9911796707
TMI Blog2022 (4) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... on net profits without setting off with the brought forward losses. Section 115JC stipulates that the Alternate Minimum Tax (AMT) would need to be computed only on the Total Income of the Appellant. Further section 2(45) defines Total Income is to be computed after giving effect to the provisions of the Act which includes section 72 of the Act which stipulates that brought forward losses is to be set off with the net profits. Section 139(1) stipulates that the assessee has to furnish the return of income in the prescribed form and verified in the prescribed manner after setting forth such other particulars as may be prescribed. In this regard the Appellant has furnished a copy of its return of income (ITR-4) filed wherein it is seen t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The appeal filed by the assessee is directed against the order of the ld. Principal Commissioner of Income Tax 1, Chennai dated 27.02.2019 relevant to the assessment year 2014-15 under section 263 of the Income Tax Act, 1961 [ Act in short]. The Revenue preferred an appeal against the order passed by the ld. Commissioner of Income Tax (Appeals)-2, Chennai dated 29.11.2019 for the same assessment year against the order passed under section 143(3) r.w.s. 263 of the Act. 2. Brief facts of the case are that the assessee has filed its return of income for the assessment year 2014-15 on 18.11.2015 admitting total income of ₹ 3,39,00,858/-. The return filed by the assessee was selected for scrutiny and against the statutory notices, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Act was completed by allowing the set off of brought forward business loss. The ld. PCIT has set aside the assessment order passed under section 143(3) of the Act and directed the Assessing Officer to redo the assessment. Accordingly, the Assessing Officer completed the assessment under section 143(3) r.w.s. 263 of the Act by levying Alternate Minimum Tax on the total income of the previous year at 18.5% of ₹ 3,61,91,450/- and raised the demand of ₹ 1,21,90,120/-. On appeal before the ld. CIT(A), after considering the submissions of the assessee as well as provisions of section 115JC of the Act, the ld. CIT(A) allowed the ground raised by the assessee by observing as under: 5. Decision : At the outset, Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. 5.1 The AO has taken contrary interpretations of 'Total Income', whereas he has arrived at a 'NIL' total Income under the Normal Computation method after setting off of the brought forward losses with the net profits. However for AMT computation, the AO adopted a position that Total Income means net profits and he has computed the Alternate Minimum Tax (AMT) on net profits without setting off with the brought forward losses. 5.2 H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... setting off of the brought forward losses with the net profits as stipulated under section 115JC of the Act. 6. In the result the appeal is allowed. This Order is passed under Section 250 read with Section 251 of the Act. 7. We have gone through the order passed by the ld. CIT(A) and find that there is no mistake in the order passed by the ld. CIT(A) and no interference is warranted. 8. So far as appeal filed by the Revenue in I.T.A. No. 282/Chny/2020 is concerned, we have gone through the assessment order passed under section 143(3) r.w.s. 263 of the Act as well as order passed by the ld. CIT(A) against the appeal filed by the assessee. We have already decided that on merits, the ld. CIT(A) has rightly decided the issue of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
