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2010 (11) TMI 351 - AT - Income TaxDisallowed - Provisions for bad and doubtful and provision for rural advances debts while computing book profit u/s 115JA - Revenue referring to the order of the Supreme Court in the case of M K Venkatachalam vs ITO and another (1958 -TMI - 49638 - SUPREME Court) submitted that order which was proper and valid when it was made can be said to disclose a mistake apparent from record if it becomes erroneous by virtue of subsequent retrospective amendment of law - Since, the Tribunal has directed the Assessing Officer not to add provision for bad and doubtful debts and provision for rural advances for the purpose of sec. 115JA and since there is subsequent amendment by Finance Act, 2009 with retrospective effect from 1.4.1998, therefore, in view of the decision of Hon'ble Supreme Court cited supra, the order of the Tribunal contains a mistake apparent from record, which needs to be rectified. He, accordingly, submitted that the order of the Tribunal may be set aside and that of the order of the Assessing Officer be restored - Decided in favour of revenue.
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