Foreign currency loans given by assessee to its AE to be benchmarked at LIBOR instead of at domestic

IT/ILT : For benchmarking lending in foreign currency, interbank rate should be taken for international transaction instead of domestic prime lending rate

Addition just because a peer co. declared higher profit isn't permissible if assessee had clean hist

IT: Addition in gross profit rate of assessee with reference to case of another assessee was not justified, when assessee's past history was available and there was no material difference in facts pertaining to relevant assessment year and past history year

Services of ‘Rent-a-cab’ for commutation of employees between office and residence are input service

ST : Rent-a-cab service used for bringing employees from residence to factory and back, and, service of air travel agents for booking tickets for visit of officers to different offices of buyers (railways) are input services, eligible for credit

AO can’t outright reject sec. 154 application on reasoning that the underlying matter is a debatable

IT : Where certain issue was neither taken nor decided by Assessing Officer, application under section 154 could not be held to be not maintainable on ground that issue was debatable

Unless terms of sale of land requires pre-sale development, expenditure thereon could not be allowed

IT : Assessees did not produce any written agreement for pre-sale development of land nor was there any prior payment by purchaser therefor and assessees financial capacity was also not proved, pre-sale land development expenditure could not be allowed

Reasons for initiating re-assessment and materials on record should have a live nexus - Delhi HC

IT: Reasons recorded for validity of notice for reopening assessment should have live nexus with material on record

In case of payment through credit cards, value of services would include commission retained by Cred

ST/ECJ : In case of payment of services through credit card, commission retained by card-issuing organization represents consideration for a separate service rendered by it and, therefore, taxable amount in hands of service provider is price charged without deducting such commission

