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2018 (10) TMI 1507 - HC - Income TaxMAT - levy of interest u/s 234B and 234C in the computation u/s 115JA - Held that:- The substantial questions of law raised in this appeal are squarely covered by the decision of this Court in the case of M/s.Tamilnadu Magnesite Ltd. V. The Joint Commissioner of Income Tax, Special Range, Salem [2018 (4) TMI 1606 - MADRAS HIGH COURT] wherein held Section 115JB is a self-contained code pertaining to MAT, which imposed liability for payment of advance tax on MAT companies and, therefore, where such companies defaulted in payment of advance tax in respect of tax payable under Section 115JB, it was liable to pay interest under Sections 234B and 234C of the Act. Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB. For the aforestated reasons, Circular No. 13/2001 dated 9.11.2001 issued by CBDT has no application. - Decided against assessee.
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