9911796707
TMI Blog2012 (10) TMI 216X X X X Extracts X X X X X X X X Extracts X X X X ..... he book profits under section 115JB - Held that:- As decided in Jtc. I. T., Mumbai Versus M/s Rolta India Ltd.[2011 (1) TMI 5 - SUPREME COURT OF INDIA] there is no exclusion of section 115J/115JA in the levy of interest under section 234B. The expression “assessed tax” is defined to mean the tax assessed on regular assessment which means the tax determined on application of section 115J/115JA in the regular assessment. Interest under section 234B is payable on failure to pay advance tax in respect of tax payable under section 115JA - against assessee. Carry forward of unabsorbed depreciation loss of earlier years without setting off the same against the capital gains - Held that:- The provisions of the Act are very clear and the plain me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wance of Rs. 6,48,723/- made by the Assessing officer u/s 14A r.w.r 8D. 3. On the facts and in the circumstances of the case and in law, the learned CIT(A)-XXI, Mumbai erred in confirming the disallowance of Rs. 6,48,723/- made by the Assessing officer u/s 14A r.w.r 8D while computing the Book Profit u/s 115JB. 4. On the facts and in the circumstances of the case and in law, the learned CIT(A)-XXI, Mumbai erred in levying interest u/s 234B 234C of Rs. 41,160/- Rs. 4,022/- respectively while computing the book profit u/s 115JB. 5. On the facts and in the circumstances of the case and in law, the learned CIT(A)-XXI, Mumbai erred in confirming the action of the assessing officer in not allowing the loss of Rs. 53,20,823 claimed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wance. The ground is thus treated as allowed for statistical purposes. 6. The next ground of appeal pertains to levy of interest u/s 234B 234C, while computing the book profits under section 115JB. 7. The AR conceded that the issue is covered against the assessee in the case of JCIT Vs Rolta India Limited, reported in 330 ITR 470 (SC), wherein it has been held, (head notes), .Thus, there is no exclusion of section 115J/115JA in the levy of interest under section 234B. The expression assessed tax is defined to mean the tax assessed on regular assessment which means the tax determined on application of section 115J/115JA in the regular assessment. Interest under section 234B is payable on failure to pay advance tax in respect of ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y applying the rates applicable to capital gains. However, since the tax liability under MAT was greater than the tax levied on capital gains and the tax paid by Company under mat amounted to Rs. 8,50,447/- which excluded interest paid. Therefore the appellant carried forward the loss of Rs. 53,20,823/-. The appellant further claimed before the AO that under the provisions of section 32 (2), it was entitled to carry forward the unabsorbed deprecation to any number of years for set off against the business profits and by virtue of section 72(2) the appellant was entitled to claim set off a business claim first before setting of any unabsorbed deprecation. The AO did not agree with appellant s argument. As per AO the provisions of section 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder consideration. Thereafter, as per provisions of section 71, the same was required to be set off against income under any head of income of the year under consideration including against the capital gains. In the facts and circumstances, the AO was correct in concluding that appellant was not entitled to carry forward of unabsorbed depreciation loss of earlier years without setting off the same against the capital gains of the year under consideration. The action of AO was as per law and is therefore upheld. This ground of appeal is therefore, dismissed . 10. Aggrieved, the assessee is before the ITAT. 11. Before us, the Authorised Representative reiterated the submissions as made before the revenue authorities, that section 71(2) g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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