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2014 (8) TMI 158 - AT - Income TaxNon payment of advance tax on MAT u/s 115JB - Rectification of order u/s 154 – Levy of Interest u/s 234B and 234C – Held that:- For the relevant AY and up till the end of the FY as on 31/03/2007 the assessee was not required to pay advance tax in respect of book profit u/s 115JB as per the decision in Commissioner Of Income-Tax Versus Kwality Biscuits Limited [2006 (4) TMI 121 - SUPREME Court] - no advance tax was payable on minimum alternate tax computed u/s 115JB and accordingly interest u/s. 234B and 234C cannot be levied for non-deposit of advance tax on minimum alternate tax for the yea - the impossibilities cannot be thrust upon the assessee when there was no requirement under the existing law at that point of time for payment of advance tax in respect of minimum alternate tax u/s 115 JB - the levy of interest u/s 234B and 234C in respect of tax liability on book profit u/s 115JB is set aside.
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