01 October 2011
All companies are liable for payment of advance tax having regard to the provisions contained in section 115JB. Consequently ,the provisions of section 234B and 234C would also be applicable where facts of the case so warrent. Citation:- 1) CBDT Circular No. 13/2001 dated 9/11/2001. 2) Madras Pharmaceuticals (P) Ltd Vs. DCIT (2008) 24 SOT 180 (Mum-Tri).
01 October 2011
The querrist referred to Case of Buscuit Kwality Which is in fact Kwality Biscuits Ltd, referred by Karnataka High Court. Refer to the case of JCIT VS Rolta India Ltd decided by Hon.Supreme Court where the decision of Kwality Buscuit has been considered and held that Interest provisions of 234B and 234C makes no distinction between companies and MAT companies. Hence MAT companies are too subject to interest provisions u/s 234B and 234C
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