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2016 (10) TMI 540 - ITAT PANAJI

2016 (10) TMI 540 - ITAT PANAJI - TM - MAT applicability - book profit - computation of tax liability under section MAT - deduction for unabsorbed depreciation of earlier years while computing the book profit for the Assessment Year 2008-09 disallowed - Held that:- We find that the Assessing Officer in the assessment order has observed that profit as per profit & loss account was ₹ 1,59,28,201/-. According to the Assessing Officer as per his letter dated 28/07/2016, as per provision of cla .....

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ccording to which the loss shall not include depreciation and that the provisions of this clause shall not apply if either the amount of loss brought forward or unabsorbed depreciation is NIL. Therefore, he did not allow any deduction for unabsorbed depreciation of earlier years while computing the book profit for the Assessment Year 2008-09. - From the reading of the explanations before amendment and after amendment goes to show that if either the loss brought forward or unabsorbed deprecia .....

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Department : Shri Nataraj S. - DR ORDER PER N.S.SAINI, ACCOUNTANT MEMBER This is an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), Panaji, dated 15/05/2014. 2. This appeal of the assessee was decided by the Tribunal vide its order dated 09/02/2015 passed in ITA No. 292/PNJ/2014 in the Assessment Year 2008-09. 3. The assessee aggrieved by this order, filed appeal before the High Court of Bombay at Goa being Tax Appeal No. 50/2015. The Hon ble High Cou .....

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emand the matter to the learned Tribunal to re-examine the matter only on this limited aspect after hearing the parties in accordance with law. Hence, this appeal was fixed for hearing today. 4. Brief facts of the case are that the Assessing Officer observed that on perusal of the case records of the assessee company for Assessment Year 2008-09, it is revealed that the company is having book profit of ₹1,59,28,201/-, but the tax liability under section 115JB of the Income Tax Act was not w .....

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e computation of tax liability under section MAT is worked out as under:- Profit as per P & L account 1,59,28,201 Less : B/f losses 71,12,338 Book profit 88,15,863 Tax thereon @ 10% 8,81,586 Add : Surcharge @ 10% 88,158 Add : Education Cess @ 3% 29,092 Tax 9,98,836 6. Being aggrieved against this order, the assessee filed appeal before the Commissioner of Income Tax (Appeals), who confirmed the action of the Assessing Officer by observing as under:- 6. During the course of appellate proceedi .....

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of the IT Act were not found in the file. 2) That your appellants has claimed ₹ 159,28,201/- which is carry forward business loss as offset out of the book profits of ₹ 159,28,201/-. The details are enclosed in Annexure I. 3) The Lr AO failed to consider the submissions made vide our letter dated 15/10/2012 (Attached as Annexure II) seeking clarification on the basis of which the Lr AO has claimed that your appellants are entitled for set off ₹ 71,12,338/- only and not ₹ .....

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he impugned Assessment order are hypothetical and not logical. 6) That your appellant to substantiate the arguments take support from the following judgements. 1) Kelvinator India (320 ITR 561 SC) Wherein the Honourable Supreme Court held that the Assessing Officer has power to re-assess and not to re-view-attached as Annexure-III. 2) Hynoup Food and Oil Industries Ltd. Vs. ACIT 307 ITR 115 Wherein Honourable High Court of Gujarat held that the successor A.O. cannot issue notice u/s 148 on the b .....

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discussed by me in the appellate order passed for A.Yr.2007-08, in the case of the appellant. I do not find any infirmity in the order of the A.O. and these technical grounds, raised by the appellant, challenging the reopening of assessment are dismissed accordingly. On merits, apart from working the MAT liability u/s 115JB, the A.O., in his assessment order, has also mentioned the computation of total income under normal provisions of the Act and position of losses and unabsorbed depreciation .....

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d of the post office placed on record. None appeared on behalf of the assessee, when the case was called for hearing and neither any adjournment application was filed. 8. The Bench was of the view that the details of the working of brought forward loss and unabsorbed depreciation was required from the records of the Assessing Officer for deciding the issue of determination of book profit and accordingly, Departmental Representative was directed to obtain the same from the Assessing Officer and t .....

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04 NIL ₹ 1,03,04,528/- 2004-05 NIL ₹ 2,82,29.764/- 2005-06 NIL ₹ 2,10,45,760/- 2006-07 NIL NIL 2007-08 NIL ₹ 93,96,103/- 2008-09 NIL NIL 9. We find that the Assessing Officer in the assessment order has observed that profit as per profit & loss account was ₹ 1,59,28,201/-. According to the Assessing Officer as per his letter dated 28/07/2016, as per provision of clause (iii) of Explanation-1 to section 115JB, no business loss or unabsorbed depreciation is to be .....

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