under
the provision of section 115JB of the Act. The Assessment was
completed u/s 143(3) of the Act, determining income ... provisions of section 115JA are paripassu with the
provisions of section 115JB, respectfully following the principles
laid down by the Hon'ble Supreme Court
basic issue is whether the condition stipulated in sub-
section (2) of Sec. 115JB that the accounts have to be prepared as per
Part ... after the accounts have
been prepared as provided in sub-section (2) of Sec. 115JB of the Act.
The condition not having been satisfied
interest charged u/s 234C . It is
submitted that interest u/s 234C cannot be levied when assessment was made
u/s 115JB.
4.1. Without ... sustained u/s 14A of the Act and secondly considering
disallowance u/s 14A of the Act for the purpose of sec.115JB
amount is clearly in
inadmissible in terms of Explanation given below sec. 115JB(2) . On the basis of the above,
the Assessing Officer added back ... under section 234B and Rs. 11,78,960 under section 234C even though
the-appellant became liable to pay tax under section 115JB by virtue
grievance:
"2. Addition of expenses disallowed u/s 14A while computing book
profits u/s. 115JB :
2.1 On the facts and in the circumstances ... Assessing Officer not to make any disallowance under
section 14A while computing book profit under section 115JB.
15. Ground no. 2 is thus also allowed
should not be phased out as provided in sub-section
(1B) of sec. 80HHC because, 115JB is an independent code ... these decisions the position even after
in section of clause (i) to Explanation 1 to Section 115JB was
considered. In view of this
while computing the book profits
under section 115JB of the Income Tax Act, 1961.
32. Ground no.6 is arising out of the observation ... from book profit is concerned ld. AR
submitted that provisions of section 115JB Explanation -1 clause (viii)
of the Act clearly specifies that
levied
under section 271(1)(c) of the Act on addition of declared
tax liability to the book profit under section 115JB ... penalty under section 271(1)(c) of
the Act on addition of declared tax liability to the book
profit under section 115JB
appreciating the implication
of sub section (1A), (2A), (3A)(4) and
(5) of Section 115JAA r.w. Section
115JB ... without making
any disallowance in respect thereof under Section 14A .
Admittedly, for the purpose of Section 115JB , the book profits
assessed by the assessee were
allowed as a deduction and thereby the book of profit under
Section 115JB for the year ended 31.03.2001 was increased by
the amount ... provisions and in the light of Clause (i) of
Explanation to Section 115JB, the amount of Rs.1,30,53,000/-
withdrawn from the provision
