2014 (1) TMI 1623

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hese appeals. The ground raised for the assessment year 2008-09 is as under :               "The learned Commissioner of Income-tax (Appeals) erred in con firming charging interest under section 234B of Rs. 18,79,294 and under section 234C of Rs. 3,70,502 in view of the provisions under section 115JB of the Income-tax Act, 1961." 3. The assessee is engaged in the business of processing of mineral oil seeds. It filed return of income declaring income of Rs. 82,96,100 under the normal provisions of the Act and Rs. 93,76,366 as per section 115JB. The Assessing Officer while completing the assessment under section 143(3) computed book profits for the purpose of minimum alter....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....9;ble Supreme Court in the case of Joint CIT v. Rolta India Ltd. [2011] 330 ITR 470 (SC) levy of interest under sections 234B and 234C is mandatory and consequential and hence confirmed the same. 4. Before us the learned authorised representative for the assessee has submitted that the Commissioner of Income-tax (Appeals) has totally ignored the fact that during the assessment years under consideration the judgment of the hon'ble Supreme Court in the case of CIT v. Kwality Biscuits Ltd. [2006] 284 ITR 434 (SC) was the law of the land on this point and therefore the assessee could not be expected to pay advance tax in respect of the book profit for the purpose of minimum alternate tax under section 115JB. The learned authorised repres....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... non-existing law. He has further submitted that in the peculiar facts and circumstances of the case the interest under sections 234B and 234C cannot be levied when the assessee was under bona fide belief that advance tax was not payable in respect of minimum alternate tax. On the other hand, the learned Departmental representative has relied upon the orders of the authorities below as well as the decision of the hon'ble Supreme Court in the case of Joint CIT v. Rolta India Ltd. [2011] 330 ITR 470 (SC). 5. We have considered the rival submissions as well as relevant material on record. There is no dispute regarding the fact that during the assessment years under consideration the settled law on the point was the decision of the hon&#....