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TMI Blog2014 (1) TMI 1329X X X X Extracts X X X X X X X X Extracts X X X X ..... rected against the order passed by the CIT(A)-16, Mumbai and it pertains to A.Y. 2008-09. 2. The assessee company is engaged in the business of power generation. For the year under consideration it declared Nil income by way of revised return on 01.12.2008. The return was originally processed under section 143(1) of the Act. Later on the same was taken up for scrutiny assessment. During the cours ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok profit. The request of the assessee was rejected by the AO. Accordingly the AO arrived at a book profit of Rs. 1,06,44,178/- under section 115JB of the Act. Since the book profit is more than the tax payable under normal provisions, tax was determined under section 115JB of the Act. 3. Aggrieved assessee contended before the CIT(A) that the AO erred in not allowing deduction of provision made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th that of the AO and any claim made before the CIT(A) ought to be considered independently and merely because it was not raised before the AO it cannot be rejected: - i. Parmeshwar Cold Storage (P) Ltd. vs. ACIT 8 ITR (Trib) 173 (Ahd) ii. JCT vs. Hero Honda Finlease Ltd. 115 TTJ (Del) (TM) 752 The learned counsel for the assessee also relied upon Circular No. 8 dated 29th August, 2004 issued b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed before the CIT(A) and his powers being co-terminus with that of the AO the same ought to have been taken into consideration but the learned CIT(A) relied upon the decision of the Hon'ble Supreme Court to come to the conclusion that he is not competent to adjudicate the issue of deduction of FBT. Though the counsel appearing on behalf of the assessee relied upon the decision of the ITAT (Third M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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