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S. 115JA assessment is not liable for advance tax interest u/ss 234B and 234C.
(i) Where an assessment is made u/s 115JA of the Act, an assessee is not liable to pay interest for non-payment/shortfall of advance tax u/ss 234B and 234C of the Act. CIT v. Kwality Biscuits Ltd 284 ITR 434 (SC) followed;
(ii) There is a difference between dismissal of a Special Leave Petition and dismissal of an Appeal. While the dismissal of a SLP does not result in merger of the judgment of the High Court with that of the Supreme Court and there is no affirmation, the dismissal of an Appeal results in an affirmation and merger of the order of the High Court into that of the Supreme Court.
Note: In CIT v. Kwality Biscuits Ltd 284 ITR 434 (SC) the Court was concerned with s. 115J of the Act.
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