https://www.taxtmi.com/caselaws?id=257338 The Court upheld the Income Tax Appellate Tribunal's decision to impose interest under Section 234B for default in advance tax payment when income is computed under Section 115JA. Citing the Supreme Court's ruling in a similar case, the Court clarified that interest under Sections 234B and 234C applies to tax calculated on book profits under Section 115JA. Despite conflicting High Court decisions, the Court affirmed that interest is leviable for failure to pay advance tax under Section 115JA/115JB. The appeal was dismissed, ruling in favor of the Revenue and against the assessee, with no costs awarded. en-us Wed, 18 Feb 2015 00:00:00 +0530 Tue, 10 Mar 2015 06:05:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257338 The Court upheld the Income Tax Appellate Tribunal's decision to impose interest under Section 234B for default in advance tax payment when income is computed under Section 115JA. Citing the Supreme Court's ruling in a similar case, the Court clarified that interest under Sections 234B and 234C applies to tax calculated on book profits under Section 115JA. Despite conflicting High Court decisions, the Court affirmed that interest is leviable for failure to pay advance tax under Section 115JA/115JB. The appeal was dismissed, ruling in favor of the Revenue and against the assessee, with no costs awarded. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257338