2015 (12) TMI 770 - HC - Income Tax

Non applicability of provisions of section 115JB on assessee as held by ITAT - Held that - Provisions of section 115JB were applicable and that the amendment was prospective in nature. The Tribunal could not have ta ken a different view after relying upon the judgment in the case of State Bank of Hyderabad Vs. DCIT 2013 (3) TMI 307 - ITAT HYDERABAD . If the Tribunal wanted to take such a view, the reasons should have been expressed, which the Tribunal never did. By this process the Tribunal got rid of the matter without really deciding the points urged. By such disposal of the appeal neither of the parties was benefited. The impugned order is accordingly set aside and the matter is remanded for rehearing.

Summary

The Calcutta High Court set aside the Tribunal's judgment that provisions of section 115JB were not applicable to the assessee. The matter was remanded for rehearing.