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2014 (7) TMI 219 - HC - Income TaxModification of order u/s 154 of the Act – Deletion of additional tax us 143(1A) of the Act - Adjustment made while computation of book profits u/s 115J of the Act – Held that:- Supreme Court in Assistant Commissioner of Income Tax Vs. J.K. Synthetics Ltd. [2001 (2) TMI 17 - SUPREME Court] held that even where the loss declared by the assessee had been reduced by reasons of adjustments even then additional tax could be imposed - the CIT (A) as well as Tribunal was not justified in holding that no additional tax was chargeable where the net result of adjustment was a negative figure - Additional tax charged u/s 143(1A) of the Act could be deleted u/s 154 - an order passed u/s 250 or 254 of the Act by which the disallowance has been deleted has to be given effect to by a consequential act to be done by the Assessing Authority u/s 154 of the Act - Decided against Revenue.
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