TMI Blog2019 (8) TMI 1261X X X X Extracts X X X X X X X X Extracts X X X X ..... JB thus admits of the grant of relief u/s 54 EC in an assessment thereunder. - decided in favour of assessee - ITA No.1042/Chny/2018 - - - Dated:- 20-7-2019 - Shri George Mathan, Judicial Member And Shri Inturi Rama Rao, Accountant Member For the Appellant : Mr.R.Subramanian, CA For the Respondent : Mrs.M.Subashri, JCIT ORDER PER INTURI RAMA RAO, ACCOUNTANT MEMBER: This is an appeal filed by the assessee company directed against the Order of the Commissioner of Income Tax (Appeals)-13, Chennai, dated 01.12.2017 for the AY 1999-2000. 2. The assessee company raised the following grounds of appeal: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For these grounds and such other grounds that may be urged before or during the hearing of the Appeal it is most humbly prayed that the Hon'ble Tribunal may be pleased to pass Set Aside the Order of the Ld.CIT(A) and pass such other Orders as the Hon'ble Tribunal may deem fit in the facts and circumstances of the Case. 3. Briefly the facts of the case are as under: The assessee is a company incorporated under the provisions of Companies Act, 1956. The return of income for the AY 1999-2000 was filed on 28.10.1998 declaring total income of ₹ 51,851/-. Against the said return of income, the assessment was completed by the AO vide an order dated 31.01.2001 at total income of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting book profit u/s.115JA is settled by the Hon ble jurisdictional High Court in the case of CIT-III, Chennai vs. M/s.Metal Chromium Plater (P.) Ltd., in favour of the assessee company by holding as under: 6. The allowance or otherwise of the claim under Section 54AC has to be seen in the context of the provisions of Section 115 JB which is a self contained code of assessment. The levy of tax is on the book profits after effecting various upward and downward adjustments as set out in terms of the Explanation thereto. The provisions of sub-section (5) of s.115 JB open the assessment to the application of all other provisions contained in the Income tax Act except if specifically ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n an assessment in terms of sections 115 JA or JB, the adjusted book profits would be further subjected to the effect of other provisions of the Act that are specifically brought into play by virtue of sub-sections (4) of section 115JA and (5) of section 115JB. 8. Reliance of the learned standing counsel on the decision of the Division Bench of the Kerala High Court in the case of N.J.Jose and Co.(P) Ltd. vs. Asst. Commissioner of Income Tax and another (321 ITR 133) is also distinguishable for the same reason as aforesaid. 9. In view of the above discussion, the substantial question of law is answered against the Revenue and in favour of the assessee. The departmental appeal is dismissed without costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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