JT. C. I. T., MUMBAIversusM/S ROLTA INDIA LTD.

                               (2011] 1 S.C.R. 146


A                              JT. C. I. T., MUMBAI
                                           V.
                            MIS ROLTA INDIA LTD.
                     (Civil Appeal No. 135 of 2011 etc.)
                                JANUARY 7, 2011
B
    [S.H. KAPADIA,CJI, K.S. PANICKER RADHAKRISHNAN
              AND SWATANTER KUMAR, JJ.]

          Income TAX ACT, 1961:
c
         ss. 115JA/115JB and 2348!234C - MAT Companies -
    Interest on tax calculated on book profits - HELD: Interest u/
    ss 2348 and 234C shall be payable on failure to pay advance
    tax in respect of tax payable u/ss 115JA/115JB - Circular No.
0   1312001 dated 9.11.2001 issued by CBDT.

        The assessee in C.A. No. 135 of 2011 furnished a
  return of income on 28.11.1997 declaring total income as
  Nil. On 28.3.2000, an order u/s 143(3) of the Income Tax
  Act, 1961 was passed determining the total income as nil
E after set off of unabsorbed business loss and
  depreciation. The tax was levied on book profits
  determined as per the provisions of s.115JA. The interest
  u/s 2348 was charged on tax on book profits as worked              r
  out in the order of assessment. The assessee's appeal
F was dismissed by the CIT (A) as also by the Income Tax
  Appellate Tribunal. The High Court following the judgment
  of Karnataka High Court in the case of Kwality Biscuits
  Ltd. 1 held in favour of the assessee that interest u/s 2348
  could not be charged on the tax calculated on book
G profits.
        In the instant appeals, the question for consideration
    before the Court was: whether interest u/s 2348 can be
    1.   Kwality Biscuits Ltd. Vs. CIT (2000) 243 !TR 519..
H                                        146
          JT. C. I. T., MUMBAI v. ROLTA INDIA LTD.         147

     charged on the tax calculated on book profits u/s 115JA? A
-~
         Allowing the appeals of Revenue and dismissing
     those of the assesses, the Court

         HELD:
                                                                 8
          1.1 Sections 115J/115JA of the Income Tax Act, 1961
     are special provisions, which provide that where in the
     case of an assessee, the total income as computed under
     the Act in respect of any previous year relevant to the
     assessment year is less than 30% of the book profit, the    c
     total income of the assessee shall be deemed to be an
     amount equal to 30% of such book profit. The object is
     to tax zero-tax companies. [para 7] [156-E-FJ

          1.2 The pre-requisite condition for applicability of s.
     2348 is that the assessee is liable to pay tax u/s 208 and D
     the expression "assessed tax" is defined to mean the tax
     on the total income determined u/s143(1) or u/s 143(3) as
     reduced by the amount of tax deducted or collected at
     source. Thus, there is no exclusion of ss.115J/115JA in
     the levy of interest u/s 2348. The expression "assessed E
     tax" is defined to mean the tax assessed on regular
     assessment which means the tax determined on the
     application of s. 115J/115JA in th_e regular assessment.
     [para 8] [157-8-D]
                                                                  F
          1.3 The view of the Karnataka High Court in Kwality
     Biscuits Ltd. that interest u/s 234·8 could not be charged
     on the tax calculated on book profits, was not shared by
     the Gauhati High Court in Assam Bengal Carriers* Ltd
     and Madhya Pradesh High Court in /tarsi Oil and Flours G
     (P.) Limited as also by the Bombay High Court in the case
     of Kotak Mahindra Finance Ltd. which decided the issue
     in favour of Revenue _.and against the assessee. It
     appears that none of the assessees challenged the
     decisions of the Gauhati High Court, Madhya Pradesh
                                                                  H
    148      SUPREME COURT REPORTS              [2011] 1 S.C.R.


