9911796707
TMI Blog2024 (11) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The appellant has assailed the order dated 24.08.2023, passed by Tax Appellate Tribunal, Chandigarh Bench "B", Chandigarh, (here in after referred to as 'the ITAT'), where by the Assessing Officer was directed to compute book profit after allowing deduction of whole expenditure incurred by the assessee company for the assessment year 2010-11 and 2011-12 respectively and compute the MAT liability under Section 115JB of the Income Tax Act, 1961 (for short 'the Act, 1961') accordingly. 3. Learned counsel submits that the case had a checkered history and it is a second round of appellate proceedings where the assessee had taken up the matter against the order of CIT (Appeals) disallowing the application under Section 154 of the Act, 1961. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mined as Rs. 48,92,35,027/-, which was accepted as it is. At this stage, the assessee filed rectification application under Section 154 of the Act, 1961, stating that there was a mistake apparent on record relating to revenue expenditure incurred by the company amounting to Rs. 35,67,94,891/-. It was stated that the same was liable to be deducted from book profits for the purpose of calculation of MAT liability which had not been allowed by computing the book profits and in support, reliance was placed on the decision of the Hon'ble Supreme Court in M/s Karnataka Soaps and Detergents Limited, SLP (C) No.19860 of 2015, wherein the SLP was dismissed by the Hon'ble Supreme Court on 16.11.2015. However, the Assessing Officer, rejected the rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), the authority passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided. (2) Subject to the other provisions of this section, the authority concerned (a) may make an amendment under sub-section (1) of its own motion, and (b) shall make such amendment for rectifying any such mistake which has been brought to its notice [by the assessee or by the deductor,] [or by the collector], and where the authority concerned is the [Commissioner (Appeals)], by the 9[Assessing Officer] also. (3) An amendment, which has the effect of enhancing an assessment or reducing a refund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded was passed]. (8) Without prejudice to the provisions of sub-section (7), where an application for amendment under this section is made [by the assessee or by the deductor] [or by the collector] on or after the 1st day of June, 2001 to an income-tax authority referred to in sub-section (1), the authority shall pass an order, within a period of six months from the end of the month in which the application is received by it,- (a) making the amendment; or (b) refusing to allow the claim 7. From the bare perusal of Section 154 of the Act, 1961, it is apparent that the same allows the Income Tax Authorities to make amendments, corrections and even pass such orders notwithstanding anything in law for the time being in force and in rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n amount of Rs. 1,53,13,959/- has been written off and claimed in the P&L Account as apparent from Schedule Q under the head 'Administrative & Other Expenses". Therefore, there is no dispute that the assessee has during the year however only incurred revenue expenditure a part has been shown and debited in the P&L Account and the remaining amount has been shown in the balance sheet. Where the book profit have to be determined in terms of profit/loss account prepared in accordance with Part II Schedule VI of the Companies Act, the profit and loss account shall be so made out as clearly to disclose the results of the working of the company during the period and shall disclose every material feature including credits or receipts and debits or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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