For the AY 2018-19 the gross total income of the assessee after setting off brought forward losses was nil and hence, no deduction under Chapter VI-A of the Income-tax Act, 1961 was claimed. However, the A.O. quantified such deduction and disallowed the same. The CIT(A)  upheld disallowance on the ground that the assessee had filed belated return. On further appeal, the Tribunal restored the matter to the file of the A.O. to examine the contentions of the assessee and to decide in accordance with law after providing adequate opportunity of being heard.

The A.O. assessed book profit of the assessee at Rs. 14,94,84,614 as against book profits disclosed at Rs. 11,99,54,253 in return of income u/s. 115JB of the Act without discussing it in computation sheet. The difference between the amount computed by the A.O. and that computed by the assessee represented the provision for current tax.  The CIT(A) upheld the view taken by the A.O. On further appeal, the Tribunal held that since, there was no examination by the A.O. and no discussion in the assessment order on this issue, the matter was to be restored to the A.O. for examining the contentions of the assessee and adjudication afresh after providing adequate opportunity of being heard to the assessee. (AY.  2018-19)