https://www.taxtmi.com/caselaws?id=76900 The High Court of Madhya Pradesh clarified that no interest under sections 234B and 234C of the Income-tax Act is leviable once income tax is determined under section 115J. This interpretation was based on previous rulings emphasizing the need for audited accounts and balance-sheets before applying certain provisions. The court's decision aligned with precedents set by the Karnataka High Court and the Supreme Court, leading to the dismissal of the appeal. The judgment provides guidance on when interest may be imposed under the specified sections of the Act in similar circumstances. en-us Tue, 17 Jul 2007 00:00:00 +0530 Tue, 27 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76900 The High Court of Madhya Pradesh clarified that no interest under sections 234B and 234C of the Income-tax Act is leviable once income tax is determined under section 115J. This interpretation was based on previous rulings emphasizing the need for audited accounts and balance-sheets before applying certain provisions. The court's decision aligned with precedents set by the Karnataka High Court and the Supreme Court, leading to the dismissal of the appeal. The judgment provides guidance on when interest may be imposed under the specified sections of the Act in similar circumstances. Case-Laws Income Tax Tue, 17 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76900