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2009 (9) TMI 235 - HC - Income TaxLevy of Interest under section 234B. 234C – Book Profit – The assessee is a company, the assessment year in 1997-98 and the only dispute between the assessee and the revenue is the levy of interest under section 234B and 234C of the Act on the premise that the levy of interest under these two provision was not justified in the case of assessee. In this case Karnataka High Court-held that the matter warrants remand to the assessing authority to compute afresh the total income of the assessee even in terms of the provisions of section 115JA of the Act, if the situation warrants the determination of the taxable income as provided under section 115JA of the Act and the corresponding tax liability of the assessee on the premise that the surplus amount as indicated in the note to the return filed by the assessee in itself constituted capital gain and that capital gain being part of the total income, arrive at, the total income afresh and then compute the tax liability in terms of the provisions of section 115JA of the Act and to decide the cases on such premise. the appeals of the Revenue are allowed, and the orders of the assessing authority levying interest under section 234B of the Act in respect of the delayed remittance of advance tax is restored – Decision in favor of revenue – against the assessee.
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