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TMI Blog2008 (7) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... tions 234B and 234C of the Income-tax Act, 1961, in the case of an assessment of a company on the basis of book profits under section 115J, since the entire exercise of computing income under section 115J can only be done at the end of the financial year, and the provisions of sections 207, 208, 209 and 210 cannot be made applicable until and unless the accounts are audited and the balance-sheet p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he total income was determined under section 115J of the Act ?" 2. Since there is some typographical error in mentioning the relevant section in the question of law formulated by this court, the same is required to be rectified and the question which was proposed to be formulated and which was intended to be formulated by this court is as under: "Whether, on the facts and in the circumstance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed its earlier decision rendered on December 8, 1997, in I. T. R. No. 1862/Ahd/1993 in the case of Deputy CIT v. Dintex Dyechem P. Ltd., wherein the issue was adjudicated in favour of the assessee and against the Revenue. This issue also arose before the Karnataka High Court in the case of Kwality Biscuits Ltd. v. CIT [2000] 243 ITR 519. An appeal filed against this judgment by the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als. 6. Since the decision of the Karnataka High Court has been approved by the hon'ble Supreme Court, we decide this question in favour of the assessee and against the Revenue. We are of the view that the Tribunal has correctly decided the issue and held that interest under sections 234B and 234C is not chargeable when income is computed under section 115J of the Act. 7. This appeal is ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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