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2016 (6) TMI 973 - BOMBAY HIGH COURT

2016 (6) TMI 973 - BOMBAY HIGH COURT - TMI - MAT computation - loss which can be deducted under Section 115 JB(2) - Held that:- There is no specific mention in the impugned order the manner of calculation of the amounts in terms of the explanation to Section 115 JB(2) of the Income Tax Act. Without going into the merits of the rival contentions, we find it appropriate to quash and set aside the impugned order of the ITAT and remand the matter to the learned Tribunal to re-examine the matter only .....

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for the respondent. ORAL JUDGMENT: (PER F.M. REIS, J.) Heard Shri M. Pereira, learned Counsel appearing for the appellant and Ms. A. Desai, learned Counsel appearing for the respondent. 2. Admit on the following substantial question of law: Whether the impugned order dated 09/02/2015 passed by the Income Tax Appellate Tribunal, Panaji, Goa stands vitiated for not carrying out the calculations in terms of Section 115 JB(2) of the Income Tax Act ?< .....

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orities have allowed deductions only for a sum of ₹ 71,12,238/-. The learned Counsel further points out that the amount of deduction claimed was, according to him, the loss which was accumulated, which can be deducted whilst computing the income. 4. Ms. Desai, learned Counsel appearing for the Revenue, however, submits that the appellants have not brought any material on record to establish that the amount claimed was, in fact, the loss which can be deducted under Section 115 J .....

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