A   High Court as well as Bombay High Court in the Supreme
    Court. The judgment of the Karnataka High Court in
    Kwality Biscuits Ltd., which was confined to s.115J of the
    Act, was challenged by Revenue and its special leave
    petition was dismissed by the Suprem_e Court in limine.
B   [(2006) 284 ITR 434). However, the Karnataka High Court
    has thereafter in the case of Jindal Thermal Power
    Company Ltd. distinguished its own decision in case of
    Kwality Biscuits Ltd. and held that s. 115JB is a self-
    contained code pertaining to MAT, which imposed liability
c   for payment of advance tax on MAT companies and,
    therefore, where such companies defaulted in payment
    of advance tax in respect of tax payable u/s 115JB, it was
    liable to pay interest u/ss 2348 and 234C of the Act. [para
    9) [158-B-H; 159-A-G)

D        1.4 Thus, it can be concluded that interest ulss 2348
    and 234C shall be payable on failure to pay advance tax
    in respect of tax payable ulss 115JAl115JB. Therefore,
    Circular No. 1312001 dated 9.11.2001 issued by CBDT
    reported in 252 ITR (St.)50 has no application. Moreover,
E   in any event, para 2 of that Circular itself indicates that a
    large number of companies liable to be taxed under MAT
    provisions o,f s.11 SJB were not making advance tax
    payments. In the said circular, it has been clarified that      r
    s.115JB is a self-contained code and thus, all companies
F   were liable for payment of advance tax uls 115JB and,
    consequently, provisions of ss.2348 and 234C imposing
    interest on default in payment of adyance tax were also
    applicable. [para 9) [158-G-H; 159-A-B]

G        Kwa/ity Biscuits Ltd. Vs. CIT (2000) 243 IT!( 519 -
    distinguished.

         Assam Bengal Carriers Ltd. v. CIT (1999) 239 ITR 862;
    and Madhya Pradesh High Court in /tarsi Oil and Flours (P.)
    Limited v. CIT (2001) 250 ITR 686; CIT v. Kotak Mahindra
H   Finance Ltd. (2003) 130 TAXMAN 730; Jindal Thermal Power
           JT. C. I. T., MUMBAI v. ROLTA INDIA LTD.            149


     Company Ltd. v. Dy. CIT (2006) 154 TAXMAN 547 -                   A
-r
 J
     approved.

                          Case Law Reference:
         (2000) 243 ITR 519           distinguished para 9
                                                                       B
         (1999) 239 ITR 862           approved        para 9
         (2001) 250 ITR 686           approv~d        para 9
         (2003) 130 TAXMAN 730 approved               para 9
         (2006) 154 TAXMAN 547 approved               para 9           c
          CIVIL APPELLATE JURISDICTION: Civil Appeal No. 135
     of 2011.

         From the Judgment & Order dated 06.02.2009 of the High        D
     Court of Bombay in ITA No. 1267 of 2008.

                                   WITH

     C.A. No. 136 of 2011, 459 of 2006 & 7429 of 2008.

         Bishwajit Bhattacharya, ASG, R.P. Bhatt, S. Ganesh, P.H.      E
     Parekh, H.R. Rao, T.M. Singh, Laxmi Iyengar, Vikas Malhotra,
     Taj Singh, B.V. Balaram Das, Pratap Venugopal, Surekha
     Raman, Asha G. Nair, Namrata Sood (for K.J. John & Co.),
     Vishal Prasad, Shashank Kunwar, Soumi Guha Thakurta (for
     Parekh & Co.), Salil Kapoor, Sanat Kapoor, Ankit Gupta, Kamal     F
     Mohan Gupta for the appearing parties.

         The Judgment of the Court was delivered by

         S.H. KAPADIA, CJI 1. Leave granted.
                                                                       G
          2. A short question which arises for determination in this
     batch of cases is - whether interest under Section 2348 can·.
     be charged on the tax calculated on book profits under Section
     11 SJA? In other words, whether advance tax was at all payable
                                                                       H
    150        SUPREME COURT REPORTS               [2011] 1 S.C.R.


A on book profits under Section 115JA?
                                                                        '1-
        3. The lead matter in this batch of cases is Joint CIT v.
    Ro/ta India Ltd. (Civil Appeal arising out of S.L.P. (C) No.
    25746/09).
B        4. Assessee furnished a return of income on 28.11.1997
    declaring total income of Rs. Nil. On 28.3.2000, an order under
    Section 143(3) was passed determining the total income at nil
    after set off of unabsorbed business loss and depreciation. The
    tax was levied on the book profit worked out at Rs. 1,52,61,834/
c . - determined as per the provisions of Section 115JA. The
    interest under Section 234B of Rs. 39, 73, 167/- was charged
    on the tax on the book profit as worked out in the order of
    assessment. Aggrieved by the said order, the assessee went
    in appeal before CIT (A). The appeal on the question in hand
D   was  dismissed. On charging of interest under Section 234B the      ,4.
    appeal was dismissed by the Tribunal on the ground that the
    case fell under Section 115JA and not under Section 115J,
    hence, judgment of the Karnataka High Court in the case of M/
    s Kwality Biscuits Ltd. was not applicable. At one stage the
E Bombay High Court decided the matter in favour of the
    Department but later on by way of review it took the view
    following the judgment of Kamataka High Court in the case of
    Kwality Biscuits Ltd. that interest under Section 234B cannot
    be charged on tax calculated on book profits, hence, the CIT
                                                                        r
F has come to this Court by way of Civil Appeal(s).
        5. We quote hereinbelow Sections 234B and 234C of the
    Income Tax Act, 1961 (in short "the Act"):

