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2020 (2) TMI 780 - AT - Income TaxRevision u/s 263 - as per CIT errors in the adjustment of brought forward losses with the book profits while computing the income u/s.115 JB - HELD THAT:- In the instant case, there is no dispute that the ld AO had specifically dealt with the issue of set off of least of brought forward business loss and depreciation loss as per books of accounts while computing book profits u/s 115JB of the Act in the assessment order by taking a possible view. Hence the same cannot be the subject matter of revision proceedings u/s 263 of the Act by the ld CIT merely because, he is of a different view with regard to the manner of set off of brought forward losses. Reliance in this regard is also placed on the decision of Hon’ble Jurisdictional High Court in the case of Gabriel India Ltd [1993 (4) TMI 55 - BOMBAY HIGH COURT] No hesitation in holding that there was no error in the order of the ld. AO in set off of brought forward business loss and depreciation loss as per books of accounts and hence, the invocation of revisionary jurisdiction u/s.263 of the Act by the ld. CIT deserves to be quashed and is hereby quashed. Accordingly, the grounds raised by the assessee are allowed.
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