Section 234B & 234C Interest on Book Profit Not Justified

PCIT Vs Mangalore Refnery & Petrochemicals Ltd. (Bombay High Court) The issue under consideration is whether the charge of interest under sections 234B and 234C on the book profit was not justified? In the present case, in the return of income filed, tax liability was determined on the ‘book profits’ in terms of Section 115JB of the Act. Even in the assessment finalized u/s 143(3) of the Act, the final tax liability was determined by Assessing Officer based on the book profits determined u/s 115JB of the Act. In the assessment order passed u/s 143(3) dated 30.10.2006, Assessing Officer...