For the AY\u00a02018-19\u00a0the gross total income of the assessee after setting off brought forward losses was nil and hence, no deduction under Chapter VI-A of the\u00a0Income-tax Act, 1961\u00a0was claimed. However, the A.O. quantified such deduction and disallowed the same. The CIT(A)\u00a0 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.<\/p>\n
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\u00a0of 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.\u00a0 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.\u00a0 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115JB : Company-Book Profits-Assessing Officer without discussion computing book profits at higher figure than that computed by assessee-Difference representing provision for current tax-Assessee declaring net amount instead of reporting each item separately-Order set aside and matter remanded to AO for adjudication afresh-Claim under section 80JJAA is also set asde.[S.80JJA]<\/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-42087","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aWP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42087","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=42087"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42087\/revisions"}],"predecessor-version":[{"id":42088,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42087\/revisions\/42088"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}