The Tribunal held that the self-assessment tax paid was to be deducted from the tax payable as per the assessment order for the purposes of calculating interest payable 234A. High Court dismissed the appeal of the Revenue on the ground that no substantial question of law. (AY. 1996-97)
CIT v. I.T.C. Ltd. (2015) 64 taxmann.com 486 / (2024) 461 ITR 449 (Cal)(HC) Editorial : CIT v. I.T.C.Ltd (2024) 461 ITR 446 (SC), order of High Court is set aside and remanded for fresh disposal on merits.
S. 234A : Interest-Default in furnishing return of income-Self assessment tax paid was to be deducted from the tax payable as per the assessment order for the purposes of calculating interest payable-No substantial question of law.[S. 140A, 260A]