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TMI Blog2016 (8) TMI 953X X X X Extracts X X X X X X X X Extracts X X X X ..... of the FAA nor in the order of the Tribunal the issue of completion of book profit was deliberated upon. In the circumstances the order passed by the AO on 28/11/2008 could be rectified up to 31/03/2013. The AO had passed the rectification order in the month of January, 2014. Clearly, the order of the AO was barred by limitation. The issue stands decided in favour of the assessee as held by the Hon'ble Supreme Court in case of Vijaya Bank (2010 (4) TMI 46 - SUPREME COURT ). Hence,in our opinion, the order of the FAA does not suffer from any legal infirmity. Confirming his order, we decide the effective ground of appeal against the AO. - ITA/118/Mum/2015 - - - Dated:- 22-8-2016 - Shri Rajendra, Accountant Member and Ram Lal Negi, Judi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d back to the total book profit, that the said mistake was apparent from the record. He issued a notice u/s.154 of the Act intimating the assessee about the proposed rectification. The assessee contended before him that there was no mistake apparent from the record. However, the AO did not agree with the assessee and held that subclause(i) to explanation 1 to subsection(2) of section 115 JB was substituted with effect from 01/04/2001,that the amount of ₹ 4.08 crores had to be added back to the net profit of the assessee to arrive at the book profit. Accordingly, he added sum of ₹ 4.08 crores while the computing the book profit. 3. The assessee preferred an appeal before the First Appellate Authority (FAA), challenging order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tivation order was time-barred and hence was rightly quashed by the FAA. 5. We have heard the rival submissions and perused the material before us. We find that, while completing the original assessment, the AO had determined book profit of the assessee at ₹ 40.89 crores, that the assessee had preferred an appeal before the FAA against the order of the AO passed u/s.143 (3) of the Act,that in the appeal it had not agitated the issue of 115 JB of the Act,that it had challenged the additions made by the AO under the normal provisions, that the matter had travelled up to the Tribunal, that neither in the order of the FAA nor in the order of the Tribunal the issue of completion of book profit was deliberated upon. In the circumstance ..... X X X X Extracts X X X X X X X X Extracts X X X X
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