9911796707
TMI Blog2016 (3) TMI 907X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT OF INDIA], that before that the assessees were under bona - fide belief that they had not to pay advance tax as per the provisions of sec. 207/208 of the Act, that after 07. 1. 2011 position became very clear that the assessees to be taxed u/s. 115 JB would also have to pay advance tax. Considering the peculiar facts and circumstances of the case, we are of the opinion that interest should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nil after claiming deduction of ₹ 51. 98 crores u/s. 80IB of the Act. The assessing Officer (AO) completed the assessment on 31. 3. 2003, u/s. 143(3) of the Act and held that provisions of section 115JB were attracted. He also charged interest u/s. 234A, 234B and 234C of the Act. 3. Aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority (FA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould prevail over the earlier decision, that the Tribunal had decided the issue in favour of the assessee in earlier year because the judgment of Rolta India (supra) was pronounced on 7. 1. 11, that the advance tax was to be paid before march 2010, that the issue for that year was decide in light of the decision of Kwality Biscuits (supra), that in the case of Charbhuja Industries Ltd. (supra) the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s case of Kwality Biscuits (supra) and held that Sec. 15JB was a self contained code, that it imposed liability for payment of advance tax on MAT-companies, that such companies were liable to pay interest u/s. 234B and C if they were governed by the MAT provisions. Finally, he upheld the levy of interest u/s. 234B and 234C of the Act. 4. Before us, the AR stated that the judgment of Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at they had not to pay adv tax as per the provisions of sec. 207/208 of the Act, that after 07. 1. 2011 position became very clear that the assessees to be taxed u/s. 115 JB would also have to pay advance tax. Considering the peculiar facts and circumstances of the case, we are of the opinion that interest should be levied for the default of March installment only and not for the earlier three ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
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