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2016 (3) TMI 907 - ITAT MUMBAI

2016 (3) TMI 907 - ITAT MUMBAI - TMI - Levy of interest u/s. 234B and 234C - MAT - Advance payment of Tax - Held that:- We find that the levy of interest u/s. 234B and 234C in case of companies governed by MAT provisions was finally settled by the Hon'ble Apex Court in M/s Rolta India Ltd. case [2011 (1) TMI 5 - SUPREME COURT OF INDIA], that before that the assessees were under bona - fide belief that they had not to pay advance tax as per the provisions of sec. 207/208 of the Act, that after 07 .....

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Appellant : Shri Vimal Punmiya For the Respondent : Ms Amrita Ranjan ORDER Per Rajendra, AM Challenging the order dt. 2. 9. 14 of CIT(A)-20, Mumbai, the Assessee has filed the present appeal. During the course of hearing before us, the Authorised Representative(AR)stated that ground A was academic in nature. Hence, same is not being adjudicated. 2. Assessee-company, engaged in the business of builders and developers, filed its return of income on 28. 09. 2011 declaring income at Rs. Nil after c .....

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pectively. Before him, it was argued that upto 20011-12 there was no requirement for making advance tax payment as per the provisions of 115JB. The assessee relied upon the cases of Kwality Biscuits (284 ITR 434) Snowchem (313 ITR 117) and Rolta India (330 ITR 470). It also referred to the case of Charbhuja Industries Ltd. (ITA 6901/M/12 dt. 24. 1. 14. ) It was further argued that during the year under appeal the judgment of SC delivered in the case of Kwality Biscuits (supra), would prevail. Af .....

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Kwality Biscuits (supra), that in the case of Charbhuja Industries Ltd. (supra) the AY. involved was 2008-09, that in that matter the assessee was under bona fide belief that advance tax not payable in respect of MAT u/s. 115JB, that decision in the case of Rolta, (supra) was pronounced on 07. 01. 11 and same was relevant for the year under consideration, that the decision was rendered much before final due date of advance tax i. e. 15. 03. 2011, that the assessee was under legal obligation to d .....

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