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Interest on Tax U/s 115JB

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(Querist)
18 September 2008 A company has Loss calcualted as per normal porvisions but Tax as per section 115JB.Does the provisions of Sec.234B&C apply in such a case.



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SRIKANTH

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SRIKANTH (Querist)
18 September 2008 A company has Loss calcualted as per normal porvisions but Tax as per section 115JB.Does the provisions of Sec.234B&C apply in such a case.



Thank you
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 September 2008 YES .INTEREST PROVISIONS APPLY.
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
18 September 2008 In case of section 115J cases - Interest is not leviable under sections 234B and 234C in the case of assessment of a company on the basis of book profits under section 115J - CIT v. Kwality Biscuits Ltd. [2006] 155 Taxman 658 (SC).
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CA Pawan Goswami

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CA Pawan Goswami (Expert)
18 September 2008 Yes, Sec. 234A/B/C will apply
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 September 2008 Sampat jain sab

Circular 13/2001 also says interest provision is applicable.
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