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2015 (1) TMI 200 - GUJARAT HIGH COURTLevy of interest u/s 234B and 234C – Computation of income u/s 115JA – Held that:- Relying upon the decision in Joint Commissioner of Income Tax V. Rolta India Ltd. [2011 (1) TMI 5 - SUPREME COURT OF INDIA] in Commissioner of Income Tax - III Versus The Riddhi Siddhi Gluco Boils Limited [2014 (4) TMI 558 - GUJARAT HIGH COURT] it has been held that it is clear from reading Sections 115JA and 115JB that the question whether a company which is liable to pay tax under either provision does not assume importance because specific provision(s) is made in the section saying that all other provisions of the Act shall apply to the MAT Company (Section 115JA(4) and Section 115JB(5)) - Similarly, amendments have been made in the relevant Finance Acts providing for payment of advance tax under Sections 115JA and 115JB - so far as interest leviable u/s 234B is concerned, the section is clear that it applies to all companies - the prerequisite condition for applicability of Section 234B is that assessee is liable to pay tax u/s 208 and the expression “assessed tax” is defined to mean the tax on the total income determined u/s 143(1) or u/s 143(3) as reduced by the amount of tax deducted or collected at source - there is no exclusion of Section 115J/115JA in the levy of interest u/s 234B - the expression “assessed tax” is defined to mean the tax assessed on regular assessment which means the tax determined on the application of Section 115J/115JA in the regular assessment - the assessee was liable to pay interest u/s 234B and 234C of the Act in respect of tax determined on the basis of Section 115JA – Decided in favour of revenue.
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