TMI Blog2018 (11) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017 implementing the Tribunal's direction. It may be that the Revenue has certain disputes with the proposition that the Tribunal adopted while giving such direction. Such issue is not before us and we would therefore not comment on the same. However, as long as an order of the Tribunal stands, the assessment order was required to be implemented. Further having implemented it, it was simply not open for him to exercise power of rectification which is meant for correcting any error apparent on record. - R/Special Civil Application No. 3474 of 2018 - - - Dated:- 16-4-2018 - Mr. Justice Akil Kureshi And Mr. Justice B.N. Karia JJ. For the Petitioner(s) : Mr Pramthesh D Dave ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURES ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f contained code of assessment. The levy of tax is on the book profits after affecting various upward and downward adjustments as set out in terms of the Explanation thereto. The provisions of sub section (5) of section 115JB open the assessment to the application of all other provisions contained in the Act except if specifically barred by that section itself. Thus, the adjusted book profits would be further eligible to the benefits set out in the other provisions of the Act and the plain language of section 115JB thus admits of the grant of releif under section 54EC in an assessment thereunder. Thus while an assessment under section 115JB would be concluded exclusively on the basis of the book profits as adjusted by the item set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g deduction of ₹ 1,00,00,000/- u/s. 54EC of the Act, in contravention to the law for determining book profit. Thus, the book profit has been arrived at ₹ 1,72,59,150/- which is less than ₹ 2,72,59,149/- declared in your return of income. The mistake being apparent from records, I intend to carry out the required rectification of the impugned order. 5. The present issue is very simple and does not require any elaborate discussion. Undisputed fact is that the Tribunal directed the Assessing Officer to compute the assessee's book profit in a particular manner. The Assessing Officer correctly understood such direction and gave effect to the Tribunal's order also. He now proposes to rectify his order giving effect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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