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2016 (6) TMI 738 - HC - Income TaxMAT liability under section 115JB - ITAT set aside the computation of the Assessing Officer (AO), taxing the book profit, in accordance with section 115JB of the Income-tax Act - Held that:- In the instant case, there was no determination of the Assessing Officer that the final accounts of the assessee were not prepared in accordance with the Schedule VI to the Companies Act. Hence the determination of liability for payment of minimum alternate tax under section 115JB of the Income-tax Act, by ignoring the profit and loss account was not through due process. When the corrected return in consonance with the audited profit and loss account was submitted, those figures should have been the basis for determination of the minimum alternate tax under section 115JB of the Income-tax Act. In the proceeding under consideration, the Appellate Tribunal concluded that the end result as computed by the Assessing Officer was of his own making and the assessee could not be held liable to tax for non-disclosure of the income which the assessee had returned but adjusted against brought forward losses. We find such observation of the Tribunal with regard to the procedure adopted by the Assessing Officer, is consistent with the ratio of Apollo Tyres Ltd. (2002 (5) TMI 5 - SUPREME Court ), Malayala Manorama Co. Ltd. v. CIT reported in [2008 (4) TMI 20 - SUPREME COURT ] and also this court's decision in Amines and Plasticizers Ltd. v. Deputy CIT (Assessment) reported in [2006 (11) TMI 112 - GAUHATI HIGH COURT ]
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