COMMISSIONER OF INCOME TAX: DELHI -I Vs. BHARTI AIRTEL LIMITED

$~2. * IN THE HIGH COURT OF DELHI AT NEW DELHI + INCOME TAX APPEAL NO. 294/2013 Date of decision: 19th July, 2013 COMMISSIONER OF INCOME TAX: DELHI -I ..... Appellant Through Mr. Abhishek Maratha, Sr. Standing Counsel & Ms. Anshul Sharma, Advocate. versus BHARTI AIRTEL LIMITED ..... Respondent Through Nemo. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE SANJEEV SACHDEVA SANJIV KHANNA, J. (ORAL): This appeal by the Revenue, which pertains to Assessment Year 2005-06, has to be dismissed in view of the authoritative pronouncement of the Supreme Court in Commissioner of Income Tax versus Alagendran Finance Limited, (2007) 293 ITR 1 (SC). 2. Relevant facts in brief may be noticed. Return filed by the assessee for Assessment Year 2005-06 was taken up for scrutiny and income was assessed at Rs.860,18,30,950/- vide assessment order dated 31st December, 2007 after the setting off of brought forward loses and unabsorbed depreciation amounting to Rs.1941,17,35,146/-. ITA No. 294/2013 Page 1 of 4 3. There appears to be another order under Section 154 read with Section 143(3) dated 7th March, 2008, where the income under the normal provisions was assessed as "nil" after setting off brought forward losses and unabsorbed depreciation and the book profits were assessed at Rs.1724,82,75 449/- under Section 115JB of the Act. 4. Subsequently, the Assessing Officer issued notice under Section 147 and an order under Section 147 read with Section 143(3) dated 10th December, 2009 was passed. In the re-assessment order, two additions were made in respect of non-deduction of tax at source on payment of interest to ABN Amro Bank, Stockholm Branch. The second addition was made on account of ESOP expenses. The said order also discusses set off or brought forward loss or unabsorbed depreciation. 5. Subsequently, the Commissioner of Income Tax Delhi - I made an order under Section 263 of the Act dated 24th March, 2011 for failure to deduct TDS under Section 194H on free air time provided to distributors and under Section 194J on roaming charges paid to other network operators. The Commissioner invoked Section 40(a) (ia) to make the said disallowance. 6. Section 263(2) of the Act postulates and prescribes time limit of two years as it stipulates that no order in revision will be passed by the Commissioner after expiry of two years from the end of the financial year in which the order sought to be revised was passed. ITA No. 294/2013 Page 2 of 4 7. The question raised is whether the first order under Section 143(3) dated 31st December, 2007 or the second order under Section 147 read with Section 143(3) dated 10th December, 2009 will be the starting point of limitation under Section 263(2) of the Act. If the first order dated 31st December, 2007 is taken as the starting point, the order passed under Section 263, dated 24th March, 2011 is barred by limitation, but if we treat the second order dated 10th December, 2009 under Section 147/143(3) as the starting point, the order passed on 24th March, 2011 will be within time. 8. It is factually correct and cannot be disputed that the two aspects/questions, which have been dealt with and additions which have been made in the order under Section 263 dated 24th March, 2011, have not been dealt with or examined in the second assessment or the re-assessment order dated 10th December, 2009. The second order or the re-assessment order is on different aspects. In these circumstances, the decision of the Supreme Court in Alagendran Finance Limited (supra) is clearly applicable and the following ratio is binding on us:- "We, therefore, are clearly of the opinion that keeping in view the facts and circumstances of this case and, in particular, having regard to the fact that the Commissioner of Income-Tax exercising its revisional jurisdiction reopened the order of assessment only in relation to lease equalisation fund which being not the subject of the reassessment proceedings, the period of limitation provided for under sub-section (2) of section 263 of the Act would begin to run from the date of the order of assessment and not from the order of ITA No. 294/2013 Page 3 of 4 reassessment. The revisional jurisdiction having, thus, been invoked by the Commissioner of Income Tax beyond the period of limitation, it was wholly without jurisdiction rendering the entire proceeding a nullity." 9. In the said case, second or re-assessment order was passed under Section 147 of the Act. Order under Section 263 passed by the Commissioner was held to be barred by limitation as the subject matter of additions made in the said order were not dealt with in the reassessment order. Thus doctrine of merger it was held would not apply and limitation would begin from the date of the first or original assessment order. It has been held that once reassessment order was passed, original underassessment was set aside, to the extent of underassessment but not in respect of matters covered by the original assessment and not subject matter of reassessment proceedings or order. Earlier judgments in Hind Wire Industries Limited versus Commissioner of Income Tax, (1995) 212 ITR 639 (SC), Commissioner of Income Tax vs. Sun Engineering Works Private Limited (1992) 198 ITR 297 (SC) and other cases, were examined before the said opinion and ratio was expounded. The appeal is accordingly dismissed. SANJIV KHANNA, J. SANJEEV SACHDEVA, J. JULY 19, 2013 VKR/NA ITA No. 294/2013 Page 4 of 4

No more exemption from return filing for salaried taxpayers; special counters to file paper return u

IT : Special IT Return Receipt Counters for Salaried Tax Payers with Income upto Rs. 5 Lakh

No concealment penalty for additions during scrutiny assessment if assessee didn’t conceal any mater

IT : Assessee having disclosed all material facts, no penalty could be imposed under section 271(1)(c) on basis of additions made by Assessing Officer in scrutiny assessment

Materials used for making a premises dust-free and fire resistant is an eligible input

ST : Paints and other materials used on floor of factory/premises to make it dust free and fire retardant, which was essential for manufacture/provision of service, are inputs eligible for Cenvat Credit

Mere submitting an incorrect claim without malafide intention doesn’t attract concealment penalty

IT : Where expenditure was disallowed due to non-availability of supporting evidence, it could not be held as giving inaccurate particulars of income, and, therefore, penalty for concealment could not be levied

A bona fide belief on allowability of an exp. and disclosure of same in return saves assessee from p

IT : Where assessee-company bona fidely believed that expenses in question could be claimed towards business expenses and all material facts relating to these expenses were disclosed in return of income, penalty under section 271(1)(c) was not leviable

INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI STATEMENT SHOWING THE LIST OF SPECIAL BENCH CASES PENDING AS ON 06.07.2013.

INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI STATEMENT SHOWING THE LIST OF SPECIAL BENCH CASES PENDING AS ON 06.07.2013. Sr. Appeal No. Name of the To whom assigned the Points involved Remark No Assessee Special Bench MUMBAI BENCHES 1. ITA No. 5568 & DHL Operations 1. Hon'ble Vice- "Whether, or not, on the facts and in Fixed on 5569/M/1995 & B.V. Netherlands President the circumstances of the case and on a 10.09.13 6448/M/1994 2. ( MZ) proper interpretation of Art. 5.5 and A.Y. 1991-92 to 1993- 3. Shri. P.M.Jagtap, Art. 5.6 of the DTA (with Netherlands) 94 A.M. and having regard to its activities, it Shri.B.Ramakotaiah, can be said that Airfreight Ltd. was the A.M. agent of the assessee so that it can be held that the assessee had a PE in India? And if the answer is in the affirmative, whether or not the income from inbound shipments can be treated as attributable to the PE?" 2. ITA 5996/M/93 GTC Industries Ltd. 1. Vice President(MZ) Fixed on ITA 1055/M/94 2. Shri R.S.Syal,AM. 05.09.13 ITA 1056/M/94 3. Shri B. Ramakotaiah, A.M. 1 DELHI BENCHES 1. ITA No. M/s C.L.C. & Sons 1. Hon'ble President, "Whether, on the facts and Fixed after 1976/Del/2006 Pvt. Ltd. I.T.A.T. circumstances of the case, assessee is the disposal 2. Hon'ble Vice-entitled to claim depreciation on the of Hon'ble President (Zonal) value of all intangible assets falling in High Court 3. Shri. Rajpal Yadav, the category of "any other business or in the case of JM. commercial rights", without coherence CLC Global of such rights with the distinct genusis/ Ltd. which is category if intangible assets like know pending how, patents, copyrights, trade marks, before licences and franchises as defined U/s Hon'ble High 32(1) (II) of the I.T. Act." Court. 2. ITA No. 1999 & M/s National 1. Shri.G.D.Agarwal,VP "Whether on the facts and Blocked for 6th 2000/Del/2008 Agricultural Co-op. (DZ). circumstances of the case, where claim Months Mkt. Federation of 2. Shri.Rajpal Yadav, of damages and interest thereon is India, New Delhi 3. J.M. deputed by the assessee in the court of Shri.I.C.Sudhir,JM law, deduction can be allowed for the interest claimed on such damages while computing business income." 3. ITA M/s Giesecke & 1. Shri P.M.Jagtap,A.M. 1."Whether for the purposes of Fixed on No.5924/Del/2012 Devirent India 2. Shri A.D. Jain, J.M. determining the Arm's Length Price in 05/08/2013 Pvt.Ltd.,Gurgaon. 3. Shri B. Ramakotaiah, relation to the international A.M. transaction, quantitative filter of high/low turnover is to be applied and, accordingly, high/low turnover companies vis-à-vis the assessee company are to be excluded from the comparables selected for bench marking the transaction. 2.If the answer to question no. one is in affirmative then what should be the parameter, if any, for exclusion of high/low turnover companies vis-à-vis the assessee company. 2 4. ITA M/s Suraj 1. Shri U.B.S Bedi, J.M. "Whether on the facts and in the Fixed on No.3827/Del/2009 Oversease(Pvt.)Ltd. 2. Shri S.V.Meharotra, circumstances of the case, the 22/07/2013 A.Y.2006-07 A.M. Commissioner of Income Tax(Appeals) 3. Shri I.C. Sudhir, J.M.erred in Law in holding that profit aggregating to Rs. 2,51,50,313/-earned by the appellant from sale of shares and securities held under discretionary portfolio management scheme was assessable under the head `business income', as opposed to capital gains returned by the appellant?" 