Interest u/s 234B / 234C payable on failure to pay advance tax on AMT/MAT

M/s GIE Jewels Vs. Income Tax officer (ITAT Jaipur) Section 115J/115JA are special provisions. Section 207 envisages that tax shall be payable in advance during any financial year on current income in accordance with the scheme provided in Sections 208 to 219 (both inclusive) in respect of the total income of the assessee that would be chargeable to tax for the assessment year immediately following that financial year. Section 215 (5) of the Act defined what is “assessed tax”, i.e., tax determined on the basis of regular assessment so far as such tax relates to income subject to ad...