https://www.taxtmi.com/caselaws?id=119774 The Tribunal allowed the appeal of the assessee, holding that no interest under sections 234B and 234C is chargeable on income computed under section 115JA of the Income-tax Act. The Tribunal relied on the Supreme Court's decision in CIT v. Kwality Biscuits Ltd., which established that interest under these sections is not applicable to income computed under section 115J, and extended this reasoning to section 115JA. The Tribunal emphasized that the liability for advance tax on such income can only be determined after the financial year ends, thus ruling in favor of the assessee based on principles benefiting the taxpayer. en-us Thu, 30 Nov 2006 00:00:00 +0530 Fri, 13 Jul 2012 10:54:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119774 The Tribunal allowed the appeal of the assessee, holding that no interest under sections 234B and 234C is chargeable on income computed under section 115JA of the Income-tax Act. The Tribunal relied on the Supreme Court's decision in CIT v. Kwality Biscuits Ltd., which established that interest under these sections is not applicable to income computed under section 115J, and extended this reasoning to section 115JA. The Tribunal emphasized that the liability for advance tax on such income can only be determined after the financial year ends, thus ruling in favor of the assessee based on principles benefiting the taxpayer. Case-Laws Income Tax Thu, 30 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119774