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2018 (10) TMI 728 - AT - Income TaxNon-granting of set off of unabsorbed depreciation loss with the income of the assessee while framing intimation u/s 143(1) - Held that:- We find from the materials available on record that the assessee had also preferred a rectification petition u/s 154 before the AO seeking for the set off of unabsorbed depreciation loss and unabsorbed business loss for the relevant assessment years. The assessee has filed 154 petition on several dates i.e. 21.11.2014, 13.01.2015, 15.04.2016 and 26.04.2018. None of the petitions filed by the assessee were acted upon by the AO. Computation of book profits u/s 115JB - Held that:- The assessee disclosed book profits of ₹ 70,03,340/- and the same was computed by the CPC, Bangalore at ₹ 85,44,650/- without assigning any reason. The assessee has also preferred 154 petition before the ld. AO for the same as the rectification rights to transfer to the jurisdictional Assessing officer on 05.02.2016 as is evident from the e-filing website of Income tax Department. This was also not acted upon by the ld. AO. Remand the issues raised in these two appeals before us to the file of the AO for de novo adjudication in accordance with law. Accordingly, grounds raised in these two appeals of the assessee for assessment years 2012-13 and 2013-14 respectively are allowed for statistical purposes.
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