          "Interest for defaults in payment of advance tax.
G
          2348. (1) Subject to the other provisions of this section,
          where, in any financial year, an assessee who is liable to
          pay advance tax under section 208 h.:s failed to pay such
          tax or, where the advance tax paid by such assessee
          under the provisions of section 210 is less than ninety per
H
         JT. C. I. T., MUMBAI v. ROLTA INDIA LTD.              151
                      [S.H. KAPADIA,CJI.]
       cent of the assessed tax, the assessee shall be liable to      A
·-r    pay simple interest at the rate of one and one-half per cent
       for every month or part of a month comprised in the period
       from the 1st day of April next following such financial year
       to the date of determination of total income under sub-
       section (1) of section 143 and where a regular assessment      B
       is made, to the date of such regular assessment, on an
       amount equal to the assessed tax or, as the case may be,
       on the amount by which the advance tax paid as aforesaid
       falls short of the assessed tax.

       Explanation 1.-ln this section, "assessed tax" means,-         c
       (a) for the purposes of computing the interest payable
       under section 140A, the tax on the total income as
       declared in the return referred to in that section;
                                                                      D
       (b) in any other case, the tax on the total income deter-
       mined under su~-section (1) of section 143 or on regular
       assessment,

       as reduced by the amount of tax deducted or collected at
       source in accordance with the provisions of Chapter XVII       E
       on any income which is subject to such deduction or
       collection and which is taken into account in computing
       such total income.

       Explanation 2.-Where, in relation to an assessment year,       F
       an assessment is .made for the first time under section
       147, the assessment so made shall be regarded as a
       regular assessment for the purposes of this section.

       Explanation 3.-ln Explanation 1 and in sub-section (3)
 }--   "tax on the total income determined under sub-section (1)      G
       of section 143" shall not include the additional income-tax,
       if any, payable under section 143.

       (2) Where, before the date of determination of total income
       under sub-section (1) of section 143 or completion of a        H
    152       SUPREME COURT REPORTS                 [2011] 1 S.C.R.


A         regular assessment, tax is paid by the assessee under
          section 140A or otherwise,-                                     l
          (1) interest shall be calculated in accordance with the
          foregoing provisions of this section up to the date on which
          the tax is so paid, and reduced by the interest, if any, paid
B
          under section 140A towards the interest chargeable under
          this section;

          (ii) thereafter, interest shall be calculated at the rate
          aforesaid on the amount by which the tax so paid together
c         with the advance tax paid falls short of the assessed tax.

          (3) Where, as a result of an order of re-assessment or re-
          computation under section 147, the amount on which
          interest was payable under sub-section (1) is increased,
D         the assessee shall be liable to pay simple interest at the
          rate of one and one-half per cent for every month or part
          of a month comprised in the period commencing on the
          day following the date of determination of total income
          under sub-section (1) of section 143 and where a regular
          assessment is made as is referred to in sub-section (1)
E
          following the date of such regular assessment and ending
          on the date of the re-assessment or re-computation under
          section 147, on the amount by which the tax on the total
          income determined on the basis of the re-assessment or              r
          re-computation exceeds the tax on the total income
F         determined under sub-section (1) of section 143 or on the
          basis of the regular assessment aforesaid.

