TMI Blog2017 (5) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... ONER OF INCOME-TAX [2009 (8) TMI 101 - SUPREME COURT]. Deletion of levy of interest under Sections 234-B and 234-C when assessment is made on basis of book profit under Section 115-J - Held that:- Hon’ble Supreme Court in Kwality Biscuits Limited case(2006 (4) TMI 121 - SUPREME Court) has already taken the view that in absence of specific provision in the Act for payment of advance tax in cases where income is taxed under Section 115-J or 115-JA, the tax payer is not liable to pay any advance tax. - D.B. Income Tax Appeal No. 23 / 2003 - - - Dated:- 2-5-2017 - Govind Mathur And Vinit Kumar Mathur, JJ. For Appellant : Mr. K.K.Bissa For Respondent : Mr. Anjay Kothari JUDGMENT This appeal is before us to adjudicate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... price amounting o ₹ 5.46 lacs? (6) Whether the Tribunal was justified in disallowing adjustment made in the book profit of company by reducing the amount of depreciation made by it amounting to ₹ 1,20,23000/- as beyond the scope of Explanation appended to Section 115J(JA)? (7) Whether the tribunal was justified in sustaining the order of CIT Appeals for deleting the additions made on account of amortization expenses because in earlier some time excessive amortization expenses were allowed as deduction and some times lesser amortization expenses were allowed as deduction? (8) Whether the interest under Section 234 B, 234C could be levied when assessment is made on the basis of book profit under Section 115-J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 78 ITR (SC) 546, also arrived at the conclusion that the guest house expenses are not allowable for claiming depreciation of assets in light of the provisions of Section 37(4) of the Act of 1961. The second question is also decided in the same terms. The question No.3 related to disallowance on account of change in valuation of closing stock. This issue too has already been settled by the Apex Court in the judgment reported in 318 ITR (SC) 204 and 99 ITR (SC) 135, holding therein that closing stock becomes the opening stock of the next year and as such the Income Tax Appellate Tribunal was justified to adjust the alleged loss of ₹ 78,43,000/- by excluding the interest on government loan and office expenses from the cost of closing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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