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2019 (1) TMI 1271 - HC - Income TaxRevision u/s 263 - revision of return waiver of interest on loan availed from Government of India - period of limitation for filing revised return - The book profit as per the revised computation was negative at ₹ 81,97,27,138/-. Hence, there was no tax payable even under Section 115JB for the said year. - Held that:- We find that the assessment for the year 2006- 07 was completed, after the assessment for the earlier year, 2005-06, had been completed accepting the revised return filed by the assessee. The revised return was filed by the assessee within the time provided for the same and there is no contention taken regarding the limitation having worked out against the assessee. In such circumstances on that basis alone the subsequent assessment passed in the year 2006-07 has to be found to be without any authority. The issue arise only if there exists a book profit for the year 2006-07; which would not be there if the revised assessment for the assessment year 2005-06 is permitted to stand. Only if the adjustments for the earlier year were not permitted, the book profit would turn positive by virtue of the credit made to the profit and loss account; of the provision for interest for the two years. We find that there is no question of accrual of interest, especially since the assessee had filed revised return within the time provided for the same; after the interest was waived by the GOI. We, hence, answer the question of law in favour of the assessee
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