{"id":4350,"date":"2019-03-12T10:34:58","date_gmt":"2019-03-12T10:34:58","guid":{"rendered":"http:\/\/itatonline.org\/digest\/tata-sons-ltd-v-acit-2019-69-itr-46-mum-trib\/"},"modified":"2019-03-12T10:34:58","modified_gmt":"2019-03-12T10:34:58","slug":"tata-sons-ltd-v-acit-2019-69-itr-46-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/tata-sons-ltd-v-acit-2019-69-itr-46-mum-trib\/","title":{"rendered":"Tata Sons Ltd v. ACIT  (2019) 69 ITR  46 (Mum.)(Trib.)"},"content":{"rendered":"<p>The AO\u00a0 enhanced the\u00a0 suo motu disallowance\u00a0 made by the assesee. The Commissioner revised the order holding that the failure to include the sum in computing the book profit under the provisions of section\u00a0115JB\u00a0rendered the assessment order erroneous in so far it was prejudicial to the interests of the Revenue. Allowing the appeal of the assessee the Tribunal held that in ACIT v.\u00a0 Vireet Investments (P.) Ltd. (2017) 165 ITD 27 \u00a0\/154 DTR 241\/188 TTJ 1 (SB) (Delhi) (Trib.)\u00a0 held that the view beneficial to the assessee was to be taken while deciding the issue in terms of the decision\u00a0 in \u00a0CIT v. Vegetable Products Ltd.\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b1973%5d%20088%20ITR%200192\">(1973) 88 ITR 192<\/a>(SC). Therefore the Assessing Officer had considered the issue during the original assessment proceedings and formed a view permissible under law that no disallowance relatable to exempt income could be made under section\u00a014A\u00a0read with rule\u00a08D\u00a0while computing the book profits under section\u00a0115JB. The revision proceedings were quashed as the assessment order was neither erroneous nor prejudicial to the interests of the Revenue. (AY. 2012-13\u00a0)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner-Revision of orders prejudicial to revenue -Book profit \u2013 Exempt income- two views possible -Revision is held to be bad in law. [S.14A, 115JB, R. 8D]<\/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":[1],"tags":[],"class_list":["post-4350","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-18a","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4350","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=4350"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4350\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=4350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=4350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=4350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}