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Applicability of Interest U/s. 234 on tax calculated on book profits under Section 115JA
Case Law Details
- Case Name
- Jt. C. I. T. Vs M/s Rolta India Ltd. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
Joint CIT Vs. Rolta India Ltd. (SC)
Can interest under sections 234B and 234C be levied where a company is assessed on the basis of book profits under section 115JB?
On this issue, the Supreme Court observed that there is a specific provision in section 115JB(5) providing that all other provisions of the Income-tax Act, 1961 shall apply to every assessee, being a company, mentioned in that section. Section 115JB is a self-contained code pertaining to MAT, and by virtue of sub-section (5) thereof, the liability for payment of advance tax would be attracted. Therefore, if a company defaults in p...
