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2022 (7) TMI 1393 - AT - Income TaxMAT - Denial of deduction being lower of the two i.e. book loss or unabsorbed depreciation claimed in terms of clause (iii) of Explanation (1) to Section 115JB - HELD THAT:- We have examined the evidences/records/ITRs of the assessee in respect of earlier years and observed that the claim of the assessee is correct and to that extent the finding of the CIT(A) cannot be sustained. So far as the issue of allowing lower of book loss or unabsorbed depreciation while computing the book profit under section 115JB, we are of the considered view that the issue is debatable and cannot be subject matter of the proceedings u/s 154. The case of the assessee is squarely covered by several decisions of the Coordinate Benches in the case of (i) Kanchanganga Estates (P) Limited [1997 (10) TMI 396 - ITAT MUMBAI] (ii) Maccaferri Environmental Solutions (P) Limited [2018 (12) TMI 1974 - ITAT MUMBAI], Cadila Healthcare Limited [2021 (12) TMI 1244 - ITAT AHMEDABAD], Smt. Vandana Manoj Shah [2016 (3) TMI 1452 - ITAT AHMEDABAD] & M/s. Madhav Stock Vision [2018 (4) TMI 1947 - ITAT MUMBAI] - We, therefore direct AO to allow the claim of the assessee while computing the book profit u/s 115JB of the Act. Appeal of the assessee is allowed.
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