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TMI Blog2014 (12) TMI 476X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the term book profit and found in explanation 1 permitted the Assessee to lodge that claim, it is not necessary for him to have shown it in the normal computation - In the original return of income and the normal computation, this was not shown but in the revised return this was the claim lodged and referred by relying upon the explanation - It was also claimed on the basis that amount is credited to the Profit and Loss Account - relying on the explanation 1 as it stood then that the Tribunal upheld the order of the Commissioner – the order of the Tribunal is upheld as the view taken in the facts and circumstances peculiar to the Assessee cannot be termed as perverse or proceeding on a complete misreading or misinterpretation of the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see has computed the tax liability of ₹ 1,40,23,227/- on the book profit of ₹ 19,85,04,216/- under the 115JB of the Act. In the original return of income, the Assessee has made the claim under section 10A and under section 10B both in the normal computation of income as well as computation under section 115JB but with a note that these deductions were computed on estimated basis. In the revised return, in the normal computation the Assessee has not claimed any such deduction. However, in the computation under section 115JB, the Assessee has claimed deduction under section 10B of the Act. That is how the case was selected for scrutiny and the further proceedings commenced after which the order of assessment was passed on 28th Dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r refused to accept the claim or deduction was that the Assessee had not lodged it in its normal computation. So long as the definition of the term book profit and found in explanation 1 permitted the Assessee to lodge that claim, the Tribunal held that it is not necessary for him to have shown it in the normal computation. In the original return of income and the normal computation, this was not shown but in the revised return this was the claim lodged and referred by relying upon the explanation. It was also claimed on the basis that amount is credited to the Profit and Loss Account. It is in such circumstances and relying on the explanation 1 as it stood then that the Tribunal upheld the order of the Commissioner. The view taken in the f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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