Interest U/s. 234B & 234C payable on advance tax liability under MAT provisions

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HIGH COURT OF BOMBAY

Commissioner of Income-tax

v.

Glenmark Pharmaceutical Ltd.

IT Appeal NO. 2170 OF 2009

JANUARY 8, 2013

 

Isssue – Whether on the facts and in the circumstances of the case, the ITAT is correct in law in deleting the interest charged u/s 234B and 234C while computing income u/s115JB without appreciating the facts that the said section specifically state that all provision of the Act shall apply to the assessee being company mentioned in the said section and therefore section 115J of the Act is no more available for the assessee for delaying the payment of advance tax in view of the insertion of section 115JA 115JB in the Act.

Held : It is agreed between by Advocates for the appellant as well as respondent that the above question is covered in favour of the Revenue and against the assessee by the decision of the Supreme Court in the matter of Jt. CIT v. Rolta India Ltd. [2011] 330 ITR 470. Therefore, question (e) has to be answered in favour of the revenue and against the assessee.