2008 (7) TMI 526

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....dgment of the court was delivered by 1. K. A. PUJ J.- The Revenue has filed this tax appeal under section 260A of the Income-tax Act, 1961, for the assessment year 1989-90. The appeal was admitted by this court on June 18, 2001, and the following substantial question of law was formulated by the court:  "Whether the Appellate Tribunal is right in law and on facts in holding that interes....

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....n CIT v. Kwality Biscuits Ltd. [2006] 284 ITR 434. It is reported therein that from the decision of the Karnataka High Court to the effect, inter alia, that interest is not leviable under sections 234B and 234C of the Income-tax Act, 1961, in the case of an assessment of a company on the basis of book profits under section 115J, since the entire exercise of computing income under section 115J can ....