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2016 (8) TMI 767 - HC - Income TaxComputation of book profit u/s. 115J based on separate profit and loss account furnished by the assessee - Interest charged under section 234B - whether computation of income under section 115J was not liable to payment of advance tax? - Held that:- Taking into account the fact that the assessee has claimed depreciation in the profit and loss account on the basis of Income-tax Rules and not as per the Companies Act, the contention raised by the assessee, which has been rightly accepted by the Commissioner of Income-tax (Appeals) and confirmed by the Tribunal, is required to be accepted. However, if it is found that the assessee has claimed depreciation in the profit and loss account under the provisions of the Companies Act, the decision which is sought to be relied on by the revenue will apply. In that view of the matter, in view of the decision of the Apex Court in the case of Malayala Manorama Co. Ltd. v. Commissioner of Income-tax (2008 (4) TMI 20 - SUPREME COURT ), we answer question No. 1 in favour of the assessee and against the revenue. So far as question No. 2 is concerned, in view of the decision of the Apex Court in the case of Commissioner of Income-tax v. Kwality Biscuits Ltd. (2006 (4) TMI 121 - SUPREME Court ) no interest under section 234B and 234C would be leviable when income was computed by invoking provisions of section 115J of the Income-tax Act. We, therefore, answer question No. 2 in favour of the assessee and against the revenue.
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