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2021 (3) TMI 471 - AT - Income TaxInterest charged u/s.234B and 234C - Book profit u/s 115JB - HELD THAT:- Interest u/s.234B and 234C of the Act, cannot be levied on the tax payable on the additional book profit. Hence, the Assessing Office is directed to compute interest under Section 234B & 234C by excluding the said additional income brought to tax based on the amended provision which came into Statute subsequently. Thus, the Ground No.2 raised by the appellant is hereby allowed. Levy of interest u/s 234B and C on retrospective amendment under section 115 JB - Admittedly, additional income under section 115 JB of the Act came to be computed on account of retrospective amendment made to section 115 JB by Finance Act (No. 2), 2009, with retrospective effect from 01/04/2001, wherein clause (i) was introduced to provide for increase in book profit by the amount set aside for provision in diminution in the value of asset. Since the clause (i) was not on statute book during the relevant assessment year, the assessee did not increase the book profits while estimating the payment of advance tax. Thus no interest shall be chargeable under section 234B and C of the Act on tax liability arising on assessee by virtue of retrospective amendment under section 115 JB. See M/S. NHPC LTD.[2016 (2) TMI 676 - ITAT DELHI]
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