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2018 (6) TMI 701 - CALCUTTA HIGH COURTDemand of interest u/s 234B, 234C - Tax payable u/s 115JB (MAT) - Liability of pay advance tax - Whether the assessee was liable to pay advance tax - Revenue’s case is that in view of the subsequent amendment to Section 115JB the deficit on the part of the assessee on account of deferred tax liability should have been taken into account as a shortfall and consequential interest payable thereon should have been determined. Held that:- Commissioner was required to assess whether there was any shortfall in the payment of advance tax - Commissioner undertook the exercise in the appropriate perspective and ascertained whether, at the relevant point of time, there was any shortfall in payment of advance tax by the assessee - the question of interest or penalty would arise if a default is committed by an assessee in depositing the tax - thus Commissioner cannot be questioned since the Commissioner completed the totality of the picture by not only arriving at a finding that there was no default at the relevant point of time when the advance tax was deposited by the assessee but also that even if there was a default upon the retrospective operation of the amendment to Section 115JB, no claim on account of interest could be foisted on the assessee in the circumstances. Thus it does not appear that the Commissioner failed to undertake the exercise as called upon by the relevant order of March 26, 2012 as passed by the Supreme Court or that the Appellate Tribunal erred in failing to appreciate that the Commissioner had fallen into error - hence appeal is dismissed.
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