Assessee has returned Rs. 10 crores as income and has not paid any taxes as on date of filing return and no computed thereof. <\/p>\n
AO has made an addition of Rs. 2 crores and determinbed total income at Rs. 12 crores. AO has raised tax demand on entire 10 crores along with additional interest u\/s 234A,B and C.<\/p>\n
As per Section 2(j)(A), disputed tax means the total income tax (incl surcharge and cess) payable had such appeal be decided against the Assessee. <\/p>\n
In the instant case, can the assessee file application under VSVS for payment of entire tax outstanding on Rs. 12 crores and claim full waiver of interest due (including on returned income). Essentially, the assessee is also getting the benefit of waiver of interest on self assessment taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"
Assessee has returned Rs. 10 crores as income and has not paid any taxes as on date of filing return and no computed thereof. AO has made an addition of Rs. 2 crores and determinbed total income at Rs. 12 crores. AO has raised tax demand on entire 10 crores along with additional interest u\/s 234A,B and C. As per Section 2(j)(A), disputed tax means the total income tax (incl surcharge and cess) payable had such appeal be decided against the Assessee. In the instant case, can the assessee file application under VSVS for payment of entire tax outstanding on Rs. 12 crores and claim full waiver of interest due (including on returned income). Essentially, the assessee is also getting the benefit of waiver of interest on self assessment taxes.<\/p>\n