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2010 (12) TMI 295 - AT - Income TaxRevision u/s 263 - erroneous decision - the assessment u/s 143(3) has been completed omitting to assess profit u/s 115JB resulting in short computation of tax to the extent of Rs. 7,33,55,613. The assessee had filed written submissions dated August 20, 2008 explaining that the gain arising on transfer of assets to wholly owned subsidiary being exempt u/s 47(iv) is not taxable u/s 115JB of the Act based on various judicial precedents - Held that:- No additional facts were necessary before the Assessing Officer to come to the conclusion that the book profit u/s 115JB is wrongly computed. The Assessing Officer not examined the facts before him. The order passed by the Assessing Officer is very cryptic. There is no discussion or methodology of computation of book profit. It seems that he has accepted the computation of book profit as furnished by the assessee. - The order of the Assessing Officer is erroneous for want of proper enquiry. - Decided in favor of revenue.
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