9911796707
TMI Blog2012 (7) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... advance tax and it would be nevertheless asked to pay interest in terms of Section 234B and Section 234C for default in making payment of tax in advance which was physically impossible - Decided in favor of assessee. - ITA No.4491/Del./2011 - - - Dated:- 22-6-2012 - SHRI U.B.S. BEDI, AND SHRI B.C. MEENA, JJ. ASSESSEE BY : Shri R.N. Gupta, CA REVENUE BY : Smt. Shumana Sen, Senior DR ORDER PER B.C. MEENA, ACCOUNTANT MEMBER : This appeal filed by the revenue emanates from the order of the CIT (Appeals)-XII, New Delhi dated 14.06.2011 for the Assessment Year 2008-09. 2. The only issue involved in the appeal is that interest is not chargeable u/s 234B and 234C of the Income-tax Act, 1961 in the case of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... JB. As a result of such revision MAT became payable and was paid as under: MAT as per Original Return Revised Return Profit as per Profit Loss Account Rs.35,418,072 Rs.35,418,072 Additions : a) Expenditure related to exempt income : Dividend : 868,900 868,900 b) Provision for diminution in the value of Investments on 31.3.2008: Nil 24,786,370 Total 36,286,972 61,073,342 Deduction : a) Provision for diminution in the value of Investments on 31.3.2007 Nil 9,657,040 b) Income exempt u/s 10 (35) Dividend 38,303,458 38,303,458 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to pay advance tax in respect of tax payable u/s 115JA and 115J. She submitted that CIT (A) is not justified in deleting the interest. 5. On the other hand, the learned AR submitted that the facts of the assessee s case are peculiar. The decision of Hon'ble Supreme Court as relied upon by the revenue is applicable in the normal course where the assessee is liable to pay the tax under section 115JA and 115JBL of the Act. However, in the assessee s case, the facts are completely peculiar and different. At the time of filing of original return of income, the assessee was not liable to pay any advance tax, thus there is no liability of paying the advance tax. Whatever tax payable on the returned income was taken care of by the adjustment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s directly covered by the decision of Hon'ble Calcutta High Court in the case of Emami Limited, cited supra, wherein the Hon'ble High Court has held as under :- Held, that the last date of the relevant financial year was March 31, 2001, and on that day, admittedly, the assessee had no liability to pay any amount of advance tax in accordance with the law then prevailing. The amended pro-visions of section 115JB having come into force with effect from April, 2001, the assessee could not be held a defaulter with respect to payment of advance tax. On the last date of the financial year preceding the relevant assessment X year, as the book profits of the assessee in accordance with the then provision of law were nil, there was no advance tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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