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TMI Blog2014 (8) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... ust upon the assessee when there was no requirement under the existing law at that point of time for payment of advance tax in respect of minimum alternate tax u/s 115 JB - the levy of interest u/s 234B and 234C in respect of tax liability on book profit u/s 115JB is set aside. - ITA No. 6350/Mum/2012 - - - Dated:- 23-7-2014 - Shri Vijay Pal Rao And Shri D. Karunakara Rao,JJ. For the Petitioner : Shri M. Subramanian For the Respondent : Shri Shrikant Namdeo ORDER Per Vijay Pal Rao, Judicial Member: This appeal by the assessee is directed against the order dated 18/07/2012 of CIT(A) arising from the order passed u/s. 154 by the AO for assessment year 2007-08. The assessee has raised the following grounds :- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore, the assessee could not be expected to pay advance tax in respect of book profit for the purpose of minimum alternate tax under section 115JB. He has further submitted that at the relevant point of time there was no requirement for payment of advance tax in respect of book profit and this proposition has been laid down by the decision of Hon'ble Supreme Court in case of Kwality Biscuit Ltd. He has further pointed out that even in the subsequent decisions in the case of Binani Industries Ltd. vs. CIT (329 ITR 323) the Hon'ble Calcutta High Court having held that the provisions of section 207 onwards cannot be invoked for the purpose of computing the income under section 115JB for the reason that income would be computed onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been considered by this Tribunal in the case of Charbhuja Industries P. Ltd. vs. ACIT (supra), in para-5 as under :- We have considered the rival submissions as well as relevant material on record. There is no dispute regarding the fact that during the assessment years under consideration the settled law on the point was the decision of the hon'ble Supreme Court in the case of CIT v. Kwality Biscuits Ltd. [2006] 284 ITR 434 (SC) as well as a number of other decisions including the decisions of the hon'ble jurisdictional High Court in the case of Snowcem India Ltd. v. Deputy CIT [2009] 313 ITR 170 (Bom) and in the case of CIT v. Natural Gems Ltd. [2010] 327 ITR 269 (Bom) wherein it has been held that no advance minimum alter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evy of interest under sections 234B and 234C in this case. 6. It is clear that prior to the decision of the Hon'ble Supreme Court in the case of JCIT vs. Rolta India Ltd. (supra), the settled proposition of law on the point was that no advance tax was payable on minimum alternate tax computed under section 115JB and accordingly interest u/s. 234B and 234C cannot be levied for non-deposit of advance tax on minimum alternate tax for the year. We do concur with the view as taken by this Tribunal in the case of Charbhuja Industries P. Ltd. (supra), that the impossibilities cannot be thrust upon the assessee when there was no requirement under the existing law at that point of time for payment of advance tax in respect of minimum alterna ..... X X X X Extracts X X X X X X X X Extracts X X X X
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