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2016 (8) TMI 953 - ITAT MUMBAI

2016 (8) TMI 953 - ITAT MUMBAI - TMI - Rectification of mistake - addition u/s.115JB - whether the rectification order was barred by time and was void ab initio? -Held that:- While completing the original assessment, the AO had determined book profit of the assessee at ₹ 40.89 crores, that the assessee had preferred an appeal before the FAA against the order of the AO passed u/s.143 (3) of the Act,that in the appeal it had not agitated the issue of 115 JB of the Act,that it had challenged .....

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favour of the assessee as held by the Hon'ble Supreme Court in case of Vijaya Bank (2010 (4) TMI 46 - SUPREME COURT ). Hence,in our opinion, the order of the FAA does not suffer from any legal infirmity. Confirming his order, we decide the effective ground of appeal against the AO. - ITA/118/Mum/2015 - Dated:- 22-8-2016 - Shri Rajendra, Accountant Member and Ram Lal Negi, Judicial Member For The Revenue : Shri K.V. Vispute-DR For The Assessee : Shri Falee H. Bilimoria-AR PER RAJENDRA, AM Challe .....

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income of the assessee at ₹ 6.46 crores under the normal provisions and at ₹ 40.89 crores under the MAT provisions(u/s.115 JB of the Act).Aggrieved by the 143(3) order of the AO, the assessee preferred an appeal before the First Appellate Authority (FAA). An order giving effect to the order of the FAA was passed on 12/10/2011,revising the total income of the assessee at ₹ 3.05 lakhs under normal provisions and at ₹ 40.89 crores u/s.115JB. On verification of the records,th .....

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bout the proposed rectification. The assessee contended before him that there was no mistake apparent from the record. However, the AO did not agree with the assessee and held that subclause(i) to explanation 1 to subsection(2) of section 115 JB was substituted with effect from 01/04/2001,that the amount of ₹ 4.08 crores had to be added back to the net profit of the assessee to arrive at the book profit. Accordingly, he added sum of ₹ 4.08 crores while the computing the book profit. .....

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ddition of section 115 JB,that during the appellate proceedings this issue was not raised before him,that for counting the limitation period date to be recognised was date on which the original assessment was passed, that the order u/s.154 had to be passed within four years from the end of the assessment year in which the original assessment order was completed. Accordingly, he held that order passed by the AO on 17/01/2014 was barred by limitation. 4. During the course of hearing before us, the .....

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n 15);Vijaya Bank (323ITR166) and Yokogawa India Ltd. (204 Taxmann 305).He stated that the activation order was time-barred and hence was rightly quashed by the FAA. 5. We have heard the rival submissions and perused the material before us. We find that, while completing the original assessment, the AO had determined book profit of the assessee at ₹ 40.89 crores, that the assessee had preferred an appeal before the FAA against the order of the AO passed u/s.143 (3) of the Act,that in the a .....

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