9911796707
TMI Blog2020 (1) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... of appeal raised by the assessee are as follows: 1. That on the facts and in the circumstances of the case, the ld. CIT(A) has erred in confirming the action of ld. A.O. who computed book profit u/s 115JB by deducting the exempt income u/s 10(1) at Rs. 1,19,76,438/- instead of Rs. 2,08,86,160/- worked out in the main computation of income. 2. That the appellant craves leave to add, alter, adduce or amend any ground or grounds on or before the date of hearing of the appeal. 3. Brief facts qua the issue are that during the assessment proceedings the Assessing Officer has computed the revised income from tea growing and manufacturing business at Rs. 3,48,10,266/- as follows: Thereafter the ld. Assessing Officer computed the book profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30): : Rs. 1,19,700/- : Rs. 20,54,360/- : Rs. 2,33,71,086/- Less: Other incomes : (i) Profit on sale of investment: : Rs. 6,92,769/- (ii) interest other than exempted interest : : Rs. 26,68,087/- (iii) Rental income : : Rs. 49,500/- : Rs. 34,10,356/- : Rs. 1,99,60,730/- Less: : Sixty percent of Rs. 1,99,60,730/-, being the agricultural income to be deducted u/s 10(1): : Rs. 1,19,76,438/- : Rs. 79,84,292/- Add: : Othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income less Rs. 1,39,24,106/- being forty percent income chargeable to tax under I. T. Act as per Rule 8]. That the AO while computing book profits u/s. 115JB of the I. T. Act, as considered a sum of Rs. 1,19,76,438/- by stating the same to be agricultural income u/s. 10(1), in spite of the agricultural income worked out by him at Rs. 2;08,86,160/- as mentioned above and as per the Order. A very apparent mistake is visible in the book profits worked out u/s. 115JB, in as much that he has rightly considered deductions u/s. 10(34), 10(15) and 10(30) as per the I. T. Act and as shown in the main computation of income in the Order also, but the agricultural income exempt u/s. 10(1) has been incorrectly taken ,at Rs. 1,19,76,438/- instead of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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