9911796707
TMI Blog2022 (12) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 29.03.2016. 2. The only issue in this appeal of assessee is against the order of CIT(A) confirming the action of the AO in making rectification u/s.154 of the Act by adding prior years income as book profit u/s.115JB of the Act. 3. The assessee raised two facets of arguments, first that this is a highly debatable issue and second that the assessee has already offered said income of Rs.1 crore in assessment year 2007-08 and making this addition again in relevant assessment year 2009-10 of Rs.99,30,600/- will tantamount to double addition. 4. Brief facts are that the assessee filed its return of income for the assessment year 2009-10 on 30.09.2009 and accordingly, scrutiny assessment was passed u/s.143(3) of the Act on 23.11.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 The decisions relied upon by the appellant in the case of Apollo Tyres Ltd vs. CIT (2002) 255 ITR 273 and Malayala Manorama Co Ltd., in Appeal Civil No.5420-5423 of 2022 in [2008 TIOL-77-SC] will not come to the rescue of the appellant as the facts are distinguishable inasmuch as that the AO had not interfered with the Profit & Loss account for the relevant previous year under consideration and has only gone by the present provisions of Section 115JB of the Act that is applicable to the impugned A.Y. by correctly not reckoning the prior period income." Aggrieved, assessee is in appeal before the Tribunal. 5. Before us, the ld.counsel for the assessee filed copies of original return of income for assessment year 2007-08, revised return o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only adjustment was made in the books of account of financial year 2008-09 relevant to assessment year 2009-10 and this fact was in the knowledge of AO at the time of making adjustment and even this was explained during the course of rectification proceedings by the assessee. In view of the above, first of all the assessee has offered this in assessment year 2007-08, it cannot be added again and moreover, this being highly contentious issue and debatable whether this is to be assessed in assessment year 2007- 08 or 2009-10, it cannot be rectified while acting u/s.154 of the Act. Hence, we allow the appeal of assessee. 7. In the result, the appeal filed by the assessee is allowed. Order pronounced in the open court on 14th December, 2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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