Levy of interest u/s 234B and u/s 234C - MAT - Book Adjustments ...

Income Tax

May 21, 2015

Levy of interest u/s 234B and u/s 234C - MAT - Book Adjustments - Section 115J/115JA - assessee cannot seek to escape the mandatory levy being fastened on it under the plea that it had bona fide belief that it is not liable - AT

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Levy of interest u/s 234B and u/s 234C - MAT - Book Adjustments ...

Income Tax

May 21, 2015

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Assessment u/s 115JA - MAT - Levy of interest u/s 234B and 234C on retrospective levy of tax - Interest cannot be levied with retrospective effect - HC

Income computed under Section 115J for the period prior to enforcement of Section 115JA and Section 115JB would not attract interest u/s 234B and 234C - HC

MAT - Interest u/s 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

MAT - Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

Assessee was liable to pay interest u/s 234B and 234C of the Act in respect of tax determined on the basis of Section 115JA - HC

Mat credit – MAT credit should be given before charging interest under Sections 234B and 234C of the Act - HC

MAT Credit admissible in terms of Section 115JAA has to be set off against the tax payable (assessed tax) before calculating interest under Sections 234A, 234B and 234C

SC allows setoff of MAT credit with tax liability before calculating interest u/s 234A, 234B & 234C

Interest u/s 234A, 234B and 234C - non maintenance of proper books of accounts - rejection of claim for waiver of interest cannot be said to be illegal - HC

MAT - Rectification of mistake - Deduction of prior period items from book profit - section 115JA - HC

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