9911796707
TMI Blog2016 (12) TMI 503X X X X Extracts X X X X X X X X Extracts X X X X ..... st the order of the Tribunal confirming the order of the CIT (Appeals) deleting the penalty imposed on two accounts by the Assessing Officer. The matter pertains to the assessment year 2007-2008. 2. According to the appellant, the following substantial questions of law arise in this appeal:- "(i) Whether in the facts and circumstances of the case and in law the Hon'ble ITAT is right in upholding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances of the case and in law the Hon'ble ITAT was right in deleting the penalty under section 271(1)(c) on issue of reduction of deferred tax from net profit for the purpose of arriving at book profit for MAT on the plea that the amendment to Section 115JB of the Act was made after the assessee had filed ITR, when it was outrightly incorrect to reduce the amount of deferred tax from net profit whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vied firstly on the ground that there was a proportionate disallowance of interest on the amount advanced by the respondent-assessee to its sister concern. It is found that the disallowance had been made on proportionate basis i.e. on the basis of an estimate. What is important is that it was found that there was no concealment of the particulars of income and that the particulars furnished were n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 1(viii) of Section 115JB(1) of the Act define book profit to mean the net profit as shown in the profit and loss account for the relevant previous year prepared under sub-section (2), as increased by the amount of deferred tax, if any such amount is credited to the profit and loss account. Thus, we will assume that the deferred tax was to be included while computing the MAT under Section 115JB ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
