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2016 (8) TMI 767 - GUJARAT HIGH COURT

2016 (8) TMI 767 - GUJARAT HIGH COURT - [2016] 387 ITR 455 - Computation of book profit u/s. 115J based on separate profit and loss account furnished by the assessee - Interest charged under section 234B - whether computation of income under section 115J was not liable to payment of advance tax? - Held that:- Taking into account the fact that the assessee has claimed depreciation in the profit and loss account on the basis of Income-tax Rules and not as per the Companies Act, the contention rais .....

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ncome-tax (2008 (4) TMI 20 - SUPREME COURT ), we answer question No. 1 in favour of the assessee and against the revenue. - So far as question No. 2 is concerned, in view of the decision of the Apex Court in the case of Commissioner of Income-tax v. Kwality Biscuits Ltd. (2006 (4) TMI 121 - SUPREME Court ) no interest under section 234B and 234C would be leviable when income was computed by invoking provisions of section 115J of the Income-tax Act. We, therefore, answer question No. 2 in fa .....

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einafter referred to as the Tribunal ) whereby the Tribunal has dismissed the appeal of the revenue by confirming the order of the Commissioner of Income-tax (Appeals). 2. These appeals were admitted by this court for consideration of the following substantial questions of law: Tax Appeal No. 257 of 2007: (A) Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) directing to compute the book profit u/s. 115J based on separate profit and loss acc .....

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f income under section 115J was not liable to payment of advance tax? 3. The learned counsel for the appellant has contended that the issue regarding computation of book profit under section 115J of the Income-tax Act is referred to a Larger Bench in the case of Dynamic Orthopedics P. Ltd., reported in (2010) 321 ITR 300 (SC). Therefore, the same may be kept pending or decided subject to the decision of the Larger Bench Apex Court. 4. Learned counsel for the assessee Mr. Soparkar has contended t .....

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