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2013 (10) TMI 937 - ALLAHABAD HIGH COURTInterest u/s 234-B and 234-C of the Income Tax Act, when the income was assessed u/s 115 JB of the Act as the advance tax is not paid – Held that:- Relying upon the judgment of Joint Commissioner of Income-tax vs. Rolta India Ltd [2011 (1) TMI 5 - SUPREME COURT OF INDIA], it was held that Section 115JB, is a self-contained code pertaining to MAT, which imposed liability for payment of advance tax on MAT companies and, therefore, where such companies defaulted in payment of advance tax in respect of tax payable under Section 115JB, it was liable to pay interest under Sections 234B and 234C of the Act. Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB. For the aforestated reasons, Circular No. 13/2001 dated 9.11.2001 issued by CBDT has no application. Moreover, in any event, para 2 of that Circular itself indicates that a large number of companies liable to be taxed under MAT provisions of Section 115JB were not making advance tax payments. In the said circular, it has been clarified that Section 115JB is a self-contained code and thus, all companies were liable for payment of advance tax under Section 115JB and consequently provisions of Sections 234B and 234C imposing interest on default in payment of advance tax were also applicable – Decided against the Assessee.
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