Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 36 - AT - Income TaxReduction of profit eligible for deduction u/s 80HHC while computing book profits u/s 115 JB – dis-allowance of deduction on ground that profit eligible for deduction u/s 80HHC are nil after adjusting brought forward business loss and depreciation under normal provisions of the Act - Held that:- Supreme Court in the case of M/s Bhari Information Tech Systems Pvt. Ltd.(2011 (10) TMI 19 - SUPREME COURT OF INDIA), held that profit eligible for deduction u/s 80HHC for the purpose of reduction u/s 115JB is required to be computed on the basis of book profit and, therefore, brought forward loss/unabsorbed depreciation are not required to be adjusted. The said judgment of Supreme Court had been delivered prior to the impugned order of the Tribunal and even if the judgment had been referred subsequent to the order of the Tribunal, an issue covered by the judgment of the Jurisdictional High Court or the Apex Court whether rendered prior or subsequent to the order will be valid ground for an apparent mistake in the order from record as held in the case of ACIT vs. Saurashtra Kutch Stock Exchange Ltd.(2008 (9) TMI 11 - SUPREME COURT). AO directed to compute the book profit accordingly. Since order is already amended and aforesaid claim of assessee is allowed on merit. Therefore, there is no apparent mistake in the order of the Tribunal in which the ground relating to legal validity of assessment / re-opening has been dismissed as having become infructuous – Decided in favor of assessee.
|