2017 (10) TMI 389

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.... the following substantial question of law : "Whether the Income Tax Appellate Tribunal has not substantially erred in law in holding that interest under sections 234B and 234C is not chargeable if the total income is assessed to tax under section 115J of the Income Tax Act?" 2. At one stage, the appeal was disposed of by judgment of the Division Bench dated 24.6.2011. Relying upon the judgment of the Supreme Court in case of Joint Commissioner of Income tax v. Rolta India Ltd reported in (2011) 330 ITR 470(SC), the Division Bench answered the question in favour of the Revenue. The assessee thereupon filed Misc. Civil Application (OJ) No.15/2015 for review mainly on the ground that the decision of Supreme Court in case of Rolta ....

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....ourt on an erroneous impression that the controversy involved in this case stands concluded by the decision of the Supreme Court in the case of Rolta India Limited (supra). A perusal of the decision of the Supreme Court in the case of Rolta India Limited (supra) makes it evident that the same was rendered in the context of the provisions of sections 115JA and 115JB of the Act, whereas the facts of the present case relate to the provisions of section 115J of the Act. The decision of the Karnataka High Court in the case of Kwality Biscuits Ltd. (supra) which was affirmed by the Supreme Court was delivered in the context of section 115J of the Act. A conjoint reading of section 115J of the Act as it stood at the relevant time, with sections 11....