9911796707
TMI Blog2018 (4) TMI 1606X X X X Extracts X X X X X X X X Extracts X X X X ..... lkumar Senior Standing Counsel JUDGEMENT (Judgement of the Court was delivered by T.S.Sivagnanam, J.,) Heard Mr. S.Sriraman, the learned appearing for the appellant, and Mr. S. Rajesh, the learned Junior Standing Counsel for Mr.T.R.Senthil kumar, the learned Senior Standing Counsel for the respondent. 2. The Appeal has been admitted on the following substantial question of law:- Whether on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judgment of the Karnataka High Court in the case of Kwality Biscuits Ltd. v. CIT reported in (2000) 243 ITR 519 and, according to the Karnataka High Court, the profit as computed under the Income Tax Act, 1961 had to be prepared and thereafter the book profit as contemplated under Section 115J of the Act had to be determined and then, the liability of the assessee to pay tax under Section 115J of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 234B and 234C is not leviable in cases where Section 115J applied. This view of the Karnataka High Court in Kwality Biscuits Ltd. was not shared by the Gauhati High Court in Assam Bengal Carriers Ltd. v. CIT reported in (1999) 239 ITR 862 and Madhya Pradesh High Court in Itarsi Oil and Flours (P.) Limited v. CIT reported in (2001) 250 ITR 686 as also by the Bombay High Court in the case of CIT v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reported in (2006) 154 TAXMAN 547 distinguished its own decision in case of Kwality Biscuits Ltd. (supra) and held that Section 115JB, with which we are concerned, is a self-contained code pertaining to MAT, which imposed liability for payment of advance tax on MAT companies and, therefore, where such companies defaulted in payment of advance tax in respect of tax payable under Section 115JB, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on default in payment of advance tax were also applicable." 4. In the light of the above decision, the substantial question of law, which arisen for consideration in this Appeal has to be answered in favour of the Revenue and against the assessee, as the Hon'ble Supreme Court held in the afore said decision that interest under Section 234 B and 234C of the Income Tax Act, 1961 shall be payab ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
