9911796707
TMI Blog2024 (12) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... Act specifically showcasing the assessee as to how its income should not be enhanced by a particular figure on particular issues the ld NFAC does not have power as per statutory to enhance the income. Since, in the present case the book profit u/s 115JB of the Act has been enhanced by Rs. 1,54,79,03,84,000/- and Rs. 6,13,51,23,330/-. Hence, additional grounds 6 and 7 raised by the assessee in this regard, being legal in nature is hereby admitted as stated supra, these two additions would have no legs to stand in the eyes of law accordingly, the same is hereby directed to be deleted. Additional ground No. 6 and 7 is hereby allowed. Addition made in the computation of book profit of book profit u/s 115JB pursuant to recasting of account. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred in accepting the above variation made by Ld. AO (CPC) which was a mechanical computerized adjustment without application of mind and erred in deciding the above ground of appeal by just ignoring the submissions and prayer of the assessee and remain silent on this issue during the appellate proceedings, which is arbitrary and therefore deserves justice. 2. Addition by Ld. CIT(A) of Rs. 613,51,23,330/- to Book Profit on account of Income Tax Paid/Payable (a) On the facts and in the circumstances of the case and in law the Ld. CIT (Appeals) erred in making additions of Rs. 613,51,23,330/- on account of income tax paid/provision on an assumption basis without understanding the facts that the assessee has already added Rs. 615,41,00,000 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n addition of Rs. 15479,03,84,000/- to Book Profit by simply ignoring the computation of Income and Profit Loss A/c submitted by the assessee and therefore the act of the Ld. CIT(A) is bad and without application of mind, and therefore, deserves justice. 4. The Appellate Order was passed without complying with the procedure laid down in the Faceless Appeal Scheme, 2021 in respect of affording the opportunity for personal hearing video conferencing The Ld. CIT(A) passed the assessment order without complying with the procedure laid down in the E-Assessment Scheme and did not give the opportunity for oral submissions through Video conferencing as requested by the assessee and simply chose to frame and finalise the order with surprising additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ans and investments. The return of income was filed originally for AY 2019-20 on 30.09.2019 which was later revised on 30.11.2020 declaring income of Rs. Nil after setting off of brought forward losses under the normal provisions of the Act and book profit of Rs. 28,55,62,16,561/- u/s 115JB of the Act. The return was processed u/s 143(1) of the Act by increasing the book profit with an addition of amount of Rs. 146,24,18,751/- was showing mismatch only to the extent of Rs. 1,96,56,125/- being the addition made on account of income tax provision including deferred tax provision. Further, in the said intimation u/s 143(1) of the Act TDS credit was allowed to the extent of Rs. 220,61,98,037/- as against TDS claim of Rs. 370,86,56,955/- matched ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the return vide intimation u/s 143(1) of the Act though considered the revised return filed by the assessee as is evident from pages 1 of its intimation u/s 143(1) of the Act but did not reduce this adjustment figure of Rs. 146,24,19,000/- while computing the book profit u/s 115JB of the Act. In view of this the assessee pleaded before NFAS to consider the revised return filed by the assessee on 30.11.2020 and delete the addition of Rs. 146,24,19,000/- made to the book profit u/s 115JB of the Act as it was made pursuant to recast financial statement as explained (supra) the recasted financial statement for the year ended on 31.03.2019 relevant to AY 2019-20 are enclosed in pages 33 to 135 of the paper book. The assessee further submitted b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and interest payable to income tax authorities while computing the book profit u/s 115JB of the Act in the revised return filed. Similarly, with regard to further clarifications sought by the ld NFAC with regard to amounts transferred to General Reserve, debentures redemption reserve and reserve fund u/s 45 of the RBI Act, 1934 vis-a-viz computation of book profit u/s 115JB of the Act the assessee gave detailed explanation together with the computation thereon which was reproduced at page 29 to 35 of the order of NFAC and specifically clarified that assessee had not reduced amount that was transferred to reserve as raised in the query while computing book profit u/s 115JB of the Act. After this no notice whatsoever much less and enhancemen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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