Assessee liable to pay interest u/s 234B & 234C even if income is computed u/s 115JA

Special Bench judgement may prevail over non-jurisdictional High Court judgement. Snowcem India 313 ITR 170 (Bom) may be per incuriam. The Tribunal had to consider whether an assessee liable to pay Minimum Alternate Tax u/s 115JA was also liable to pay interest u/ss 234B & 234C for short-fall in payment of advance tax. The Judicial Member followed the judgement of the Bombay High Court in Snowcem India Ltd 313 ITR 170 and held that interest u/ss 234B and 234C could not be levied when book profits was computed u/s 115JA. The Accountant Member dissented and followed the earlier judgement of...