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TMI Blog2015 (12) TMI 1511X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Mr. Justice Akil Kureshi ) 1. Petitioner has challenged notice at Annexure-A dated 5.5.2014 under which the respondent, Assessing Officer, reopened the assessment of the petitioner for the assessment year 2010-11. Such assessment was framed ordinarily after scrutiny under Section 143(3) of the Income Tax Act, 1961 ('the Act' for short). 2. The reasons recorded by the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same has not been added to work out book profit u/s.115JB. As such the dividend income of Rs. 15,458/- not considered for the working of tax liability on book profit u/s.115JB during the year under consideration is escaped income for the A.Y. 2010-11. In view of the above, I have reason to believe that the income chargeable to tax to the extent of Rs. 15,458/- has been assessed on account of fai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the tax assessment was simply baseless. 5. We have heard learned counsel, Ms.Bhatt, for the department. 6. From the reasons reproduced above, it can be seen that for the year under consideration petitioner had earned dividend income of Rs. 15,458/-. This income was not exempt from tax. The Assessing Officer also in the reasons has noted that petitioner had added such amount while computing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 4,23,47,912/-. For computation of book profit for the purpose of Section 115JB, the petitioner adopted such amount of Rs. 4,23,47,912/- as shown in the profit and loss account. There were no additions and deductions to be made as referred to in Section 115JB and therefore, the final figure of book profit for the said provision came to the said original amount of Rs. 4,23,47,912/-. 8. Thus for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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