TMI Blog2017 (7) TMI 1375X X X X Extracts X X X X X X X X Extracts X X X X ..... be rectify an omission or wrong statement in the original return, so that it is incumbent on the assessee to state what omission or wrong statement informs its revision, i.e., its basis, and which it has abysmally failed to. Continuing further, capital gains on transactions in securities has been specified for reduction (from net profit) only in the case of a foreign company (Cl. (iid) to Explanation 1, inserted w.e.f. 01/4/2016). The same by itself implies, i.e., if there were to be any doubt whatsoever in the matter, that the capital gains for an assessee, not being a foreign company, being not specifically provided, is not to be reduced (from the net profit) in arriving at the book profit. Thus, even if the shares sold are held as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had been wrongly assessed at ₹ 64,64,764/-, and had to be as per the profit and loss account, duly audited, i.e., at ₹ 506,04,764/-. The book profit was accordingly assessed at . 506.05 lacs, and confirmed in appeal for the same reason. 3. Before us, the ld. Authorized Representative (AR) would, taking us through the assessment order u/s. 143(3), attempt to exhibit that book profit had in fact not been assessed at all, and that the assessment was limited to regular income (at ₹ 158.66 lacs) only. How could, then, the same be rectified? It is only where an assessment is made that a mistake in arriving at or computing the correct figure could at all be made. On being asked of the basis of the figure of ₹ 64.65 lacs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok profit tax through recourse to s. 154. This is borne out by the notice u/s. 154(3) dated 29/1/2015, the contents of which are extracted in the Statement of Facts forming part of the appeal before the first appellate authority. The AO made the adjustment in the absence of any objection thereto raised by the assessee before him, while the ld. CIT(A) not only found the same to be in order, i.e., in accordance with the provision of s. 115-JB, but also noted, again, an absence of any objection (i.e., on merits of the impugned adjustment) before him. In other words, no case against the adjustment on merits has been made at any stage. Coming to the assessee s pleadings before us, the income tax computation form dated 19/3/2014 (copy on record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntious issue. That is, is only a mistake, apparent from record, on the part of the AO in assessing at the said figure. In this regard, it is well settled that s. 115-JB is a self contained code, and only the adjustments delineated under Explanation-1 to s. 115JB could be made to the net profit as disclosed by the profit and loss account adopted by the company (in its annual general meeting) to arrive at the book profit u/s. 115JB. Reference for this may be made to the decisions in Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273 (SC) and Ajanta Pharma Ltd. v. CIT [2010] 327 ITR 305 (SC). The only thing therefore that needs to be seen in this regard is if the company, in reducing the profit on the sale of shares, has followed any of the specifie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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