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TMI Blog2017 (6) TMI 1088X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB. For the aforestated reasons, Circular No. 13/2001 dated 9.11.2001 issued by CBDT has no application. - Income Tax Reference No. 105 of 1999 - - - Dated:- 15-6-2017 - S. V. Gangapurwala And G. S. Kulkarni, JJ. Mr. S.A.K.NajamEsSani i/b. Maneksha Sethna, for the Applicant Mr.Arvind Pinto, for the Respondent ORDER PER COURT 1. Learned Counsel for the Revenue as well as the assessee submit that the reference would be covered by the judgment of the Apex Court in the case Joint Commissioner of Income Tax Vs. Rolta India Ltd. reported in (2011) 196 Taxman 594 (SC) . T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year immediately following that financial year. Section 215(5) of the Act defined what is assessed tax , i.e., tax determined on the basis of regular assessment so far as such tax relates to income subject to advance tax. The evaluation of the current income and the determination of the assessed income had to be made in terms of the statutory scheme comprising section 115J/115JA of the Act. Hence, levying of interest was inescapable. The assessee was bound to pay advance tax under the said scheme of the Act. Section 115J/115JA of the Act were special provisions which provided that where in the case of an assessee, the total income as computed under the Act in respect of any previous year relevant to the assessment year is less than 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 9. The question which remains to be considered is whether the assessee, which is a MAT Company, was not in a position to estimate its profits of the current year prior to the end of the financial year on 31st March. In this connecton the assessee placed reliance on the judgment of the Karnataka High Court in the case of Kwality Biscuits Ltd. (supra) and, according to the Karnataka High Court, the profit as computed under the Income Tax Act, 1961 had to be prepared and thereafter the book profit as contemplated under Section 115J of the Act had to be d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt as well as Bombay High Court in the Supreme Court. However, it may be noted that the judgment of the Karnataka High Court in Kwality Biscuits Ltd.'s case (supra) was confined to section 115J of the Act. The Order of the Supreme Court dismissing the Special Leave Petition in limine filed by the Department against CIT Vs. Kwality Biscuits Ltd. (2006) 284 ITR 434. Thus, the judgment of Karnataka High Court in Kwality Biscuits Ltd.'s case (supra) stood affirmed. However, the Karnataka High Court has thereafter in the case of Jindal Thermal Power Co.Ltd. V. Dy. CIT (2006) 154 Taxman 547 distinguished its own decision in case of Kwality Biscuits Ltd. (supra) and held that section 115JB, with which we are concerned, is a selfcontained c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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