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TMI Blog2016 (5) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... statutory from 51 dated 05.06.2012 was issued to the Assessing Officer presently holding the jurisdiction viz. ITO 8(1)(4), Mumbai, for furnishing particulars and report on the points raised therein including desire of the Assessing Officer to be present at the hearing of the appeal. The Assessing Officer did not give any response. In view of this position, it is clear that the Assessing Officer has nothing to report and does not desire to be heard in person. The ACIT(CPC), Bangalore determined the total income of the appellant at loss of Rs. 1,49,819/- for the current year, which was to be carried forward and book profit u/s. 115JB of the Act at Rs. 19,31,177/- as deemed total income. Thereafter the assessee filed an appeal before learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant submits that it be so held now. 4.0 The CIT(A) erred in upholding computation of tax at Rs. 2,98,367/-. The appellant submits that the assessing officer be directed to compute correct tax under the provisions of the Income Tax Act, 1961. 4.1 The CIT(A) erred in upholding levy of interest under provisions of sections 234A, 234B and 234C and charging interest of Rs. 95,605/-. The appellant submits that interest has been erroneously charged by the assessing officer. The appellant submits that interest be quashed. 4.2 The appellant without prejudice to above submits that interest charged by the Assessing Officer in any event in excessive and interest be reduced substantially. It is submitted that it be so held now. ISSUE NO.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of transfer of fixed assets held by the appellant for several years. Therefore, the said receipt was in nature of capital and was reflected under the head Reserve and Surplus. The capital was not credited to the Profit & Loss Account. Since the Profit & Loss A/c. is required to be prepared under schedule VI of Company's Act, 1956 and shall contain only income of revenue nature derived from business operations or expenses of revenue nature incurred from the business. The contention of the assessee is that the Profit & Loss Account reflected the loss to the tune of Rs. 1,26,713/- therefore, the Assessing Officer ought to have the said loss for computing book profit u/s.115JB of the Act. It is also asserted that the Assessing Officer co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of amount in the said assessment therefore, we are of the view that the learned CIT(A) has wrongly upheld the finding of the Assessing Officer on this ground, hence the finding of the learned CIT(A) on the point is hereby ordered to be set aside. Concluding this facts that the capital gain exempted under the provision of the law is not liable to be added to the income of the assessee. Accordingly this issue is decided in favour of the Assessee and against the Revenue. ISSUE NO.4:- 6. So far as issue no.4 is concerned, the tax of the assessee was computed to the tune of Rs. 2,98,367/- and also challenged the levy of interest under provision of sections 234A, 234B and 234C. All these issues are the outcome of the decision on issue no. 3 &4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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