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2022 (8) TMI 378 - AT - Income TaxDepreciation on electrical fittings - @ 10% or 15% - HELD THAT:- This issue is squarely covered in favour of the assessee by the decision of Surat Bench of this Tribunal in assessee’s own case for AY 2012-13 [2019 (12) TMI 1294 - ITAT SURAT] wherein the claim of the assessee for electrical installation @ 15% was allowed by the Tribunal. Since the issue involved in the year under consideration as well as all the material facts relevant thereto are similar to AY 2012-13, we respectfully follow the decision of the Co-ordinate Bench of this Tribunal in assessee’s own case for the immediately preceding year and direct the Assessing Officer to allow the claim of the assessee for depreciation on electrical installation @ 15%. Belated payment of employees’ contribution towards Provident Fund - HELD THAT:- As this issue is squarely covered against the assessee by the decision of Hon’ble Gujarat High Court in the case of CIT Vs. Gujarat State Road Transport Corporation [2014 (1) TMI 502 - GUJARAT HIGH COURT], we uphold the impugned order of the learned CIT(A) confirming the disallowance made by the Assessing Officer on account of belated payment of employees’ contribution towards Provident Fund and dismiss Ground of assessee’s appeal. Addition of short receipts allegedly declared by the assessee as compared to the receipts reflected in 26AS - HELD THAT:- As assessee has submitted that the assessee is now in a position to produce the relevant documentary evidence to establish that the amounts in question represented advances on which taxes were deducted by the concerned parties and the same did not constitute the income of the assessee chargeable to tax in the year under consideration. He has urged that one opportunity may be given to the assessee to do so by sending the matter back to the Assessing Officer. Since the learned DR has not raised any objection in this regard, we restore this issue to the file of the Assessing Officer for giving the assessee one more opportunity to establish on evidence that the amounts in question were received by it as advances and the same did not constitute its income chargeable to tax for the year under consideration. Ground No.3 is accordingly treated as allowed for statistical purposes. MAT computation u/s 115JB - claim of the assessee for reduction of business loss or unabsorbed business loss, whichever is lower, from the book profit computed under Section 115JB - AO disallowed the claim of the assessee for set off of brought forward business loss against book profit - HELD THAT:- As this issue involved in the Revenue’s appeal is squarely covered in favour of the assessee by the decision of Hon’ble Gujarat High Court in the case of PCIT Vs. Surat Textile Mills Ltd [2017 (3) TMI 270 - GUJARAT HIGH COURT]. Addition on account of prior period expenses while computing book profit under Section 115JB - CIT-A deleted the addition - HELD THAT:- As this issue is squarely covered in favour of the assessee inter alia by the decision of Hon’ble Karnataka High Court in the case of CIT v . GMR Industries Ltd., [2020] 425 ITR 504, wherein it was held that prior period expenses charged to profit and loss account cannot be deducted from the profit of the year for the purpose of computing book profit under Section 115JB of the Act as the same does not fall within the purview of Section 115JB - To the similar effect is the decision of Shivshahi Punarvasan Prakalp Ltd. [2011 (10) TMI 153 - ITAT MUMBAI] wherein it was held that there is no provision for any adjustment on account of prior period expenses in Explanation-1 to Section 115JB(2) of the Act and, therefore, any addition on account of disallowance of prior period expenses while computing book profit is not permitted - we uphold the impugned order of the learned CIT(A) deleting the addition on account of prior period expenses while computing the book profit of the assessee-company under Section 115JB - Decided against revenue.
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