| COURT: | ITAT Mumbai |
| CORAM: | Joginder Singh (JM), Manoj Kumar Aggarwal (AM) |
| SECTION(S): | 115JB, 263, 40(a)(i) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | 115JB Book Profits, Revision |
| COUNSEL: | Ketan Ved |
| DATE: | February 14, 2018 (Date of pronouncement) |
| DATE: | February 16, 2018 (Date of publication) |
| AY: | 2012-13 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 263: Even if there is lack of inquiry by the AO and the assessment order is "erroneous" under Explanation 2 to s. 263, the order is not "prejudicial to the interests of the Revenue" because Fringe Benefit Tax is not "tax" as defined in s. 2(43) and cannot be disallowed u/s 40(a)(v) or added back to "Book Profits" u/s 115JB | |
The only question that survives for our consideration is that whether the omission to carry out the stated adjustment in the Book profits as envisaged by Ld. CIT has made the quantum order erroneous and prejudicial to the interest of the revenue and whether the stated adjustment as suggested by Ld. CIT was tenable in law or not? In other words, we are concerned with whether the twin prime conditions viz. erroneous and prejudicial to the interest of the revenue for invoking the provisions of Section 263 was fulfilled in the instant case or not
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