{"id":51232,"date":"2025-02-13T17:59:43","date_gmt":"2025-02-13T12:29:43","guid":{"rendered":"https:\/\/itatonline.org\/digest\/industrial-investment-bank-of-india-ltd-v-pcit2024-209-itd-117-kol-trib\/"},"modified":"2025-02-13T17:59:43","modified_gmt":"2025-02-13T12:29:43","slug":"industrial-investment-bank-of-india-ltd-v-pcit2024-209-itd-117-kol-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/industrial-investment-bank-of-india-ltd-v-pcit2024-209-itd-117-kol-trib\/","title":{"rendered":"Industrial Investment Bank of India Ltd v. PCIT(2024) 209 ITD 117 (Kol) (Trib.)"},"content":{"rendered":"<p>Assessee-company is undergoing voluntary liquidation. Assessing Officer completed assessment without applying provisions of section 115JB\u00a0 of the Act. PCIT\u00a0 invoked revision proceedings under section 263 on ground that assessee had not computed income under provisions of MAT.\u00a0 Assessee contended that it was a company undergoing voluntary liquidation, and hence, is\u00a0 not preparing accounts from which any \u201cbook profit\u201d could be worked out. On appeal the Tribunal held that\u00a0\u00a0 neither did Assessing Officer conduct any enquiry nor did he attempt to apply provisions of section 115JB, and hence provision of Section 263 is correctly applied.\u00a0 (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner-Revision of orders prejudicial to revenue-Company-Book profit-Voluntary liquidation-Section 115JB is applicable even to a company under voluntary liquidation.[S.115JB]  <\/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-51232","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dkk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51232","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=51232"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51232\/revisions"}],"predecessor-version":[{"id":51233,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51232\/revisions\/51233"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}