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2011 (8) TMI 268 - KARNATAKA HIGH COURTInterest on advance tax - Amended provisions of section 115JB - Held that:- The Apex Court in the case of Star India (P.) Ltd. v. CCE (2005 (3) TMI 10 - Supreme Court) explaining the principles underlying the liability to pay interest has held that the liability to pay interest would only arise on default and it is in the nature of a quasi-punishment - Such liability although created retrospectively could not entail punishment by payment of interest with retrospective effect - The assessee is liable to pay advance tax as per the amended provisions of section 115JB for the relevant period -However, he is not liable to pay interest on the amount due as per the amended provision - If he has not paid the advance tax as per the provision existing prior to amendment, he is liable to pay interest on the said amount.
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