Interest u/s 234C to be calculated on Returned Income: ITAT in Goldman Sachs case [

The ITAT ruled that interest under Section 234C should be calculated based on the returned income, not the assessed income, as per Goldman Sachs' case. The case involved the calculation of interest for shortfall in advance tax payments, and the tax authorities had based the calculation on the assessed income rather than the income reported in the return. The ITAT directed that the interest under Section 234C be calculated based on the income declared in the return, which is a fairer approach, as taxpayers should not be penalized for differences in assessment that arise after filing their returns.