Portfolio Management Company cannot determine Performance Fee on Estimate Basis to pay Advance Tax: ITAT deletes Excess Interest u/s 234C [Read Order]

By Fathima Karama A.M - On January 21, 2023 12:00 pm - 2 mins read
Portfolio Management Company - Portfolio Management - Performance Fee - Advance Tax - Tax - ITAT - Interest - Income Tax - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) in a recent ruling deleted the excess interest under Section 234C of the Income Tax Act 1961 observing that the Portfolio Management Company could not be able to determine the performance fee on an estimated basis to pay the Advance Tax.  Assessee -ASK Investment…

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