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Commissioner of Income Tax-1 Versus M/s. Weizmann Ltd.

2016 (12) TMI 1005 - BOMBAY HIGH COURT

Addition made to Book Profit by an order u/s 154 - MAT - rectification of mistake - Held that:- We are of the view that the issue stands concluded by the decision of this Court in Sakseria Cotton Mills Ltd. (1979 (2) TMI 17 - BOMBAY High Court) in favour of the assessee and against the appellant Revenue. The distinction sought to be made by the appellant 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 .....

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2008 passed under Section 143(3) r/w Section 254 of the Act. Therefore, in these circumstances, it could not be rectified under Section 154 of the Act. Thus, the distinction sought to be made is of no consequence. - Decided in favour of assessee - Income Tax Appeal No. 1020 of 2014 - Dated:- 9-12-2016 - M. S. Sanklecha And M. S. Sonak, JJ. Mr. Suresh Kumar for the appellant Mr. J.D. Mistri, Senior Counsel a/w Mr. Atul Jasani for respondent ORDER P. C. 1. This Appeal under Section 260A of the Inc .....

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e 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 provisio .....

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nution of the value of assets was not an issue which was restored to the Assessing Officer for readjudication. 5. Consequent to the above, the Assessing Officer passed an order dated 30th December, 2008 under Section 143(3) of the Act r/w Section 254 of the Act giving effect to the order dated 29th August, 2007 of the Tribunal. 6. The Finance (No.2) Act of 2009 amended Section 115JB of the Act with retrospective effect from 1st April, 2001. The amendment inter alia added to Explanation I to Sect .....

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ssing Officer under Section 154 r/w Section 143(3) of the Act increased 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 Ass .....

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ranting rectification on account of amendment to Section 115JB of the Act is in the order dated 27th February, 2004 passed by the Assessing Officer under Section 143(3) of the Act. Therefore, the additions made in view of the rectification order dated 19th August, 2008 was deleted. The Tribunal in the impugned order placed reliance upon / followed the decision of this Court on almost identical circumstances in Commissioner of Income Tax, Bombay City-II Vs. Sakseria Cotton Mills Ltd. 143 ITR 47 t .....

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