COMMISSIONER OF INCOME TAX Vs. NATURAL GEMS LTD.

JUDGEMENT

(1.) We had requested Mr. Mistri to appear as amicus curiae for the respondent as none had appeared on behalf of the respondent-assessee.

(2.) By this appeal, the Revenue has approached this Court on the following questions:

(3.) The learned Counsel for the Revenue draws our attention to the judgment of this Court in CIT V/s. Kotak Mahindra Finance Ltd., 2004 265 ITR 119 0282/2003. It is also brought to our attention that unlike Sections 115, Section 115JA(4) and Section 115JB(5) have made provisions for applicability of other provisions of the Act in the matter of computation of payment of advance tax. In Kotak Mahindra, 2004 265 ITR 119 0282/2003, a learned Bench of this Court was considering whether the provisions pertaining to interest under Sections 234B and 234C would be applicable to the company covered by Section 115J of the Income Tax Act. The learned Bench answered the issue in favour of the assessee as in that case there was shortfall in the payment of the advance tax paid and after regular computation as worked out in terms of Section 115J.