9911796707
TMI Blog2015 (7) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014 read with decision of this court in CIT v. Madhukar K. Inamdar (HUF) [2009 (7) TMI 145 - BOMBAY HIGH COURT]; CIT v. Pithwa Engg. Works [2005 (7) TMI 66 - BOMBAY High Court ] and CIT v. Smt. Vijaya V. Kavekar [2013 (2) TMI 451 - Bombay High Court] the instruction No. 5 of 2014 issued by the Central Board of Direct Taxes would also be applicable to pending appeals and references. Nothing has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and circumstances of the case and in law, the Income-tax Appellate Tribunal is justified in upholding the Commissioner of Income-tax (Appeals)'s direction to deduct the amount of prior year adjustment out of current year's net profit for arriving at the book profit for the purpose of computation of income under section 115J of the Income-tax Act, 1961 ? 2. This reference was heard fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18 ITR 149 (Bom) ; CIT v. Pithwa Engg. Works [2005] 276 ITR 519 (Bom) and CIT v. Smt. Vijaya V. Kavekar [2013] 350 ITR 237 (Bom) (dealing with earlier Circulars/Instructions), the instruction No. 5 of 2014 issued by the Central Board of Direct Taxes would also be applicable to pending appeals and references. 5. In fact this court in Madhukar K. Inamdar (HUF) has while dealing with Circular date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irect Taxes. 6. Nothing has been shown to us to indicate that the issue raised in this particular reference would fall within the exclusion clause of the 2014 Instruction No. 5 of 2014 nor that the issue has a cascading effect or would otherwise be covered by the decision of apex court in CIT v. Surya Herbal Ltd. [2013] 350 ITR 300 (SC). In view of the above, we return the reference unanswere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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