Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 1511 - HC - Income TaxMAT computation - Working of tax liability on book profit u/s.115JB - receipt of dividend income - Reopening of assessment - Held that:- In the computation of income presented by the petitioner along with the return of income, the petitioner had shown book profit as per Section 115JB of the Act of ₹ 4,23,47,912/-. This figure is significant and would appear in our later observations as well. In the profit and loss account, the petitioner showed dividend income of ₹ 15,458/- as income from other sources and showed profit before tax of ₹ 4,23,47,912/-. For computation of book profit for the purpose of Section 115JB, the petitioner adopted such amount of ₹ 4,23,47,912/- as shown in the profit and loss account. There were no additions and deductions to be made as referred to in Section 115JB and therefore, the final figure of book profit for the said provision came to the said original amount of ₹ 4,23,47,912/-. Thus for all purposes whether for the computation of income for normal tax provisions or as per the book profit under Section 115JB of the Act, the said amount of ₹ 15,458/- was duly reflected and was accounted for. The Assessing Officer formed wrong belief that for the purpose of computing book profit under Section 115JB of the Act, the said amount of ₹ 15,458/- disappeared from the consideration.Under the circumstances, notice of reopening being bad in law, is quashed. - Decided in favour of assessee
|