[aaykarbhavan] Assessee couldn't be expected to foresee retro-amendment to sec. 115JB and pay advance tax, says ITAT

Assessee couldn't be expected to foresee retro-amendment to sec. 115JB and pay advance tax, says ITAT

August 23, 2014[2014] 47 taxmann.com 414 (Chennai - Trib.)

IT : Diminution in value of assets is not an admissible expenditure for computing income of assessee under section 115JB when assets are held as investments

IT : Where it was not possible for assessee to foresee retrospective amendment in Finance Act, 2009 raising tax liability and so it was also not possible then to pay advance tax; liability of interest under sections 234B and 234C was to be deleted

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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