Tribunal remits book profit computation issue to Assessing Officer for verification and further assessment

The Tribunal remitted the issue of computation of book profit under section 115JB back to the Assessing Officer for verification and examination of the Assessee's submissions. The Tribunal allowed the Assessee's appeal for statistical purposes, emphasizing the need for further assessment by the Assessing Officer.

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Issues involved:
- Computation of book profit under section 115JB of the Income Tax Act for Assessment Year 2006-07.

Detailed Analysis:

Issue 1: Computation of book profit under section 115JB
- The appeal was filed against the order of CIT(A) for the Assessment Year 2006-07 regarding the assessment of book profits under section 115JB of the Act.
- The Assessee, a company engaged in manufacturing and selling products, declared a total loss for the year. The assessment was done under section 143(3) read with 147, and the book profit was assessed at a certain amount.
- The main contention was the computation of book profit under section 115JB. The Assessee argued that the book profit should be nil after setting off unabsorbed depreciation, while the Assessing Officer recalculated the profit based on previous year's adjustments.
- The CIT(A) partly allowed the appeal, but the Assessee was still aggrieved and appealed further.
- The Assessee presented details of carry forward positions and argued for a specific amount to be set off based on the available figures from previous years.
- The Tribunal remitted the issue back to the Assessing Officer for examination and verification of the Assessee's submissions, directing cooperation from the Assessee in providing necessary details.
- The Tribunal allowed the Assessee's appeal for statistical purposes, indicating that the issue needed further examination by the Assessing Officer.

This detailed analysis provides a comprehensive overview of the legal judgment, focusing on the computation of book profit under section 115JB of the Income Tax Act for the relevant assessment year. It highlights the arguments presented by the Assessee, the Assessing Officer's recalculations, the CIT(A)'s decision, and the Tribunal's final ruling to remit the issue for further examination.

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