2005 (8) TMI 281

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....1th Sept., 1998, passed for asst. yr. 1997-98 by way of following grounds: "1. The intimation under s. 143(1)(a) is contrary to the facts and prejudicial to the assessee. 2. On appreciation of the facts and law, the learned CIT(A) ought not to have upheld the method and law adopted by the learned Dy. CIT for computing interest under s. 234C . 3. On appreciation of the facts and law, the l....

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....ts relating to this issue involved in this appeal are that the assessee had filed its return of income for asst. yr. 1997-98 declaring nil income on 30th Nov., 1997 and it was processed under s. 143(1)(a) of the Act on 27th March, 1998. The AO while processing the assessee's return, computed the assessee's income under s. 115JA of the Act and consequently charged the interest under s. 234C of the ....

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....iterated the submissions that the provisions of MAT have been introduced only on 22nd July, 1996, and relevant provisions of s. 115JA having been made applicable w.e.f. 1st April, 1997, i.e., from asst. yr. 1997-98, the assessee was not entitled to pay the first instalment of advance tax due on 15th June. 1996. 5. On the other hand, the learned Departmental Representative submitted that so far ....

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....idered the rival submissions, facts and circumstances of the case and provisions of S. 115JA which were brought on statute as per the Finance (No.2) Bill, 1996, introduced in the Lok Sabha on 22nd July, 1996 and made applicable w.e.f. 1st April, 1997, we are of the opinion that since the assessee's normal income liable to income-tax as payable was nil, the assessee could not be said to be liable t....