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2018 (6) TMI 1777 - AT - Income TaxRectification u/s 154 - whether the amount brought forward as unabsorbed depreciation as claimed by the assessee is correct or not? - HELD THAT:- This was the claim of the assessee that the profits of the assessment year 1999-2000 were set off against the carried forward losses of the previous year which were more than 15 crores rupees and even after absorbing the entire profits of the year 1999- 2000, against the carried forward losses, losses still remained unabsorbed and the unabsorbed depreciation was not even touched. The claim in the present case is also similar. This was the claim of the revenue before Hon’ble Delhi High Court that that in Assessment Year 1999-2000, profit as per P&L account of ₹ 58.98 lakhs was adjusted against unabsorbed depreciation and brought forward business loss and therefore, the AO took that figure for adjustment against book profit u/s. 115JB in the order passed by him u/s. 154 of IT Act as in the present case. But it was held by Hon’ble Delhi High Court in Eli Lilly and Co. India P. Ltd. [2011 (3) TMI 267 - DELHI HIGH COURT] that under these facts, it cannot be said that there was an apparent mistake which could be rectified by invoking the provisions of section 154 of IT Act. Hence, by respectfully following this judgement of Hon’ble Delhi High Court, we decide the issue in favour of the assessee.
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