TMI Blog2018 (10) TMI 1507X X X X Extracts X X X X X X X X Extracts X X X X ..... er Sections 234B and 234C of the Act. Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB. For the aforestated reasons, Circular No. 13/2001 dated 9.11.2001 issued by CBDT has no application. - Decided against assessee. - Tax Case Appeal No.1375 of 2008 - - - Dated:- 11-9-2018 - Mr. Justice T.S. Sivagnanam And Mrs. Justice V. Bhavani Subbaroyan For the Appellant : Mr.M.P.Senthil Kumar For the Respondent : Mr.S.Rajesh Standing Counsel JUDGMENT T.S.Sivagnanam, J. This appeal filed by the Assessee is directed against the order passed by the Income Tax Appellate Tribunal Bench A , Chennai, in I.T.A.No.1404(Mds)/2001, dated 31.05 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee, which is a MAT Company, was not in a position to estimate its profits of the current year prior to the end of the financial year on 31st March. In this connection the assessee placed reliance on the 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 the Act arose, only if the total income as computed under the provisions of the Act was less than 30% of the book profit. According to the K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. The Order of the Supreme Court dismissing the Special Leave Petition in limine filed by the Department against Kwality Biscuits Ltd. is reported in (2006) 284 ITR 434. Thus, the judgment of Karnataka High Court in Kwality Biscuits stood affirmed. However, the Karnataka High Court has thereafter in the case of Jindal Thermal Power Company Ltd. v. Dy. CIT 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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