2021 (5) TMI 147

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..... ains to assessment year 2008-09. 2. The brief facts of the case are that the assessee is a private limited company engaged in the business of manufacturing, processing and exporting of pulverized Garnet Abrasives Grit. The assessee has filed its return of income for the assessment year 2008-09 on 07.01.2009 claiming deduction u/s.10B of the Income Tax Act, 1961 (hereinafter the 'Act') and paid taxes on book profit u/s.115JB of the Act. The assessment for the impugned assessment year was completed u/s.143(3) of the Act on 29.12.2010 disallowing the deduction claim u/s.10B of the Act on the ground that there was a delay in filing the return of income and the appellant was not eligible for deduction u/s.10B of the Act. The assessee carried th .....

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..... or the assessee at the time of hearing submitted that the appeal filed by the assessee against the order of the ld.CIT(A) in confirming rectification order passed by the AO u/s.154 of the Act should go back to the file of the AO, because the appeals filed by the assessee as well as the Revenue order passed by the AO u/s.143(3) of the Act, has been set aside to the file of the AO to reconsider the issue of deduction u/s.10B of the Act. Since, computation of book profit u/s.115JB of the Act is consequential to the issue of deduction claimed u/s.10B of the Act, the appeal filed by the assessee challenging recomputation of book profit also needs to go back to the file of the AO. The AR further submitted that the cross objection filed by the ass .....

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..... e recomputation of book profit u/s.115JB of the Act and the very same issue of deduction u/s.10B of the Act is restored to the file of the AO, the computation of book profit also needs to go back to the file of the AO. Therefore, we are of the considered view that the appeal filed by the assessee against the proceedings u/s.154 of the Act and cross objection filed by the assessee challenging computation of book profit u/s.115JB of the Act needs to go back to the file of the AO. Hence, we set aside the appeal as well as the cross objection filed by the assessee to the file of the AO and direct him to reconsider the issue after deciding the issue of deduction claimed u/s.10B of the Act in pursuant to directions of the Tribunal given in the or .....

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