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Recovery of tax — Interest for failure to pay tax — Waiver of interest — Effect of 220(2A) — Advance tax paid in time but mistakenly in the name and PAN of minor son — Amount credited to assessee’s account — Assessee co-operating in inquiry relating to assessment and recovery proceedings — Assessee entitled to complete waiver of interest.

By K B Bhujle, Ritu Punjabi
Advocates
Reading Time 3 mins

48. FuaadMusvee vs. Principal CIT

[2023] 455 ITR 243 (Mad.)

A.Ys. 2009-10 and 2011-12

Date of order: 9th February, 2023

Section 220(2A) of ITA 1961

 

Recovery of tax — Interest for failure to pay tax — Waiver of interest — Effect of 220(2A) — Advance tax paid in time but mistakenly in the name and PAN of minor son — Amount credited to assessee’s account — Assessee co-operating in inquiry relating to assessment and recovery proceedings — Assessee entitled to complete waiver of interest.

The assessee, an individual, filed his returns of income for A.Y. 2009-10 declaring a total income of ₹88,37,380 and for A.Y. 2011-12 declaring a total income of ₹87,10,242. In the return of income, the assessee included the income of his minor son as per the provisions of section 64 of the Act. However, out of abundant caution, the assessee also filed the return of his minor son separately. The advance tax on the minor's income was paid under the PAN of the minor son. The assessee, in his return of income, claimed credit of taxes paid of ₹21,27,450 and ₹25,41,037 which included the advance tax paid and tax deducte

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