2016 (3) TMI 907

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.... Mumbai, the Assessee has filed the present appeal. During the course of hearing before us, the Authorised Representative(AR)stated that ground A was academic in nature. Hence, same is not being adjudicated. 2. Assessee-company, engaged in the business of builders and developers, filed its return of income on 28. 09. 2011 declaring income at Rs. Nil after claiming deduction of Rs. 51. 98 crores u....

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.... 1. 14. ) It was further argued that during the year under appeal the judgment of SC delivered in the case of Kwality Biscuits (supra), would prevail. After considering the submissions of the assessee, the FAA held that there was default of payment of advance tax and deferment of advance tax, that the decision of Rolta India (supra) would prevail over the earlier decision, that the Tribunal had d....

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...., that assessee could not argue that it was not aware of the decision before 31. 03. 11 or before filing of return of income. He further referred to the judgment of Hon'ble Karnataka High Court delivered in the case of Jindal Thermal - ( 2006-TIOL-302-HC-KAR-IT )wherein the Hon'ble Court had distinguished its own decision in its case of Kwality Biscuits (supra) and held that Sec. 15JB was ....

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....of 2006 and 33-34 of 2013). 5. We have heard the rival submissions and perused the material before us. We find that the levy of interest u/s. 234B and 234C in case of companies governed by MAT provisions was finally settled by the Hon'ble Apex Court on 7. 1. 2011, that before that the assessees were under bona - fide belief that they had not to pay adv tax as per the provisions of sec. 207/20....