Sec. 115JB introduced by Finance Act 2000 is a self-contained code by itself.
Sec. 115JB(5) specifies that all other provisions of the Income Tax Act shall apply to every assessee being a company mentioned in Sec. 115JB. Circular No. 13 of 2001 dated 9th November 2001 makes it clear that every company governed by Sec. 115JB shall be liable to pay advance tax under Income Tax Act. Consequently, the provisions of sections 234B and 234C for levying interest on defaults in payment of advance tax and deferment of advance tax respectively, would also be applicable to companies governed by Sec. 115JB – Jindal thermal Power Co. Ltd vs. DCIT and another (2006) 286 ITR 182 (Kar.). The Honorable Supreme Court has in CIT vs. Kwality Biscuits (2006) 284 ITR 434 held that interest under sections 234B and 234C shall not be applicable for companies paying tax under the erstwhile Sec.115J. This decision, however, is applicable only in the context of Sec.115J and not in the context of Sec.115JB. As referred above, Sec. 115J does not contain a restrictive clause of applicability of all the other Sections of the Income Tax Act unlike Sec. 115JB(5).
