Section 234B Interest Has To Be Charged On The Assessed Income And Not On The Returned Income: Jharkhand High Court
1 year, 2 months ago

Section 234B Interest Has To Be Charged On The Assessed Income And Not On The Returned Income: Jharkhand High Court

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The Jharkhand High Court has held that interest under Section 234B of the Income Tax Act has to be charged on the assessed income and not on the returned income.The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that, as per Section 234B, interest has to be charged on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance. The Jharkhand High Court has held that interest under Section 234B of the Income Tax Act has to be charged on the assessed income and not on the returned income. Therefore, the interest under Section 234B has to be charged on the assessed income and not on the returned income of an assessee. The appeal was allowed and directed the AO to delete the addition and charge the interest under Section 234B on returned income instead of assessed income.

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