          (4) Where, as a result of an order under section 154 or
          section 155 or section 250 or section 254 or section 260
G         or section 262 or section 263 or section 264 or an order
          of the Settlement Commission under sub-section (4) of
          section 2450, the amount on which interest was payable
          under sub-section (1) or sub-section (3) has been
          increased or reduced, as the case may be, the interest
H         shall be increased or reduced accordingly, and-
                   JT. C. I. T., MUMBAI v. ROLTA INDIA LTD.               153
                                [S.H. KAPADIA,CJI.]
                 (t) in a case where the interest is increased, the Assess-      A
                 ing Officer shall serve on the assessee a notice of demand
        ~·r
        /'       in the prescribed form specifying the sum payable and
                 such notice of demand shall be deemed to be a notice
                 under section 156 and the provisions of this Act shall apply
                 accordingly;                                                    8
                 (it) in a case where the interest is reduced, the excess
                 interest paid, if any, shall be refunded.

                 (5) The provisions of this section shall apply in respect of
                 assessments for the assessment year commencing on the           c
                 1st day of April, 1989 and subsequent assessment years.

                 Interest for deferment of advance tax.

                 234C. (1) Where in any financial year,-
                                                                                 D
                 (a) the company whir.h is liable to pay advance tax under
                 section 208 has failed to pay such tax or-

                 (t) the advance tax paid by the company on its current
                 income on or before the 15th day of June is less than fifteen   E
                 per cent of the tax due on the returned income or the
                 amount of such advance tax paid on or before the 15th day
    l            of September is less than forty-five per cent of the tax due
r ~              on the returned income or the amount of such advance tax
I            '
                 paid on or before the 15th day of December is less than
                                                                                 F
                 seventy-five per cent of the tax due on the returned income,
                 then, the company shall be liable to pay simple interest at
                 the rate of one and one-half per cent per month for a period
                 of three months on ~he amount of the shortfall from fifteen
                 per cent or forty-five per cent or seventy-five per cent, as
                                                                                 G
                 the case may be, of the tax due on the returned income;

                 (it) the advance tax paid by the company on its current
                 income on or before the 15th day of March is less than the
                 tax due on the returned income, then, the company shall
                 be liable to pay simple interest at the rate of one and one-    H
    154         SUPREME COURT REPORTS                [2011] 1 S.C.R.


A         half per cent on the amount of the shortfall from the tax due
          on the returned income:                                             't-
          Provided that if the advance tax paid by the company on
          its current income on or before the 15th day of June or the
          15th day of September, is not less than twelve per cent
B
          or, as the case may be, thirty-six per cent of the tax due
          on the returned income, then, it shall not be liable to pay
          any interest on the amount of the shortfall on those dates;

          (b) the assessee, other than a company, who is liable to
c         pay advance tax under section 208 has failed to pay such
          tax or,-

          (1) the advance tax paid by the assessee on his current
          income on or before the 15th day of September is less than
D         thirty per cent of the tax due on the returned income or the
          amount of such advance tax paid on or before the 15th day
          of December is less than sixty per cent of the tax due on
          the return~d income, then, the assessee shall be liable to
          pay simple interest at the rate of one and one-half per cent
          per month for a period of three months on the amount of
E
          the shortfall from thirty per cent or, as the case may be,
          sixty per cent of the tax due on the returned income;

          (ii) the advance tax paid by the assessee on his current
          income on or before the 15th day of March is less than the
                                                                              r
F         tax due on the returned income, then, the assessee shall
          be liable to pay simple interest at the rate of one and one-
          half per cent on the amount of the shortfall from the tax due
          on the returned income:

G         Provided that nothing contained in this sub-section shall
          apply to any shortfall in the payment of the tax due on the
          returned income where such shortfall is on account of
          under-estimate or failure to estimate-

          (a) the amount of capital gains; or
H


'   .
            '
                         ,,
                                                                          '
      JT. C. I. T., MUMBAI v. ROLTA INDIA LTD.              155
                    [S.H. KAPADIA,CJI.]
    {b) income of the nature referred to in sub-clause {ix) of     A
    clause (24) of section 2,

    and the assessee has paid the whole of the amount of tax
    payable in respect of income referred to in clause (a) or
    clause {b), as the case may be, had such income been a
    part of the total income, as part of the· remaining            B
    instalments of advance tax which are due or where no such
    instalments are due, by the 31st day of March of the
    financial year:

    Explanation.-ln this section, "tax due on the returned         C
    income" means the tax chargeable on the total income
    declared in the return of income furnished by the assessee
    for the assessment year commencing on the 1st day of
    April immediately following the financial year in which the
    advance tax is paid or payable, as reduced by the amount       o
    of tax deductible or collectible at source in accordance
    with the provisions of Chapter XVII on any income which
    is subject to such· deduction or collection and which is ·
    taken into account in computing such total income.

