Law:

Section:

Section 154 of the Income-tax Act, 1961 - Rectification of mistake - Apparent from records - Assessment year 2001-02 - When a specific provision of Act has not been applied, while passing an order of assessment, which is a mistake apparent from record, income-tax authority has power to rectify said mistake by invoking section 154 [In favour of revenue] Section 234B, read with sections 234C and 115JB of the Income-tax Act, 1961 - Interest, chargeable as - Assessment year 2001-02 - Where assessee's case fell under section 115JB, it was liable to pay interest under sections 234B and 234C [In favour of revenue] Sub-section (5) of section 115JB clearly states that other provisions of the Act shall apply to every assessee being a company, save as otherwise provided in the said section. In this context, Circular No. 13 of 2001 has also been issued by the Central Board of Direct Taxes as per which companies covered by the provisions of section 115JB are liable to pay advance tax and, consequently, sections 234B and 234C are applicable. CASES REFERRED TO Kwality Biscuits Ltd. v. CIT [2000] 243 ITR 519/ 110 Taxman 47 (Kar.) (para 2). E.R. Indrakumar and E.I. Sanmathi Indra Kumar for the Appellant. A. Shankar and M. Lava for the Respondent. JUDGMENT N.K. Patil, J. - This appeal by the Revenue is directed against the impugned order dated June 7, 2005, passed in I.T.A. No. 383/Bang/2005 by the Income-tax Appellate Tribunal, Bangalore Bench "A", reversing the orders passed by the appellate authority and the Assistant Commissioner of Income-tax, Circle-12(2), Bangalore, for consideration of the following substantial questions of law : "(1) Whether the law declared by this hon'ble court in Kwality Biscuits [2000] 243 ITR 519 (Karn.) holding that no levy of interest can be made under sections 234B and 234C of the Act when computation of total income is made under section 115J of the Act can also be extended to computation of total income made under section 115JA of the Act which commences with a non obstante clause to compute the total income in accordance with the book profits, as contemplated in the said section and saves all other provisions of the Act under sub-section (4)…

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