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2008 (7) TMI 378 - HC - Income TaxCharging of interest u/s 234B and 234C – ITAT directed not to to charge interest under sections 234B and 234D of the Act since the total income was determined under section 115J of the Act – held that - that interest is not leviable under sections 234B and 234C of the Income-tax Act, 1961, in the case of an assessment of a company on the basis of book profits under section 115J, since the entire exercise of computing income under section 115J can only be done at the end of the financial year, and the provisions of sections 207, 208, 209 and 210 cannot be made applicable until and unless the accounts are audited and the balance-sheet prepared – decided in favor of assessee.
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