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TMI Blog2015 (7) TMI 873X X X X Extracts X X X X X X X X Extracts X X X X ..... t in Commissioner of Income Tax v. Nahar Spinning Mills Limited, (2011 (7) TMI 961 - Punjab and Haryana High Court) following the judgment of CIT(Joint) v. Rolta India Limited, (2011 (1) TMI 5 - SUPREME COURT OF INDIA ) 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from ITA No.406 of 2005. 2. ITA No.406 of 2005 has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short, the Act ) against the order dated 17.12.2004, Annexure A.1 passed by the Income Tax Appellate Tribunal, Chandigarh Bench (for brevity, the Tribunal ) in ITA No.805/CHD/2000, for the assessment year 1998- 99, claiming following substantial questions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rked out to be less than 30% of the book profit, the assessee filed its return of income at ₹ 2,23,69,890/- by applying the provisions of Section 115JA of the Act. The return was processed under Section 143(1)(a) of the Act on 31.5.1999. While processing the return, the Assessing Officer vide order dated 14.11.2000, Annexure A.3, made an adjustment to the returned income for an amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvolved in all the three appeals is whether interest under Sections 234B and 234C of the Act can be charged in respect of income which has 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 Commissioner of Income Tax v. Nahar Spinning Mills Limited, (2011) 339 ITR 557, following the judgment of the Hon'ble Suprem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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