9911796707
TMI Blog2013 (10) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... atedly at this stage – Decided against the Assessee. - Income Tax Appeal No. 574/2009 - - - Dated:- 29-7-2013 - Sanjiv Khanna And Sanjeev Sachdeva,JJ. For the Appellant : Mr. R. Santhanam, Advocate For the Respondent : Mr. Sanjeev Sabharwal, Sr. Standing Counsel ORDER Sanjiv Khanna, J. (Oral): This appeal by the assessee-M/s Ester Industries Limited impugns order of the Income Tax Appellate Tribunal dated 14th December, 2007, which relates to Assessment Year 1997-98. 2. Learned counsel for the appellant submits that adjustments required for computing book profits under Section 115JA of the Income Tax Act, 1961 (Act, for short) have been wrongly made by the Assessing Officer and benefit of Section 80HHC has not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as if it is in the nature of entertainment when it is not at all falling U/s 37(2) as entertainment expenditure for disallowance. 4. In confirming an illegal demand of Rs.1,75,32,108/- towards Minimum Alternate Tax U/s 115JA ignoring the fact that U/s 115 JAA the deposit of any amount will be considered as available as credit and in the absence of any deposit, the credit would be denied and in the absence of any tax liability being determined in the normal assessment and adjusted within the 5 years period, the entire amount of credit would be swallowed by the Government and non-payment of any amount towards interest-free credit cannot, therefore, be considered as tax payable by the appellant and hence the imposition of Minimum Alternate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 115JA or challenged or questioned the assessment order on the ground that adjustments had not been made, as required and mandated by law. The assessee in the grounds of appeal as well as additional grounds did not challenge the assessment on the said ground. To this extent, he did not raise grievance or protest. Tribunal in the impugned order dated 13th/14th December, 2007 has dealt with the grounds as originally raised on merits and has dismissed the appeal of the assessee. There is no discussion in the impugned order on the question of adjustments, which should be permitted and allowed under Section 115JA or computation of taxable book profits under Section 115JA. It is apparent and crystal clear that this issue/question was not raised ..... X X X X Extracts X X X X X X X X Extracts X X X X
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