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TMI Blog2015 (8) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... had raised a specific ground on the validity of reopening of the assessment on the ground of limitation and jurisdiction under Section 147 before reversing the order of the Commissioner of Income Tax (Appeals) and succeeded therein, the Tribunal should have considered the issue on limitation and jurisdiction under Section 147 before reversing the order of the Commissioner of Income Tax (Appeals). Since the issue on jurisdiction and limitation touch on the very reopening of the assessment, we feel, the proper course herein would be to set aside the order of the Tribunal, remand the matter back to the Tribunal with a direction to consider the issue of limitation and the jurisdiction under Section 147 to reopen the assessment - Decided in fav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gains under Sec. 45 of the Income-tax Act. Int he circumstances, while computing the book profits under the Companies Act, the assessee has to include capital gains for computing the book profits under Sec. 115J. Even under Clause 3 (ii) (b) of Part II of Schedule VI to the Companies Act, 1956, profits or losses in respect of transactions or transactions of an exceptional or non-recurring nature are to be disclosed. This shows clearly that capital gains should be included for the purposes of computing book profits. This view was fortified by this Tribunal vide order dated 14.7.2004 in the case of Kumudam Printers Pvt. Ltd., in ITA No. 1748/Mds/1998. In the case relied on by the learned Counsel for the Assessee in the case of Sutlej ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any Private Limited), the Tribunal held that the capital gains on the sale of capital asset was liable to be included for the purpose of computing book profits and thereby allowed the Revenue's appeal. When the assessee had raised a specific ground on the validity of reopening of the assessment on the ground of limitation and jurisdiction under Section 147 before reversing the order of the Commissioner of Income Tax (Appeals) and succeeded therein, the Tribunal should have considered the issue on limitation and jurisdiction under Section 147 before reversing the order of the Commissioner of Income Tax (Appeals). Since the issue on jurisdiction and limitation touch on the very reopening of the assessment, we feel, the proper course herei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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