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TMI Blog2014 (12) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions 115JA and 115JB - so far as interest leviable u/s 234B is concerned, the section is clear that it applies to all companies - the prerequisite condition for applicability of Section 234B is that assessee is liable to pay tax u/s 208 and the expression "assessed tax" is defined to mean the tax on the total income determined u/s 143(1) or u/s 143(3) as reduced by the amount of tax deducted or collected at source - there is no exclusion of Section 115J/115JA in the levy of interest u/s 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 – Decided in favour of revenue. - TAX APPEAL NO. 130 of 2001 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 234B and 234C of the Incometax Act. 1961, since the total income was determined u/s 115J of the Act? 4. It appears from the decision of the Apex Court that the decision of the Tribunal be reversed in light of the decision of the Apex Court in case of Joint Commissioner of Income Tax V. Rolta India Ltd., reported in (2011) 330 ITR 470 (SC) as under: It is clear from reading Sections 115JA and 115JB that the question whether a company which is liable to pay tax under either provision does not assume importance because specific provision(s) is made in the section saying that all other provisions of the Act shall apply to the MAT Company (Section 115JA(4) and Section 115JB(5)). Similarly, amendments have been made in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok Profits u/s 115JB of the Act? 2. On having heard learned senior counsel Shri Soparkar and having considered material on record, we are of the opinion that issue perhaps is no longer res integra as the same is decided by the Apex Court in case of Joint Commissioner of Income Tax v. Rolta India Ltd reported in (2011) 330 ITR 470(SC) as under: It is clear from reading Sections 115JA and 115JB that the question whether a company which is liable to pay tax under either provision does not assume importance because specific provision(s) is made in the section saying that all other provisions of the Act shall apply to the MAT Company (Section 115JA(4) and Section 115JB(5)). Similarly, amendments have been made in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment Year 1998-99, claiming following substantial questions of law: (i) Whether under the facts and circumstances of the case on the true and correct interpretation of the provisions of Section 115JA the interest under Sections 234B and 234C is to be charged under Section 143(1) (a) as a prima facie adjustment whereby no such charge made under Section 143(3)? (ii) Whether on the true and correct interpretation of the provisions of Sections 115JA, 234B, 234C debatable issues can be covered under Section 143(1)(a)? 3. Briefly, the facts as narrated in ITA No.406 of 2005 may be noticed. The assessee filed its return of income for Assessment Year 1998-99 on 27-11-1998 at ₹ 7,45,871/- afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been determined on the basis of book profit under section 115JA of the Act. 5. The matter is no longer res integra. This Court in CIT v. Nahar Spg. Mills Ltd. [2011] 339 ITR 557/[2012] 209 Taxman 143/20 taxmann.com 792, following the judgment of the Hon'ble Supreme Court in Jt. CIT v. Rolta India Ltd. [2011] 330 ITR 470/196 Taxman 549/9 taxmann.com 36 came to the conclusion that interest under Sections 234B and 234C of the Act would be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB of the Act. 6. In view of the above, it is held that the appellant was liable to pay interest under Sections 234B and 234C of the Act in respect of tax determined on the basis of Section 115JA of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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