5. ITA No. Shri Tejinder singh 1. Vice President, (DZ) "Whether on the facts and Blocked for 06 163/ASR/2003 (HUF) 2. Shri S.V.Mehrotra, circumstances of the case, months A.Y.1998-99 A.M. consideration claimed to have been 3. Shri R.P. Tolani,J.M. received on account of sale of jewellery 4. Shri B.C.Meena, A.M. etc. relating to the disclosures made 5. Shri R.P.Yadav, J.M. under VDI Scheme, 1997, can be considered to be the income of the assessee from undisclosed sources under any of the provisions of Income- tax Act, 1961?" KOLKATTA BENCHES 1. ITA Nos.1548 & M/s. 1. Hon'ble President, 1. "Whether, on the facts and in the Adjourned 1549/Kol/2009 Instrumentarium I.T.A.T. circumstances of the case, no arm's length Sine-die. A.Y.2003-04 & 2004- Corporation Ltd. 2. Hon'ble V.P. (KZ) rate of interest was required to be charged 05 3. Shri Mahavir Singh, on the loan granted by the non-resident J.M. assessee-company to its wholly owned subsidiary Indian company M/s Datex Ohmeda(Indian) Pvt. Ltd.(Datex)?" 2. "Whether, in the given facts and circumstances of the case, CBDT Circular No. 14 of 2001 [252 ITR (St.) 104] and Taxation Ruling TR 2007/1 issued by Australian Taxation Office are relevant in the context of Transfer 3 Pricing Regulations of India, in particular to the case of the assessee? 3. "Whether, setting off of loss with future profits and not assessing the interest income in the hands of the assessee on arm's length price will cause real loss to the Govt. exchequer?" CHENNAI BENCHES 1. Int. T.A. 101 & M/s Bharat 1. Hon'ble Vice- "Whether, the amount collected from Adjourned 161/Mds/2003 Overseas Bank Ltd., President (CZ) the borrowers to meet the interest tax Sine die A.Y. 1999-2000 Chennai 2. Shri. N.S.Saini,A.M. liability could be taxed as interest A.Y.2000-2001 3. Smt.P.Madhavidevi, under the Interest-Tax Act, 1974?" J.M. AHMEDABAD BENCHES 1. ITA 2170/Ahd/2005 M/s Nanubhai D. 1. Hon'ble President,"Whether, Shri Deepak R. Shah, Adjourned Desai, Surat I.T.A.T. advocate and ex-Accountant Member of Sine die 2. Hon'ble Vice-the Income Tax Appellate Tribunal, is President (AZ) debarred from practicing before the 3. Shri.R.S.Syal,A.M. Income Tax Appellate Tribunal in view of the insertion of Rule 13 E in the Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules,1963?" 2. ITA 1952/AHD/2012 Shri Himanshu V. 1. Hon'ble Vice- "Whether deduction u/s 80-IA(4)(ii), Date awaited Shah, Ahmedabad. President,(AZ). which is available to BASIC Telecom 2. Shri.S.V.Mehrotra, Services Providers is also available to A.M. Franchisee of such Basic Service 3. Shri.M.K.Shrawat, Providers also, which is only putting J.M. EPEX system with out creating infrastructure in the field of Telecom?" 4 3. ITA Nos.2668,2669 & The People"s Co-op. 1. Hon'ble Vice- 1."Whether the assessee being a Co- Fixed on 2670/Ahd/2012 & Credit Society Ltd., President(AZ). operative Credit Society, in view of its 12/08/2013 C.O.Nos.10, 11, Deesa. 2. Shri.M.K.Shrawat, function in providing credit facilities to 12/Ahd/2012 J.M. its members, is into the business of 3. Shri A.M. banking and is it not being impeded or Alankamony, A.M. hit by the provisions of section 80P(4) of I.T. Act, 1961? Further, in view of section 5 of Banking Regulation Act, 1949 and section 2 of NABARD Act, 1981, whether this Co-operative Credit Society is carrying on the Banking Business, and for all practical purposed acting like a Co-operative Bank?" 2. "Whether a Co-operative Credit Society being providing credit facility to its members can be held as banking function, so as to deny the benefit of Section 80P(2)(a)(i) by invoking the provisions of section 80P(4)?" HYDERABAD BENCHES 1. ITA No. 18/H/2012 M/s Jagathi 1. Shri R.S. Syal, AM. Fixed on Publication Pvt. 2. Shri P.M. Jagtap, AM. 16/09/2013 Ltd., Hyderabad. 3. Shri N.V. Vasudevan, Vide M.Z.U.O. JM. Dt.03.07.2013 5 INCOME TAX APPELLATE TRIBUNAL,MUMBAI BENCHES,MUMBAI. LIST OF SPECIAL BENCH CASES HEARD AND PENDING FOR ORDERS AS ON 06.07.2013 Sr. Appeal No. Name of the To whom assigned the Points involved Remark No Assessee Special Bench RAJKOT BENCH 1. ITA No. 391 & M/s Bharti Auto 1. Shri G.C. Gupta, Heard on 392/Rjt/2011. Products, Jamnager. Vice-President, (AZ). 18/06/2013 2. Shri D. K. Srivastava, AM 3. Shri A. M. Alankamony, AM. 6

