani (Querist)
09 December 2024 IF WE ONLY TAKE GROSS TAX LIABILITY, CAN LAW DEEMED THAT INTEREST AMOUNT ACCEPT BY ASSESSEE? AND OFFICER CAN UTILISE POWER GIVEN TO THEM UNDER SECTION 226(3) TO RECOVER INTEREST AMOUNT?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 December 2024 No, the interest liability would be recalculated as per the tax liability assessed as per the appellate order.
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