    (2) The provisions of this section shall apply in respect of   E
    assessments for the assessment year commencing on the
    1st day of April, 1989 and subsequent assessment years."

     6. At the outset, it may be stated that Sections 2348 and
234C do not make any reference to Section 115J/115JA.              F
Section 2348 lays down that where advance tax is required to
be paid under Section 208 and there is a failure on that if the
amount of advance tax paid under Section 210 is less than
90% -pf the assessed tax, then, in that case the assessee is
liable to pay interest. Section 234C refers to interest for        G
deferment of advance tax. It says that if the assessee has to
pay advance tax on its current income on or before 15th of June
and the tax paid is less than 15% of the tax due on the returned
income or the amount of the advance tax paid on or before 15th
of September is less than 45% of the tax due on the returned       H
      156      SUPREME COURT REPORTS                 [2011] 1 S.C.R.
                                                                                  -
 A income or the amount of such advance tax paid on or before
   15th of December is less than 75% of the tax due on the
   returned income, then the assessee shall be liable to pay
   interest at the specified rate on the amount of the shortfall from
   15% or 45% or 75%, as the case may be, of the tax due on
 8 the returned income.

            7. In our view, Section 115J/115JA are special provisions.
      Section 207 envisages that tax shall be payable in advance
      during any financial year on current income in accordance with
      the scheme provided in Sections 208 to 219 (both inclusive)
 C    in respect of the total income of the assessee that would be
      chargl\)able to tax for the assessment year immediately following
      that financial year. Section 215(5) of the Act defined what is
      "assessed tax", i.e., tax determined on the basis of regular
      assessment so far as such tax relates to income subject to
 D    advance tax. The evaluation of the current income and the
      determination of the assessed income had to be made in terms
      of the statutory scheme comprising Section 115J/115JA of the
      Act. Hence, levying of interest was inescapable. The assessee
      was bound to pay advance tax under the said scheme of the
 E    Act. Section 115J/11 !:iJA of the Act were special provisions
      which provided that where in the case of an assessee, the total
      income as computed under the Act in respect of any previous
      year relevant" to the assessment year is less than 30% of the           r
      book profit, the total income of the assessee shall be deemed
 F    to be an amount equal to 30% of such book profit. The object
      is to tax zero-tax companies.

        8. Section 115J was inserted by Finance Act, 1987 w.e.f.
   1.4.1988. This section was in force from 1.4.1988 to 31.3.1991.
   After 1.4.1991, Section 115JA was inserted by Finance Act of
 G 1996 w.e. f. 1.4.1997. After insertion of Section 115JA, Section .     -\
   115JB was inserted by Finance Act, 2000 w.e.f. 1.4.2001. It is
   clear from reading Sections 115JA and 115JB that the question
   whether a company which is liable to pay tax under either
   provision does not assume importance because specific
 H


' .                                                                       '
-          JT. C. I. T., MUMBAI v. ROLTA INDIA LTD.
                        [S.H. KAPADIA,CJI.]
                                                                157


    provision(s) is made in the section saying that all other           A
    provisions of the Act shall apply to the MAT Company (Section
    115JA(4) and Section 115JB(5)). Similarly, amendments have
    been made in the relevant Finance Acts providing for payment
    of advance tax under Sections 115JA and 115JB. So far as
    interest leviable under Section 234B is concerned, the section      B
    is clear that ·it applies to all companies. The pre-requisite
    condition for applicability of Section 2348 is that assessee is
    liable to pay tax under Section 208 and the expression
    "assessed tax" is defined to mean the tax on the total income
    determined under Section 143(1) or under Section 143(3) as          c
    reduced by the amount of tax deducted or collected at source.
    Thus, there is no exclusion of Section 115J/115JA in the levy
    of interest under Section 234B. The expression "assessed tax"
    is defined to mean the tax assessed on regular assessment
    which means the tax dete~mined on the application of Section        0
    115J/115JA in the regular assessment.

