TMI Blog2018 (6) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... d whether, at the relevant point of time, there was any shortfall in payment of advance tax by the assessee - the question of interest or penalty would arise if a default is committed by an assessee in depositing the tax - thus Commissioner cannot be questioned since the Commissioner completed the totality of the picture by not only arriving at a finding that there was no default at the relevant point of time when the advance tax was deposited by the assessee but also that even if there was a default upon the retrospective operation of the amendment to Section 115JB, no claim on account of interest could be foisted on the assessee in the circumstances. Thus it does not appear that the Commissioner failed to undertake the exercise as call ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In dealing with the relevant appeal arising out of this Court s order on the previous appeal, the Supreme Court directed as follows by its order of March 26, 2012: Having heard learned counsel on both sides, we are of the view that the question of deficiency in payment of Advance Tax has not been gone into by the lower Authorities and, consequently, by the High Court. In the circumstances, that question needs to be examined by the commissioner of Income Tax (Appeals). The question, which has been examined by the High Court, is, whether Advance Tax is payable on Book Profits? That issue has been decided by this court in favour of the Revenue in the case of Joint Commissioner of Income Tax vs. Rolta India Ltd., reported in (2011) 330 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iated and the assessment was completed, there was an amendment in the provisions of section 115JB by the Finance Act, 2008, w.r.e.f. 01.04.2001. The amendment was brought in section 115JB(2) Explanation (1)(h), wherein the amount of deferred tax and provision therefor, was required to be added to compute the book profit. Therefore, in view of the said amendment brought on the Statute by the Finance Act, 2008, w.r.e.f. 01,04,2001, the AO, while completing the assessment, added sum of 10,34,37,589/- on account of deferred tax to the book profit declared by the appellant company. This resulted into enhancement in the book profit by that amount and increased tax liability u/s.115JB and resultantly, shortfall in the payment of Advance Tax on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icit on the part of the assessee on account of deferred tax liability should have been taken into account as a shortfall and consequential interest payable thereon should have been determined. For a start, going by the strict letter of the Supreme Court order of March 26, 2012, the Commissioner (Appeals) was not required to assess the shortfall on the basis of the amended provision or the consequential interest that the assessee may have been liable to pay. The Commissioner was required to assess whether there was any shortfall in the payment of advance tax. The Commissioner undertook the exercise in the appropriate perspective and ascertained whether, at the relevant point of time, there was any shortfall in payment of advance tax by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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