RBI/2013-14/147 A.P. (DIR Series) Circular No. 14 dated 22-07-2013

Reserve Bank Of India

A.P. (DIR Series) Circular No.14

July 22, 2013

To

All Category - I Authorised Dealer Banks

Madam / Sir,

Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 20, 2012 extending the enhanced period for realization and repatriation to India, of the amount representing the full value of goods or software exported, from six months to twelve months from the date of export up to March 31, 2013. Further, in terms of A.P. (DIR Series) Circular No. 105 dated May 20, 2013 it was decided, in consultation with the Government of India to bring down the above stated realization period from twelve months to nine months from the date of export valid till September 30, 2013.

2. In this connection, it is clarified that as the realization and repatriation period stipulation in terms of A.P. (DIR Series) Circular No. 52 dated November 20, 2012 was valid till March 31, 2013 only, the time period for realization and repatriation of export proceeds from April 01, 2013 onwards till September 30, 2013, shall be reckoned as nine months from the date of export.


3. The provisions in regard to period of realization and repatriation to India of the full export value of goods or software exported by a unit situated in a Special Economic Zone (SEZ) as well as exports made to warehouses established outside India remain unchanged.s


4. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.


5. The directions contained in this circular have been issued under sections 10 (4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(C. D. Srinivasan)

Chief General Manager

RBI/2013-14/147

RBI/2013-14/148 A.P. (DIR Series) Circular No. 15 dated 22-07-2013

Reserve Bank Of India

A.P. (DIR Series) Circular No. 15

July 22, 2013

To

All Scheduled Commercial Banks which are Authorised Dealers (ADs) in

Foreign Exchange/ All Agencies nominated for import of gold

Madam / Sir,

Import of Gold by Nominated Banks /Agencies/Entities

Attention of Authorised Persons is drawn to the Reserve Bank’s A.P. (DIR Series) Circulars No. 103 , 107 and 122 dated May 13, June 04 and June 27, 2013 respectively on the captioned subject. ;As per these instructions, certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the domestic sector. None of these restrictions was applicable to import of gold for the purpose of exports or to import of gold by units in SEZ exclusively for the purposes of exports.

2. Based on a review of the above instructions and in consultation with Government of India, it has been decided to rationalize the import of gold in any form/purity including import of gold coins/dore into the country. Accordingly, the following instructions are issued:
   
   
   
   1. It shall be incumbent on all nominated banks/nominated agencies to ensure that at least one fifth of every lot of import of gold (in any form/purity including import of gold coins/dore) is exclusively made available for the purpose of export. Such imports shall be linked to financing of exporters by the nominated agencies (i.e. average of last three years or any one year whichever is higher). Further, they shall make available gold in any form for domestic use only to entities engaged in jewellery business/bullion dealers supplying gold to jewellers.
   
   
   2. They will be required to retain 20 per cent of the imported quantity in the customs bonded warehouses.
   
   
   3. They are permitted to undertake fresh imports of gold only after the exports have taken place to the extent of at least 75 per cent of gold remaining in the customs bonded warehouse.
   
   
   4. Any import of gold under any type of scheme, shall follow the 20/80 principle set out at (a) and (b) above. The extant instructions, as regards import of gold on consignment basis, LC restrictions etc. stand withdrawn.
   
   
   5. A working example of the operation the scheme envisaged in terms the present instructions is given in the Annex.
   
   
   
   
   


3. Entities/units in the SEZ and EoUs, Premier and Star trading houses are permitted to import gold exclusively for the purpose of exports only.


