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2013 (8) TMI 410 - ITAT AGRAMistake apparent from record for invocation of section 154 of Income Tax Act,1961 - Minimum Alternate Tax (MAT) - Adjustment to book profit u/s 115JB - Adjustment of loss to sick industrial company - Held that:- The Auditor of the assessee in Annexure-A also reduced the loss of sick industrial company from the profit. Therefore, assessee has disclosed all the particulars regarding income to be computed under Section 115JB while filing return of income. The certificate regarding assessee is sick industrial company issued by BIFR was also filed at the assessment stage - There was no scope for the A.O. to have resorted to the provision of Section 154 of the Act for the purpose of enhancing the income of the assessee. The ld. CIT(A) gave specific finding of fact that the assessee is sick industrial company during the year under consideration. A.O. on long drawn process of reasoning should not have passed the order under Section 154 of the Act - Assessee also correctly demonstrated from the provision of Section 115JB(2) of the Act that whatever amount was reduced from the profit of business on account of loss to sick industrial company were in accordance with law. Therefore, there was no justification for A.O. to pass the order under Section 154 of the Act - No merit in the appeal of the Revenue – Decided against the Revenue.
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