         9. The question which remains to be considered is
    whether the assessee, whic_h is a MAT Company, was not in a
    position to estimate its profits of the current year prior to the
    end of the financial year on 31st March. In this connection the     E
    assessee placed reliance on the judgment of the Karnataka
    High Court in the case of Kwality Biscuits Ltd. v. CIT reported
    in (2000) 243 ITR 519 and, according to the Karnataka High
    Court, the profit as computed under the Income Tax Act, 1961
    had to be prepared and thereafter the book profit as                F
    contemplated und~r Section 115J of the Act had to be
    determined and then, the liability of the assessee to pay tax
    under Section 115J of the Act arose, only if the total income
    as computed under the provisions of the Act was less than
    30% of the book profit. According to the Karnataka High Court,      G
    this entire exercise of computing income or the book profits of
    the company could be done only at the end of the financial year
    and hence the provisions of Sections 207, 208, 209 and 210
    (predecessors of Sections 234B and 234C) were not
    applicable until and unless the accounts stood audited and the      H
    158       SUPREME COURT REPORTS                [2011] 1 S.C.R.


A balance sheet stood prepared, because till then even the
                                                                        -
    assessee may not know whether the provisions of Section 115J
    would be applied or not. The Court, therefore, held that the
    liability would arise only after the profit is determined in
    accordance with the provisions of the Companies Act, 1956
B and, therefore, interest under Sections 234B and 234C is not
    leviable in cases where Section 115J applied. This view of the
    Karnataka High Court in Kwality Biscuits Ltd. was not shared
    by the Gauhati High Court in Assam Bengal Carriers Ltd. v. CIT
 _ reported in (1999) 239 ITR 862 and Madhya Pradesh High
c   Court in ltarsi Oil and Flours (P.) Limited v. CIT reported in
    (2001) 250 ITR 686 as also by the Bombay High Court in the
    case of CIT v. Kotak Mahindra Finance Ltd. reported in (2003)
    130 TAXMAN 730 which decided the issue in favour of the
    Department and against the assessee. It appears that none of
    the assessees challenged the decisions of the Gauhati High
0
    Court, Madhya Pradesh High Court as well as Bombay High
    Court in the Supreme Court. However, it may be noted that the
    judgment of the Karnataka High Court in Kwality Biscuits Ltd.
    was confined to Section 115J of the Act. The Order of the
E Supreme Court dismissing the Special Leave Petition in limine
    filed by the Department against Kwality Biscuits Ltd. is reported
    in (2006) 284 ITR 434. Thus, the judgment of Karnataka High
    Court in Kwality Biscuits stood affirmed. However, the
    Karnatc;ika High Court has thereafter in the case of Jindal
  , ihermal Power Company Ltd. v. Dy. CIT reported in (2006) 154
F TAXMAN 547 distinguished its own decision in case of Kwality
    Biscuits Ltd. (supra) and held that Section 115JB, with which
    we are concerned, is a self-contained code pertaining to MAT,
    which imposed liability for payment of advance tax on MAT
    companies and, therefore, where such companies defaulted in
G payment of advance tax in respect of tax payable under Section
    115JB, it was liable to pay interest under Sections 234B and
    234C of the Act. Thus, it can be concluded that interest under
    Sections 234B and 234C shall be payable on failure to pay
    advance tax in respect of tax payable under Section 115JN
H 115JB. For t~e aforestated reasons, Circular No. 13/2001
-          JT. C. I. T., MUMBAI v. ROLTA INDIA LTD.
                         [S.H. KAPADIA,CJI.]
                                                                   159

    dated 9.11.2001 issued by CBDT reported in 252 ITR(St.)50             A
    has no application. Moreover, in any event, para 2 of that
    Circular itself indicates that a large number of companies liable
    to be taxed under MAT provisions of Section 115JB were not
    making advance tax payments. In the said circular, it has been
    clarified that Section 115JB is a self-contained code and thus,       8
    all companies were liable for payment of advance tax under
    Section 115JB and consequently provisions of Sections 2348
    and 234C imposing interest on default in payment of advance
    tax were also applicable.

         10. For the aforestated reasons CIT succeeds in the civil        C
    appeal arising out of S.L.P. (C) No. 25746 of 2009 (Jt. CIT v.
    Ro/ta India Ltd.) as also in the civil appeal arising out of S.L.P.
    (C) No. 18367 of 2010 (CIT-3 v. Export Credit Guarantee
    Corporation of India Ltd.). Consequently, Civil Appeal No. 459
    of 2006 (Nahar Exporls v, c1n and Civil Appeal No. 7429 of            D
    2008 (Lakshmi Precision Screws Ltd. v. c1n stand dismissed
    with no order as to costs.

    R.P.                                       Appeals disposed of.