Hi All,
An Assesse has a Capital Gain of Rs. 30 Lakhs from Sale of shares in March. Due to which his advance tax liability is booted with interest which is quiet high under Section 234B&C.
In general assesse had no intention to dispose the share and did not pay any advance tax on the same, but the whooping increase in the marked tempted him to do so.
Now because of this one transaction -` Interest and Penaly under advance tax is quiet high.
If anybody can suggest is there any provision of Law to deal with this transaction to minimize advance tax,
CAclubindia
