Advance tax is payable in case of companies liable to pay tax on book profits

Facts

• Taxpayer filed its return of income declaring total income of Rs. NIL under the normal provisions and offered the income based on book profits.
• Assessment order was passed under section 143(3) assessing total income at Rs. Nil after setting off the brought forward losses and unabsorbed depreciation.
• The Assessing Officer („the AO?) levied tax on the book profits determined under section 11 5JA of the Income Tax Act,1961 („the ITA?).

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