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2011 (5) TMI 657 - ITAT, VISAKHAPATNAMSection 115JA - computation of book profit - no dispute with regard to the method of computation. The dispute is with regard to the determination of amount to be deducted - Assessing Officer adjusted the profits earned against the business loss. While doing so, he also ignored losses of the years which are more than 8 years old.In this process he arrived at the unabsorbed business loss at NIL figure and the unabsorbed depreciation at Rs. 34,79,749/-. Accordingly he did not allow any deduction since lower of the two was NIL - specifically provided in section 115JA that the loss shall not include depreciation, it becomes necessary to bifurcate the brought forward loss as per books of account into "Unabsorbed business loss" and "Unabsorbed depreciation" - Held that it would not be correct on the part of the Assessing Officer to apply the principles prescribed in sec. 70 - 79 of the Act for accumulated losses shown in the books of account - provisions of sec 115JA are a complete code by itself Interest u/s 220(2) - AO levied interest under this section - set aside the matter - Assessing Officer with a direction to examine the claim - Held in the favour of appellant.
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