Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (6) TMI 163 - HC - Income TaxAdvance tax - Assessee in default - Interest u/s 234B and 234C - Book profit is deemed to be the total income under Section 115JB - Held that:- the amended provision of Section 115JB having come into force with effect from April 1, 2001, the appellant cannot be held defaulter of payment of advance tax - As pointed out earlier, on the last date of the Financial Year preceding the relevant Assessment Year, as the book profit of the appellant in accordance with the then provision of law was nil, we cannot conceive of any “advance tax” which in essence is payable within the last day of the financial year preceding the relevant Assessment Year as provided in Sections 207 and 208 or within the dates indicated in Section 211 of the Act which inevitably falls within the last date of Financial Year preceding the relevant Assessment Year - Consequently, the assessee cannot be branded as a defaulter in payment of advance tax and it would be nevertheless asked to pay interest in terms of Section 234B and Section 234C of the Act for default in making payment of tax in advance which was physically impossible - Decided in favour of assessee.
|