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TMI Blog2017 (9) TMI 1529X X X X Extracts X X X X X X X X Extracts X X X X ..... llenging the orders passed by the Chief Commissioner of Income Tax, rejecting their applications for grant of waiver of the interest, levied under Section 234 (B) & (C) of the Income Tax Act, 1961 (hereinafter, referred to as 'the Act') for the assessment years 2001-02 and 2002-03, on account of certain subsequent developments, which have taken place during the pendency of the Writ Petitions. 3. It may not be necessary for this Court to endeavour to test the correctness of the impugned orders. This is so, because, after the impugned orders were passed, assessments were completed under Section 143 (3) by orders, dated 30.03.2005, and as against such orders, the petitioner had preferred Appeals before the Income Tax Appellate Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he end of the financial year, the provisions of Section 209 and 2010 cannot be made applicable, until and unless, the accounts are audited and the balance-sheet is prepared even the assessee may not know whether the provisions of Section 115-JA/115-JB are applicable or not. The explanation to the section which prescribes the adjustments for arriving at the ''book-profit'' makes it very clear that the computation of the book-profit is only for the purpose of this Section. The words ''for the purposes of this Section '', in the explanation are relevant and cannot be construed to extend beyond the computation of liability of tax. It is the contention of the petitioner that there is no tax liability on the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent placed reliance on the decision of this Court, in the case of (C.I.T. Vs. Holiday Travels Pvt. Ltd.,) reported in (2003) Vol 263 ITR 307 (Mad). It is pointed out by the learned counsel appearing for the petitioner that, this decision was rendered much after filing of the return of income for the relevant assessment years. The learned counsel for the petitioner further pointed out that the decision rendered by the Karnataka High Court in the case of (Kwality Biscuits Ltd. Vs. CIT) 243 ITR 527 has been upheld by the Hon'ble Supreme Court reported in (2006) 284 ITR 434 (SC). However, this Court does not propose of dwell any further on this aspect, as it is satisfied that the matter requires re-consideration, more particularly, on ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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