Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 179 - HC - Income TaxComputation of Book Profits for the purpose of Section 115 JA - whether AO was right in adding a sum which was directly credited to the 'Capital Reserve' Account on account of revaluationof 4000 Equity Shares in Shri Ramalinga Mills Ltd. by transfer to its subsidiary company confirmed by ITAT? - Held that:- The Tribunal in this case, relied upon the decision rendered in the case of Kumudam Printers Pvt. Ltd. came to be challenged before this Court [2011 (3) TMI 889 - MADRAS HIGH COURT ] and this Court had set aside the order passed by the Tribunal and remanded the matter back to the Tribunal as held that assessee had raised a specific ground on the validity of reopening of the assessment on the ground of limitation and jurisdiction under Section 147 before reversing the order of the Commissioner of Income Tax (Appeals) and succeeded therein, the Tribunal should have considered the issue on limitation and jurisdiction under Section 147 before reversing the order of the Commissioner of Income Tax (Appeals). Since the issue on jurisdiction and limitation touch on the very reopening of the assessment, we feel, the proper course herein would be to set aside the order of the Tribunal, remand the matter back to the Tribunal with a direction to consider the issue of limitation and the jurisdiction under Section 147 to reopen the assessment - Decided in favour of assessee for statistical purposes.
|