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TMI Blog2024 (11) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... up the appeal filed by the assessee in ITA No. 370/Coch/2023 for A.Y. 2012-13. 3. The brief facts of the case are that the assessee is a company deriving income from sale of rubber. The assessee while filing the return of income had reduced the sale value of old rubber trees on the ground that it is a capital in nature and thereafter computed the income. The AO not accepted the method adopted by the assessee and he in turn included the value of the old rubber trees as income and computed the income u/s. 115JB of the Act. The AO, for rejecting the method adopted by the assessee had relied on the decision of the Hon'ble Kerala High Court in the appellant's own case in which it was held that the sale value of old rubber trees is not deductibl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sofar as the third dispute of disallowance of bonus, the Ld.CIT(A) accepted the case of the assessee and allowed the same. 4. As against the said order, the assessee is in appeal before this Tribunal by raising the following grounds of appeal for A.Y. 2012-13: "1) The main dispute in this appeal is the non-exclusion of sale value of old rubber trees for purpose of Book Profits under sec. 115JB. Even though the Kerala High Court has decided the issue against the appellant, SLP filed before the Supreme Court has been accepted (SLP 6/2012) and is pending along with SLP for subsequent years. 2) The question of Law raised before the Supreme Court is, "whether an income which is not otherwise chargeable to tax in assessment proceedings could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 010 dated 29.06.2012 and allowed deduction of sale of old rubber trees 5) In view of the foregoing, it is prayed that sale value of old rubber trees may be directed to be reduced while calculating book profits for purpose of sec. 115JB." 5. At the time of hearing, the Ld.AR relied on the judgment of the Hon'ble Supreme Court in the case of Kalpetta Estates Ltd. vs. CIT reported in 122 ITR 501 and also the Hon'ble Kerala High Court in the case of Roja Rubber & Produce Co. Ltd. reported in 89 ITR 182 and contended that what is not taxable under the normal provisions should not be taxed by invoking section 115JB of the act. The Ld.DR relied on the orders of the Hon'ble Kerala High Court in the appellant's own case and prayed to dismiss the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a High Court in the appellant's own case. In the result, the grounds of appeal filed for the A.Ys. 2012-13 and 2013-14 are dismissed. ITA No. 369/Coch/2023 (A.Y. 2008-09) 8. In this appeal, the assessee has challenged the order of the Ld.CIT(A) in which the similar dispute was involved i.e. whether the sale proceeds of the rubber trees is to be included for the purpose of computing book profit u/s. 115JB of the Act. The assessee mainly contended that the AO had no jurisdiction to pass an order u/s. 154 of the Act in which the AO had rectified the mistake and added the sale of old rubber trees while computing the book profit u/s. 115JB of the Act. The AO had not done the same while giving effect to the order of the Tribunal dated 03/01/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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