TMI Blog2008 (3) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... ) KUSHAL BAGH MINERALS P. LTD. (D.B.I.T.A. Nos. 14, 22, 35, 39 and 2005. (2) BAIDHWAN GRANITES P. LTD. (D.B.I.T.A. Nos. 15,33,36,43,44 of 2005. (3) KUSHAL BAGH MARMO P. LTD. (D.B.I.T.A. Nos. 16, 34, 38, 42, 45 of 2005. (4) KUSHAL BAGH MARKETING P. LTD. (D.B.I.T.A. Nos. 17, 37, 40, 41 of 2005. N. P. GUPTA and DEO NARAYAN THANVI JJ. K.K. Bissa, for the appellant. Anjay Kothari, for the respondent. JUDGMENT 1. All these eighteen appeals arise out of the common order of the Income-tax Appellate Tribunal, and have been admitted by different orders of this Court, by framing following substantial questions of law: "1. Whether an intimation of tax computation issued under Section 143 (1) by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer, in all the cases, passed orders, purportedly exercising powers under Section 154, calculating the income at the rate of 30 per cent. of the book profit, and the assessee was required to pay tax, at the rate of 35 per cent., along with the interest and surcharge. 3. Against these orders, appeals were filed, and the same were dismissed by the learned Commissioner (Appeals). Then, all the matters were carried to the Tribunal, and the learned Tribunal held, that the provisions of Section 143(1) and 154 have been amended by the Finance Act of 1999, whereby, the provisions were modified, and prima facie adjustments, additional tax, and issue of limitation etc., were done away with. Then, after the amendment, mere filing of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of "book profit" as per Section 115JA, the 100per cent. exempted income, derived from such industrial undertaking, is required to be deducted, which aspect has not been considered by the Assessing Officer, otherwise, there would been no need to pass the order under Section 154 of the Income Tax Act. 5. Then, noticing this contention in Paragraph 12, it was observed, that the undisputed facts of these cases are, that all these assessees are industrial undertakings, which are situated in the backward areas, and for the assessment years 1998-99 to 2000-01, the Assessing Officer taxed book profit as per the provisions of Section 115JA by invoking the provisions of Section 154, and charged interest under Sections 234A, 234B and 234C. While ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... form from an accountant as defined in the Explanation appended to sub-section (2) of Section 288, certifying that the book profit has been computed in accordance with the provisions of this Section, along with the return of income filed under sub section (1) of Section 139 or along with the return of income furnished in response to the notice under clause (i) of Section 142(1). 7. In our view, it clearly appears from the assessment orders, that the orders proceeds in issuing initial intimation under Section 143(1). The provisions of Sections 115JA and 115JB were not taken into consideration. True, it is, that the provisions of Section 115JB have been inserted with effect from 1.4.2001, however, the provisions of Section 115JA were ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at profit, and it in this second list, which contains clause (v) as under : "(v) the amount of profits derived by an industrial undertaking located in an industrially backward State or district as referred to in sub-section (4) and sub-section (5) of section 80-IB, for the assessment years such industrial undertaking is eligible to claim a deduction of hundred per cent of the profits and gains under sub-section (4) or sub-section (5) of section 80-IB" 9. Thus, on the face of it, notwithstanding the total income of the assessee is less than 30 per cent. of the alleged "book profit", the "book profit" is to be arrived at after deducting the amounts including the amount provided in clause 5 as noted above. 10. It is not in dispute, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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