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2012 (7) TMI 402 - AT - Income TaxInterest u/s 234B & 234C - failure to pay advance tax - assessee contended liability for advance tax did not exist at time of filing original return and due to retrospective amendment in the section 115JB by inserting (i) of Explanation 1 of subsection (2) of section 115JB w.e.f. 1.4.2001, the company became liable to pay tax under the provisions of section 115JB - Held that:- Assessee became liable to pay the tax as per the provisions of section 115JB only on the retrospective amendment w.e.f. 1.4.2001. Hence in view of decision in case of Emami Limited (2011 (6) TMI 163 (HC)), assessee could not be held as defaulter in payment of advance tax and it would be nevertheless asked to pay interest in terms of Section 234B and Section 234C for default in making payment of tax in advance which was physically impossible - Decided in favor of assessee.
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