2019 (7) TMI 693

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..... Murali Mohan Rao For the Revenue : Sri Rajeev Benjwal, DR ORDER PER A. MOHAN ALANKAMONY, AM.: This appeal is filed by the assessee against the order of the Ld. CIT(A)-7, Hyderabad dated 18/01/2019 in Appeal No.0108/CIT(A)- 7/2017-18 passed U/s.154 and U/s 250(6) of the Act for the Asst. Year 2012-13. 2. In this appeal, assessee has raised 10 grounds. However, the crux of the issue is that the .....

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..... it derived from sale of old machinery amounting to Rs. 91,78,920/- was erroneously entered in the balance sheet directly instead of routing it through P & L Account. The Ld. AO further opined that such treatment in the statement of affairs of the assessee company by excluding the profit derived from the sale of old machinery amounting to Rs. 91,78,920/- while computing the MAT U/s. 115JB of the A .....

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..... Assessing Officer is legally correct in passing the rectification order on 10-10-2017. All the grounds raised by the appellant are rejected." 4. At the outset, the Ld. AR submitted that though there may be merit in the finding of the Ld. CIT (A) the issue is debatable and is held in favour of the assessee as well as of the Revenue by the various decisions of higher Judiciary. Hence, it is not a .....

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..... issue where certain Capital loss are directly entered in the balance sheet without routing it through P & L Account. Though the Companies Act, 1956 mandates any Profits and Loss to be routed through P & L Account, the issue with respect to computation of MAT in such circumstance as admitted by both the parties is not settled by the decision of the Hon'ble Apex Court. In this situation it cannot be .....

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..... he appeal of the assessee in its favour by setting aside the order of the Ld. CIT (A) and quashing the order of the Ld. AO, the Stay Application filed by the assessee does not survive. 7. In the result, appeal of the assessee is allowed and the stay application of the assessee is dismissed as not maintainable. Pronounced in the open Court on 12th July, 2019.
Case laws, Decisions, Judgements, .....

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