TMI Blog2013 (11) TMI 1059X X X X Extracts X X X X X X X X Extracts X X X X ..... g the book profit computed by the assessee on 28.12.2007 would be the criterion so far as limitation issued and not the subsequent order of the assessing authority consequent to the order of the First Appellate Authority - In order to exercise suo motu powers under Section 263 finding fault with the book profit computation accepted by the assessing authority, it ought to be from original assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act and claimed the deductions as well. As per this normal computation of tax under regular provisions it was also nil. The case was selected for scrutiny and a notice was issued on 27.10.2006. The assessment under Section 143(3) of the Act was completed only on 28.12.2007 arriving at a total income of Rs. 288,475,850/-. 2. It is also not in dispute that at the time of completing the assessment, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(Appeals-II) is erroneous and it is prejudicial to the interest of the Revenue. This initiation of proceedings was in respect of unabsorbed depreciation of Rs. 1336.37 lakhs so far as computing book profit under Section 155JB being not available to the assessee as the entire unabsorbed depreciation was adjusted against the profits for the assessment year 2004-05 (previous year). 4. Aggrieved by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation that is book profit or the normal procedure so far as unobserved depreciation. According to the Tribunal the subject matter considered by the First Appellate authority was not with respect with method of computation but altogether a different subject matter therefore the original assessment order accepting the book profit computed by the assessee on 28.12.2007 would be the criterion so far a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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