9911796707
TMI Blog2016 (7) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... s. If these additions and disallowances are set aside, the net income of the assessee would dip below, the minimum prescribed for a company and therefore, the assessee would be covered under the MAT regime. In the original assessment, no computation of MAT was carried out. In short, the apprehension of the Assessing Officer is that if the appeal by the assessee in connection with the assessment order in question is allowed, there may arise the question of applying MAT formula. For various reasons, reopening of assessment cannot be permitted on such ground. Firstly even as per the Assessing Officer, presently there is no escapement of income chargeable to tax. Secondly, and equally importantly, if the assessee succeeds in appeal, by virtue o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has made the following additions/disallowances. Add: On account of disallowance of write back of provision as discussed above Rs.352231080 Add: On account of disallowance of amount transferred to Special Reserve as discussed above Rs.57774910 Add: On account of disallowance of perspective plan expenditure as discussed above Rs.5471000 Add: On account of disallowance of Depreciation on Rail Milk Tankers as discussed above Rs.1316443 Add: On account of disallowance u/s.14A r.w.r. 8D as discussed above Rs.23015007 Add: On account of disallowance of depreciation on leased assets as discussed above Rs.36894820 Add: On account of addition of interest income on NKDP funds as discussed above Rs.21566141 Add: On account of disallowanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 30032012 declaring total business loss of ₹ 5,56,30,995/- and long term capital loss of ₹ 9,88,901/- . The same was assessed u/s 143(3) and business income was determined at ₹ 44,29,53,080/- vide order dt 30/10/2012. The assessee is a statutory body constituted under the National Dairy Development Board Act, 1987 and under the Income tax Act is assessed as company in view of the provisions of section 2(17) read with clause (ia) of section 2(26). Scrutiny of records pertaining to the assessee revealed that assessee has neither computed book profit nor furnished form No.29B from the chartered accountant. As assessee falls within the meaning of the company and assessed as such under the Income tax Act, it requires to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons were rejected by order dated 08.02.2016. 4. Having heard learned counsel for the parties and having perused reasons on record, it emerges that even as per the Assessing Officer, presently there is no escapement of income chargeable to tax. If we put the reasons cited by the Assessing Officer in simple terms, his case is that by making some additions and disallowances in the order of assessment, the assessee has been taxed. As per the income so computed, the provision for Minimum Alternative Tax would not apply. However, the assessee has challenged such additions and disallowances. If these additions and disallowances are set aside, the net income of the assessee would dip below, the minimum prescribed for a company and therefore, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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