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2016 (7) TMI 1083 - ITAT MUMBAIRectification of mistake - credit for unabsorbed deprecation / loss was wrongly granted and that mistake was required to be corrected - Addition made U/S 115JB - disallowance of brought forward un-absorbed depreciation applying the provisions of section 79 - Held that:- The position that emerges before us is that assessee was entitled to get the credit of unabsorbed depreciation or unabsorbed losses, whichever is less. It is seen on the basis of chart which was attached as Annexure “A” by Ld.CIT(A) to his order that amount of unabsorbed business loss was for ₹ 24,76,40,000 as against amount of unabsorbed deprecation of ₹ 308.89 lakhs. Thus, the amount of unabsorbed depreciation was less and, therefore, assessee was eligible to get the benefit of the same a deduction from the book profits to compute the taxable amount of book profits u/s 115JB. Thus, there was no mistake, much less a mistake apparent on record, and therefore, the Ld.CIT(A) had rightly quashed the order passed u/s 154. No interference is called for in the order of the ld.CIT(A), and therefore, the same is hereby upheld. - Decided against revenue
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