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2022 (2) TMI 806 - AT - Income TaxRectification u/s 154 - Question of debatable issue - disallowance of unabsorbed depreciation loss while determining the book profits u/s. 115JB(2) - AO allowed this claim of the assessee in the order u/s. 143(3) and issued notice u/s. 154 and withdrew the same - HELD THAT:- In the present case there was no brought forward business loss as on 1.4.2009 at the beginning of the FY 2009-10 relevant to AY 2010-11 and the loss was already absorbed by capital reduction and there is no question of debate on this issue and the statute is clear. Explanation 1 to clause (iii) of section 115JB(2) of the Act is directly applicable to the facts of the present case. Accordingly this not being a debatable issue, the AO was justified in exercising his powers u/s. 154 of the Act. Therefore, the orders of the lower authorities are confirmed. - Decided against assessee.
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