Interest for shortfall in payment of advance tax leviable while computing book profit under MAT provisions

DCIT v. Bharat Aluminium Company Ltd (ITAT Delhi)- The Delhi Tribunal in this case  has held that interest for deferment of advance tax is leviable under Section 234C of the Act where there is a shortfall in payment of advance tax while computing ‘book profit’ under the existing MAT provision under Section 115 JB of the Act. The Supreme Court in the decision of Kwality Biscuits Ltd held that interest cannot be leviable under Section 234 B and 234 C of the Act, in the case of assessment done on the basis of book profits under Section 115 J of the Act, since the entire exercise of c...