Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2022 (7) TMI 1393

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r of the proceedings u/s 154. The case of the assessee is squarely covered by several decisions of the Coordinate Benches in the case of (i) Kanchanganga Estates (P) Limited [ 1997 (10) TMI 396 - ITAT MUMBAI] (ii) Maccaferri Environmental Solutions (P) Limited [ 2018 (12) TMI 1974 - ITAT MUMBAI] , Cadila Healthcare Limited [ 2021 (12) TMI 1244 - ITAT AHMEDABAD] , Smt. Vandana Manoj Shah [ 2016 (3) TMI 1452 - ITAT AHMEDABAD] M/s. Madhav Stock Vision [ 2018 (4) TMI 1947 - ITAT MUMBAI] - We, therefore direct AO to allow the claim of the assessee while computing the book profit u/s 115JB of the Act. Appeal of the assessee is allowed. - I.T.A. No. 08/KOL/2022 - - - Dated:- 12-7-2022 - Shri Rajpal Yadav, Vice-President(KZ) And Shri Ra .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... dated 22.03.2016 accepting the said proposition of the assessee and thus the Rs.49,44,871/- was allowed as stated above. Thereafter ld. Assessing Officer noted that there was a mistake in the assessment framed under section 143(3) Act dated 22.03.2016 as the said order contained an apparent mistake, which has resulted by virtue of allowing Rs.49,44,871/- being lower of the book loss or unabsorbed depreciation in the computation of book profit. According to the ld. Assessing Officer, the assessee has already claimed the adjustment of book loss or unabsorbed depreciation whichever is less of Rs.43,38,991/- in A.Y. 2012-13 and, therefore, there was no deduction available during the current assessment year. The AO accordingly issued notice u/s .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of Explanation 1 in the said section. We have also examined the evidences/records/ITRs of the assessee in respect of earlier years and observed that the claim of the assessee is correct and to that extent the finding of the ld. CIT(Appeals) cannot be sustained. So far as the issue of allowing lower of book loss or unabsorbed depreciation while computing the book profit under section 115JB, we are of the considered view that the issue is debatable and cannot be subject matter of the proceedings under section 154 of the Act. The case of the assessee is squarely covered by several decisions of the Coordinate Benches in the case of (i) ITO vs.-Kanchanganga Estates (P) Limited [1998] 67 ITD 299 (Mum.); (ii) Maccaferri Environmental Solutions (P .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates