https://www.taxtmi.com/caselaws?id=33532 The court dismissed the appeal, upholding the Tribunal's decision to cancel the interest levied under sections 234B and 234C on the tax assessed under section 115J. The court reasoned that the provisions for advance tax do not apply to income assessable under section 115J, as it is based on actual income without provisions for estimating book profit. The court's decision was influenced by the Karnataka High Court's ruling, considered a binding precedent despite conflicting decisions from other High Courts. en-us Thu, 14 Feb 2008 00:00:00 +0530 Fri, 22 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33532 The court dismissed the appeal, upholding the Tribunal's decision to cancel the interest levied under sections 234B and 234C on the tax assessed under section 115J. The court reasoned that the provisions for advance tax do not apply to income assessable under section 115J, as it is based on actual income without provisions for estimating book profit. The court's decision was influenced by the Karnataka High Court's ruling, considered a binding precedent despite conflicting decisions from other High Courts. Case-Laws Income Tax Thu, 14 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33532