The Board for Industrial and Financial Reconstruction sanctioned a rehabilitation scheme for the assessee with directions for implementation thereof for revival of the assessee. The cut-off date had been taken was March 31, 2009.\u00a0 The assessee contended that\u00a0 the\u00a0 provisions of S. \u00a0115JB\u00a0should not be made applicable.\u00a0 AO held that provision\u00a0 is applicable\u00a0 . CIT (A) affirmed the order of the AO . On appeal the Tribunal held that\u00a0\u00a0 the express provisions of Explanation 1(iii) to S. \u00a0115JB(2)\u00a0, the assessee would be entitled to deduction of the loss brought forward or unabsorbed depreciation whichever is less according to the books of account. The assessee had claimed the lower of depreciation and book loss while computing the book profits under S. \u00a0115JB\u00a0for the assessment year 2012-13 which had not been disturbed by the Assessing Officer for the assessment year 2012-13. The issue of the adjustments had not been gone into either by the Assessing Officer or by the CIT (A)\u00a0 . Therefore, the matter was remitted to the CIT (A)) to specifically adjudicate the issues by way of a speaking order and bring on record the correct factual matrix, in this respect.( AY.2013-14, 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.115JB: Book Profit- Sick Industrial Company \u2014Discharged by Board for Industrial and Financial Reconstruction – Net worth turning positive – Matter remanded to the file of Commissioner (Appeals) to decide on merit by passing speaking order. [Sick Industrial Companies [S. 40(a) )(ia), Special Provisions) Act, 1985, S. 17(1) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13079","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3oX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13079"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13079\/revisions"}],"predecessor-version":[{"id":13080,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13079\/revisions\/13080"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}