https://www.taxtmi.com/caselaws?id=207120 The High Court ruled in favor of the revenue, holding that interest under Sections 234B and 234C is applicable to MAT companies for failure to pay advance tax under Section 115JA/115JB. The Court emphasized the clear obligation for MAT companies to pay advance tax on deemed income and cited the self-contained nature of Section 115JB. The judgment clarified that Circular No. 13/2001 did not exempt MAT companies from advance tax payments and the consequent interest under Sections 234B and 234C. The Court's decision was based on the interpretation of the Income Tax Act's provisions and judicial precedents, ultimately finding against the assessee. en-us Mon, 05 Sep 2011 00:00:00 +0530 Wed, 16 Nov 2011 08:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207120 The High Court ruled in favor of the revenue, holding that interest under Sections 234B and 234C is applicable to MAT companies for failure to pay advance tax under Section 115JA/115JB. The Court emphasized the clear obligation for MAT companies to pay advance tax on deemed income and cited the self-contained nature of Section 115JB. The judgment clarified that Circular No. 13/2001 did not exempt MAT companies from advance tax payments and the consequent interest under Sections 234B and 234C. The Court's decision was based on the interpretation of the Income Tax Act's provisions and judicial precedents, ultimately finding against the assessee. Case-Laws Income Tax Mon, 05 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207120