TMI Blog2016 (8) TMI 767X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he revenue. - Tax Appeal No. 257 of 2007, Tax Appeal No. 195 of 2009 - - - Dated:- 3-8-2016 - KS Jhaveri And G. R. Udhwani, JJ. For the Appellant : MRS MAUNA M BHATT, ADVOCATE For the Opponent : MR. B.S. SOPARKAR, ADVOCATE WITH MRS SWATI SOPARKAR, ADVOCATE JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) By way of these appeals under section 260A of the Income-tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ground that computation of income u/s. 115J was not liable to payment of advance tax? Tax Appeal No. 195 of 2009: Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) and thereby deleting the interest charged under section 234B on the ground that computation of income under section 115J was not liable to payment of advance tax? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reported in (2006) 284 ITR 434 (SC) where the Apex Court has held that where assessee s income was computed by invoking provisions of section 115J, interest under sections 234B and 234C of the Income-tax Act would not be leviable. In that view of the matter, the order of the Tribunal is not required to be disturbed. 5. We have heard learned counsel for the parties. Taking into account the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w of the decision of the Apex Court in the case of Commissioner of Income-tax v. Kwality Biscuits Ltd. (supra) 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. 6. As regards Tax Appeal No. 195 of 2009, the issue w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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