2011 (8) TMI 37

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....he Respondents: Mr. R. Bharadwaj.   Bhaskar Bhattacharya, J.:   This appeal under Section 260A of the Income-tax ("Act"), 1961 is at the instance of an assessee and is directed against an order dated 16th July, 2003, passed by the Income-tax Appellate Tribunal, "A" Bench, Kolkata, in ITA No.2567/Kol of 2002 for the Assessment Year 1999-2000. A Division Bench of this Court while adm....

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....ing on behalf of the appellant, however, submitted before us that by virtue of Section 115JA a legal fiction has been created by which if total income is found to be less than 30% of the book profit, the total income should be deemed to be 30% of the profit and in such a case, if chargeability of interest under Sections 234B and 234C are held applicable only in view of sub-Section (4) of Section 1....

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....ecision of the Supreme Court in the case of Rolta India Ltd. (Supra) does not lay down the correct proposition of law and if those two decisions were taken note of, the ultimate conclusion would have been otherwise. After hearing Mr. Sen, learned Advocate appearing on behalf of the appellant and after going through the decision in case of Rolta India Ltd. (Supra), we are unable to accept the conte....

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....consider a vital aspect of the matter. In this connection, we may appropriately refer to the following observation of a Three-Judge-Bench of Supreme Court in the case of Director of Settlements, A. P. and others v. M. R. Apparao and another, reported in AIR 2002 SC 1598, dealing with the similar nature of submission as made by Mr. Sen: "The decision in a judgment of the Supreme Court cannot be ass....