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?). Interest under section 234B was charged since no advance tax had been paid in respect of tax on book profits. On an appeal by the taxpayer, the Commissi...