Jt.C.I.T.,Mumbai vs M/S.Rolta India Ltd

The Supreme Court addressed whether interest under Section 234B of the Income Tax Act, 1961 can be charged on tax calculated on book profits under Section 115JA. The Court held that advance tax is not payable on book profits under Section 115JA, thereby ruling that interest under Section 234B cannot be levied in such cases. The decision reversed the earlier position taken by the Bombay High Court and aligned with the Karnataka High Court's judgment in M/s Kwality Biscuits Ltd.