Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 924 - AT - Income TaxEligible deduction under Section 10A - Held that:- In the light of the above facts and respectfully following the decision of the Hon'ble Karnataka High Court in the case of Tata Elxsi Ltd. & Others (2011 (8) TMI 782 - KARNATAKA HIGH COURT), we direct the Assessing Officer to exclude the expenses incurred in foreign currency both from export turnover as well as from the total turnover while calculating the eligible deduction under section 10A of the Act. - Decided in favour of assessee. Determining the ‘book profits’ u/s.115JB - MAT - carry forward business loss excluded - Held that:- In the reassessment order, the Assessing Officer has only considered the business loss which is the carry forward business loss of Assessment Year 2002-03 for computing the book profits under Section 115JB of the Act. The Assessing Officer, however, has not assigned any reasons or explained as to why the carry forward business loss for Assessment Year 2003-04 was not considered. Further, as pointed out by the learned Authorised Representative of the assessee in the computation, there appears to be a mistake in the computation made by the Assessing Officer. Be that as it may, we also observe that the assessee has not properly explained the contradictions in the claims made by the assessee both in the earlier years and in the year under consideration in respect of the issue of determination of book profits under Section 115JB of the Act. We also find that the reconciliation statement filed by the assessee before us was not filed before the authorities below. In view of the above factual matrix of the case on this issue, we are of the considered opinion that it would only be appropriate to remand the issue back to the file of the Assessing Officer for fresh consideration and adjudication thereon as per law after affording the assessee adequate opportunity of being heard and to file details/submissions required which shall be duly considered. - Decided in favour of assessee for statistical purposes.
|