9911796707
TMI Blog2021 (10) TMI 243X X X X Extracts X X X X X X X X Extracts X X X X ..... jurisdiction would lie on which issues are debatable. It is also settled law that once the Assessing Officer has taken one of its two possible views it cannot be regarded as being erroneous. What we find is in the order passed by CIT, there is no mention any where as to under which category of the explanation A to K below Sub Section 2 of Section 115 JB of the Act these four items mentioned above would fall. If the CIT felt that the Assessment Order passed by the Assessing Officer is erroneous, he ought to have identified under which category from A to K in the explanation below Sub Section 2 of Section 115 JB of the Act these four items would fall. This is mainly because the Assessing Officer took a view that these four items would not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) of the Act was issued. An order under Section 143 (3) of the Act was passed on 09/12/2011 wherein the addition of ₹ 109,31,36,711/- was made under normal provisions of the Act. The Assessing Officer while computing the book profit under Section 115 JB of the Act did not add this amount of ₹ 109,31,36,711/- to the book profits. The breakup of this ₹ 109,31,36,711/- is as under : SR. NO. PARTICULARS AMOUNT IN LAKHS (RS.) 1. Decommissioning levy 25,56,97,007 2. Interest on Decommissioning Fund 50,02,87,862 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following questions of law to be framed. SUBSTANTIAL QUESTION OF LAW i. Whether, on the facts and in the circumstances of the case and in law, the Hon ble Tribunal was right in holding that, the AO had applied his mind while passing the order u/s 143 (3) of the Act and after application of mind the amount of ₹ 109,31,36,711/- was not added in Book profits of the assessee computed u/s 115 JB of the Act ignoring the fact that there is no discussions in the Assessment order passed u/s 143 (3) of the Act with regard to addition of impugned amount in book profit u/s 115 JB of the Act? ii. Whether, on the facts and in the circumstances of the case and in law, the Hon ble Tribunal was right in holding that, the act of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings. The Assessing Officer has applied his mind while computing the income under the normal provisions as well as under Section 115 JB of the Act. The Assessing Officer had issued notice under Section 154 of the Act wherein he had asked respondent as to why remedial action should not be taken for computing income under the MAT provisions. Respondent had made detailed submissions in that regard, the method of computation of book profit had been provided as per the explanation below Section 115 JB (2) of the Act and based on that Assessing Officer concluded that no adjustment on account of decommissioning levy and interest thereon, interest on renovation and modernization fund and income interest on research and development would fall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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