9911796707
TMI Blog2016 (12) TMI 1005X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case and in law, the Tribunal erred in setting aside the order of CIT(A) and directing deletion of addition of Rs. 1,28,60,000/- made to Book Profit by an order u/s 154 of the Act passed on 19.08.2010 when the order u/s 154 beyond four years of assessment ? Briefly, the facts leading to this appeal are as under : 3. On 27th February, 2004, the assessment order was passed under Section 143(3) of the Act for the subject assessment year. The assessment order accepted the respondent assessee's claim of book profits under Section 115JB of the Act. The book profits as claimed was after allowing of amounts set aside as provisions for diminution in the value of assets. 4. The respondent assessee be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed the book profits under Section 115JB of the Act by adding to it the amounts set aside as provision for diminution in value of assets. 8. Being aggrieved, by the order dated 19th August, 2010 the respondent assessee carried the issue of jurisdiction of the Assessing Officer to rectify the order dated 30th December, 2008 on an issue not dealt with in it, but was a subject matter of an order dated 27th February, 2004 of the Assessing Officer upto the Tribunal. By the impugned order dated 31st October, 2013 the Tribunal held that in the present facts, the assessment order dated 27th February, 2004 passed under Section 143(3) of the Act did not merge with the order dated 30th December, 2008 passed under Section 143(3) r/w 254 of the Act. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant Revenue on the basis of the amendment to Section 115JB of the Act in 2009 with retrospective effect from 2001 does not address the fundamental issue of nonmerger of the order dated 27th February, 2004 with the order dated 30th December, 2008. Therefore, any rectification of the order dated 27th February, 2004 is required to be done within 4 years from 27th February, 2004 as provided under Section 154 of the Act. It is not disputed before us that issue of the provisions made for diminution in value of assets which is sought to be rectified is an issue which was never the subject matter of consideration in the order dated 30th December, 2008 passed under Section 143(3) r/w Section 254 of the Act. Therefore, in these circumstances, it co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
