2007 (7) TMI 382

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..... e income-tax is determined under section 115J of the Act? Held that- in the light of the decision of Karnataka High Court and the Supreme Court the Income-tax Appellate Tribunal was justified in holding that no interest under sections 234B and 234C of the Act is leviable once the income-tax is determined under section 115J of the Act.
PATNAIK A. K., AJIT SINGH JJ JUDGMENT The judgment of the .....

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..... s the accounts are audited and the balance-sheet is prepared because even the assessee may not know whether the provisions of section 115J would be applicable or not and, therefore, the Income-tax Appellate Tribunal in that case was not justified in directing to charge interest under section 234B and 234C of the Act. The aforesaid judgment of the Karnataka High Court was challenged by the Commissi .....

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