Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1623 - AT - Income TaxLevy of interest u/s 234B and 234C - minimum alternate tax under section 115JB - Held that:- No fault can be found with the assessee in not depositing the advance tax of minimum alternate tax in view of the decision of the hon'ble Supreme Court as well as various decisions of the hon'ble High Court. The assessee had the bona fide reason to believe that advance tax was not payable in respect of minimum alternate tax under section 115JB as it was a settled law laid down by the hon'ble Supreme Court and the hon'ble High Court which hold good till the subsequent decision of the hon'ble Supreme Court in the case of Joint CIT v. Rolta India Ltd. [2011 (1) TMI 5 - SUPREME COURT OF INDIA]. Therefore, prior to the decision of the hon'ble Supreme Court in the case of Joint CIT v. Rolta India Ltd. [2011 (1) TMI 5 - SUPREME COURT OF INDIA] settled proposition of the law on the point was that no advance tax was payable on minimum alternate tax computed under section 115JB and accordingly, the interest under sections 234B and 234C cannot be levied for non-deposit of advance tax on minimum alternate tax for the year under consideration. Hence, we delete the levy of interest under sections 234B and 234C in this case. - Decided in favour of assessee.
|