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| The Tax Publishers2019 TaxPub(DT) 0318 (Bang-Trib) INCOME TAX ACT, 1961
Section 115JB
The issue in the present appeal was whether the claim made during assessment proceedings can be considered by AO when no such claim was made in return of income, was covered by the decision in the case of Kangra Cooperative Bank Ltd. v. JCIT [ITA No. 840/Del/2013 & 1432/Del/2012, dt. 16-10-2015] : 2015 TaxPub(DT) 4559 (Del-Trib), in favour of assessee, therefore, matter was remanded back to CIT(A) to adjudicate the claim in accordance with law after affording opportunity of being heard.
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MAT - Book profit under section 115JB - Claims made during course of assessment proceedings, other than by filing revised return of income - Computation of
Assessee-company was engaged in the business of trading in electricity power. The return of income was filed declaring income under normal provisions after set off of brought forward business loss and returning book profits under section 115JB. Assessee submitted a revised computation of business profits under section 115JB. The difference between the returned book profits and the revised statement was on account of claim for deduction of the amount of loss brought forward and unabsorbed depreciation whichever was less as per books of account. The said claim was not considered by AO. Held: Whether the claim made during assessment proceedings could be considered by AO when no such claim was made in return of income, was covered by the decision in the case of Kangra Cooperative Bank Ltd. v. JCIT in [[ITA No. 840/Del/2013 & 1432/Del/2012, dt. 16-10-2015] : 2015 TaxPub(DT) 4559 (Del-Trib)] in favour of assessee. Thus, matter was remanded back to CIT(A) to adjudicate the claim in accordance with law after affording due opportunity of being heard to assessee.
Followed:Kangra Cooperative Bank Ltd. v. JCIT [ITA No. 840/Del/2013 & 1432/Del/2012, dt. 16-10-2015] : 2015 TaxPub(DT) 4559 (Del-Trib)Relied:Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC) : 2006 TaxPub(DT) 1528 (SC) National Thermal Power Company Ltd. v. CIT (1998) 229 ITR 383 (SC) : 1998 TaxPub(DT) 0342 (SC) Jute Corporation of India Ltd. v. CIT & Anr. (1991) 187 ITR 688 (SC) : 1991 TaxPub(DT) 0505 (SC) CIT v. Kanpur Coal Syndicate (1964) 53 ITR 225 (SC) : 1964 TaxPub(DT) 0339 (SC) CIT v. Mitesh Impex (2014) 225 Taxman 168 (Gujarat) : 2014 TaxPub(DT) 2620 (Guj-HC) and CIT v. Sam Global Securities Ltd. (2014) 360 ITR 682 (Delhi) : 2013 TaxPub(DT) 2538 (Del-HC)
REFERRED :
FAVOUR : In assessee's favour (by way of remand).
A.Y. :
IN THE ITAT, BANGALORE BENCH
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