9911796707
TMI Blog2012 (4) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... me has been made under Section 115JA of the Act – Held that:- The pre requisite condition for applicability of Section 234B is that the assessee is liable to pay tax under Section 208 and the expression "assessed tax" is defined to mean the tax on the total income determined under Section 143(1) or under Section 143(3) as reduced by the amount of tax deducted or collected at source - The expressio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable when income was computed under Section 115J itself. Though the income is computed under Section 115JA interest under, Section 234B and 234C are not chargeable and accordingly the appeal of the revenue was dismissed. Aggrieved by the said order, the revenue has preferred this appeal. 2. This appeal was admitted on 21.2.2006 to consider the following substantial questions of law:- 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are special provisions, Section 207 envisages that tax shall be payable in advance during any financial year on current income in accordance with the scheme provided in Section 208 to 219 (both inclusive) in respect of the total income of the assessee that would be chargeable to tax for the assessment year immediately following that financial year. Section 215(5) of the Act defined what is "assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to tax zero-tax companies. 8. Section 115J was inserted by the Finance Act, 1987 with effect from April 1, 1988. This section was in force from April 1, 1988 to March 31, 1991. After April 1, 1991, Section 115JA was inserted by the Finance Act of 1996 with effect from April 1, 1997. After insertion of Section 115JA, Section 115JB was inserted by the Finance Act, 2000 with effect from April 1, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 143(1) or under Section 143(3) as reduced by the amount of tax deducted or collected at source. Thus, there is no exclusion of Section 115J/115JA in the levy of interest under section 234B. The expression "assessed tax'' is defined to mean the tax assessed on regular assessment which means the tax determined on the application of Section 115J/115JA in the regular assessment". 4. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
