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2015 (1) TMI 923 - AT - Income TaxRevision u/s 263 - computation of book profits u/s.115JB questioned - Held that:- While computing book profit u/s 115JB for a given year the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account, is required to be reduced. Nowhere it suggests that one has to compare the year wise unabsorbed depreciation or business loss as desired by the CIT. Thus, no fault can be found in the order of AO, so as to brand it erroneous and prejudicial to the interest of justice. As held in the case of Amline Textiles P. Ltd [2008 (11) TMI 438 - ITAT MUMBAI] aggregate amount of unabsorbed depreciation or brought forward losses of the years taken together which losses was to be reduced for the purpose of computing book profit u/s. 115JB. It cannot be considered on a year to year basis. The ground raised by the assesse is accordingly allowed. - we do not find any merit in the order passed by CIT u/s.263. - Decided in favour of assessee.
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