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2015 (12) TMI 1112 - ITAT KOLKATARevision u/s 263 - determination of book profits u/s.115JB - Held that:- We are of the view that in the order u/s. 263 of the Act the issue that was considered was the question of reserve u/s.115VT of the Act. It had nothing to do with the determination of book profits u/s.115JB of the Act. The directions in the order u/s. 263 of the Act had the effect of obliterating the order of the AO dated 26.12.2007 only to the extent of determination of book profits u/s.115JB of the Act and not the entire order dated 26.12.2007. In other words the order dated 26.12.2007 remained intact in respect of all other matters not considered either in the appeal before CIT(A) or in the proceedings u/s.263 of the Act. Those aspects which remained intact were capable of being rectified provided the other conditions for exercise of power u/s.154 of the Act are satisfied. We find that the CIT(A) has not expressed any opinion on the other question whether in the facts and circumstances of the case jurisdiction u/s.154 of the Act could have been exercised. We are of the view that the conclusion of the CIT(A) in the impugned order that the order of assessment dated 26.12.2007 was set aside in entirety in the order u/s.263 of the Act is not correct and accordingly the order of the CIT(A) is set aside. The other issues with regard to the other objections raised by the assessee with regard to exercise of power u/s.154 of the Act in the facts and circumstances of the case, are remanded to the CIT(A) for fresh consideration, as the CIT(A) has not considered those aspects in the impugned order. - Decided in favour of revenue for statistical purposes.
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