9911796707
TMI Blog2015 (1) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... l totally accords with this. - Decided against assessee. - I.T.T.A.No.86 of 2004 - - - Dated:- 10-12-2014 - SRI L.NARASIMHA REDDY AND SRI CHALLA KODANDA RAM, JJ. For the Appellant : Sri C. V. Narasimham For the Respondent : Sri J. V. Prasad JUDGMENT: (Per the Honble Sri Justice L.Narasimha Reddy) The appellant is a Company and it used to file returns under the Income Tax Act, 1961 (for short the Act) year after year. For the assessment year, 2001-2002, it filed returns showing Nil income. Being a Company, it is governed by the provisions of Section 115JB of the Act, in case the income determined in accordance with the provisions of the Act for assessment year is below 18.5% of the book profit reflected in the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellate Tribunal is correct in law in upholding the levy of interest U/s. 234 B and 234 C when assessee did not have any taxable income under regular provisions of the I.T.Act and tax was levied only upon invoking deemed income created by the legal fiction as per provisions of Sec.115 JB of I.T. Act? The appellant filed a memorandum with a prayer to permit it to raise additional ground as under: Whether the Tribunal was correct in law in upholding the levy of interest under Sec.234B and 234 C in an intimation under Section 143(1), when the issue of such levy of interest in an assessment under Section 115JB was a highly debatable issue? We have heard Sri C.V.Narasimham, learned counsel for the appellant, and Sri J.V.Prasad, learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtment to claim interest under Sections 234B and 234C of the Act. Those two provisions empower the Revenue, to levy interest on the delayed or non-payment of the advance tax. In the instant case, there is no dispute that the appellant did not pay the advance tax. The justification pleaded by the appellant is that being an assessee covered by the provisions of Section 115JB of the Act, it could not have arrived at a conclusion as to the quantum of tax, till the books of account to be maintained under the Companies Act has finalised, on 31st March of the concerned year, and when the very occasion to pay the tax did not arise, there was no question of the appellant being exposed to the liability to pay interest under Sections 234B and 234C of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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