9911796707
TMI Blog2005 (8) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... for asst. yr. 1997-98 by way of following grounds: "1. The intimation under s. 143(1)(a) is contrary to the facts and prejudicial to the assessee. 2. On appreciation of the facts and law, the learned CIT(A) ought not to have upheld the method and law adopted by the learned Dy. CIT for computing interest under s. 234C . 3. On appreciation of the facts and law, the learned Dy. CIT ought not to ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this appeal are that the assessee had filed its return of income for asst. yr. 1997-98 declaring nil income on 30th Nov., 1997 and it was processed under s. 143(1)(a) of the Act on 27th March, 1998. The AO while processing the assessee's return, computed the assessee's income under s. 115JA of the Act and consequently charged the interest under s. 234C of the Act also. 3. The assessee went in app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of MAT have been introduced only on 22nd July, 1996, and relevant provisions of s. 115JA having been made applicable w.e.f. 1st April, 1997, i.e., from asst. yr. 1997-98, the assessee was not entitled to pay the first instalment of advance tax due on 15th June. 1996. 5. On the other hand, the learned Departmental Representative submitted that so far as provisions of MAT are concerned, they are o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces of the case and provisions of S. 115JA which were brought on statute as per the Finance (No.2) Bill, 1996, introduced in the Lok Sabha on 22nd July, 1996 and made applicable w.e.f. 1st April, 1997, we are of the opinion that since the assessee's normal income liable to income-tax as payable was nil, the assessee could not be said to be liable to pay instalments of advance tax for asst. yr. 199 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are of the opinion that the assessee was not liable to pay first instalment of advance tax due on 15th June, 1996 on the basis of his advance tax liable on the income likely to be computed under S. 115JA of the Act. The order of the CIT(A) on this point is reversed and the AO is directed to recompute the assessee's liability to pay the interest under s. 234C of the Act, in view of our aforesaid fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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