Nil Book Profit – Section 234B & 234C Interest not applies

CIT Vs National Dairy Development Board (Gujarat High Court) When its book profit was nil on the last date of the financial year then the assessee had no liability to pay advance tax and therefore, interest u/s 234B and section 234C of the Act will not be charged The issue under consideration is Whether on the facts and circumstances of the case and in law, the ITAT was justified in deleting interest u/s. 234B and 234C of the I.T.Act by holding that same would not have been charged on the assessee on account of increase in total income resulting from retrospective amendment to section 43(6) of...