4. AD Category I Banks are advised to strictly ensure that foreign exchange transactions effected by / for their constituents are compliant with the above instructions. Head Offices of nominated agencies / International Banking Divisions of banks would be responsible for monitoring operations of the revised scheme taking into account transactions put through different centres.


5. Government of India will be issuing separate instructions, if any, to the customs authorities/DGFT to operationalize and monitor these import restrictions.


6. The above instructions will come into force with immediate effect. Authorised dealers may please bring the contents of this circular to the notice of their constituents and customers concerned.


7. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999), and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully

Rudra Narayan Kar

Chief General Manager-in-Charge

RBI/2013-14/148

---

Annex

An example of the working of the scheme:

1. Nominated agency ABC imports say 100 kg of gold in any form/purity.


2. Out of the above import of 100 kg, 20 kg gold held in the bonded warehouse can be got released in part or full to be sold to exporters of gold against undertaking to customs authorities as is the practice now.


3. Any further import of gold by ABC shall be permitted by the customs authorities only to the extent of actual export out of 20 kg of gold held in bonded warehouse. This can happen only after at least 15 kg of gold out of 20 kg is actually exported from the previous lot.


4. If ABC wants to place order for the second lot of import, only 75 kg of import (including 15 kg for exports) will be permitted which will again follow the procedure outlined above. At this stage, total gold with the bonded warehouse meant for the exporter will be (5 + 15) i.e. 20 kg. Out of this at least 15 kg (i.e. 75% of the above 20 kgs) will have to be actually exported to enable ABC to import again. This procedure will be followed for every lot of import.


5. If for any reason, ABC is not able to channelize the gold held in bonded warehouse for exports, no further imports can be undertaken by ABC who will also arrange for re export of the gold in the bonded warehouse.
   

Materials used for making a premises dust-free and fire resistant is an eligible inputs

ST : Paints and other materials used on floor of factory/premises to make it dust free and fire retardant, which was essential for manufacture/provision of service, are inputs eligible for Cenvat Credit

Payments for launching and tracking of satellite aren't FTS as no technology is made available to as

IT/ILT : Where foreign companies did not make available or transfer any technology to assessee satellite manufacturer, with respect to launching and tracking of its satellite, payments could not be held as fees for technical services in view of article 13 of India - France DTAA and article 12 of India - USA DTAA

CISF wants ‘service tax, security deposit’ for guarding Haryana, Punjab Secretariat

The Central Industrial Security Force (CISF), which has been guarding the Punjab and Haryana Civil Secretariat in Chandigarh for over a decade now, has threatened to withdraw its services, if both the governments failed to clear outstanding dues worth Rs 45 crore by August 31.

The amount included service tax and advance security deposit of three months on the security being provided by it to the states.

The CISF, earlier this month, had sent a strong-worded notice to the governments of Haryana and Punjab in this regard. According to CISF, while Haryana is required to clear an outstanding of Rs 23 crore, Punjab owes it Rs 22 crore. However, in a letter to the director general (CISF) under Union Ministry of Home Affairs, Haryana's Additional Chief Secretary (Home) Samir Mathur has rebutted its claims and clarified the government's position.

It stated that CISF is a central armed police force and clearly differentiated from private security agencies.

"In this case, it is providing safety and protection to the functioning of democratically elected governments under the Constitution. The Punjab and Haryana Secretariat is the seat of governance of the states of Punjab and Haryana from where the constitutional functions are discharged. It is difficult to conceive that service tax has been sought to be levied for security... when the states are paying deployment charges," the letter added.

On CISF's claim that Haryana owes it arrears worth Rs 6.47 crore and a penal interest of Rs 9.82 crore, the government said: "During reorganisation of the erstwhile Punjab state, the assets were divided in the ratio of 60:40, including the space and manpower deployed in the Secretariat building between Punjab and Haryana. ...during the period of deployment of ITBP, the cost was shared in the ratio of 60:40 and this pattern is continuing again from October 2009 till date."

Interest allowable on advance deposit of MAT under sec. 115JA, as it bears character of advance tax

IT : MAT deposit made in advance under section 115JA on basis of book profit bears character of tax paid in advance and, therefore, interest under section 244A has to be granted in case of excess deposit of said amount