9911796707
TMI Blog2014 (8) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that subsequent decision of Higher Court's can not be the subject matter of rectification u/s.154 of the Act. 3. The appellant craves the order of CIT(A) be set aside as void ab initio." 2. The assessment was completed under section 143(3). Subsequently the order giving effect to order of CIT(A) was passed on 08/12/2010 whereby the AO assessed the book profit under section 115JB to tax. The Assessee vide its letter dated 24/2/2011 pointed out that the credit of tax paid of Rs. 52,50,000/- has not been given while calculating tax liability. The AO found that the contention of the assessee was genuine and accordingly rectified the order. While passing the order dated 02/03/2011 under section 154 apart from the said rectification for cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rolta India Ltd. (330 ITR 470) has been delivered subsequently and much after the end of the Financial Year and therefore, the assessee cannot be asked to do an impossible and non-existing requirement under law. The ld. AR has further submitted that an identical issue has been considered by this Tribunal in the case of Charbhuja Industries P. Ltd. vs. ACIT (31 ITR (Trib.) 89)(Mum.). He has pointed that in the said case the Tribunal after considering all the decisions of the Hon'ble Supreme Court as well as the decisions of Hon'ble High Court's has decided this issue in favour of the assessee. 4. On the other hand ld. DR has relied upon the orders of authorities below and submitted that the legal proposition as on the date is the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of advance tax. Even otherwise the decision in the case of Joint CIT v. Rolta India Ltd. [2011] 330 ITR 470 (SC) is a subsequent decision and therefore, the impossibilities at the relevant point of time cannot be thrust upon the assessee. In the facts and circumstances as discussed above no fault can be found with the assessee in not depositing the advance tax of minimum alternate tax in view of the decision of the hon'ble Supreme Court as well as various decisions of the hon'ble High Court. The assessee had the bona fide reason to believe that advance tax was not payable in respect of minimum alternate tax under section 115JB as it was a settled law laid down by the hon'ble Supreme Court and the hon'ble High Court which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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