Tribunal upholds CIT(A)'s decisions for 2012-2013 tax year, ruling out section 115JB applicability.

The Tribunal dismissed the revenue's appeal for the assessment year 2012-2013, upholding the CIT(A)'s decisions. It held that section 115JB did not apply to the assessee company based on previous judicial pronouncements. Additionally, the Tribunal upheld the deletion of the addition on broken period interest, citing consistency with earlier decisions in the assessee's own case and other judicial precedents.

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Issues:
1. Applicability of section 115JB to the assessee company.
2. Addition on account of broken period interest.

Analysis:
1. The appeal was filed by the revenue against the order passed by the CIT(A) for the assessment year 2012-13. The AO determined the total income of the assessee under normal provisions and section 115JB of the Income Tax Act, 1961. The CIT(A) partially allowed the appeal filed by the assessee, challenging the AO's additions. The CIT(A) held that section 115JB does not apply to the assessee company based on previous decisions of ITAT and other judicial pronouncements. The Tribunal upheld the CIT(A)'s decision, citing consistency with earlier ITAT rulings in the assessee's own case and other precedents. The Tribunal dismissed the revenue's appeal on this ground.

2. The second issue pertained to the addition on account of broken period interest. The CIT(A) had ruled in favor of the assessee, deleting the addition made by the AO. The Tribunal noted that the CIT(A) based this decision on previous rulings in the assessee's own case for other assessment years and various judicial decisions, including those of the Supreme Court and the Bombay High Court. The Tribunal found no reason to interfere with the CIT(A)'s order and upheld the decision to dismiss the revenue's appeal on this ground as well.

In conclusion, the Tribunal dismissed the appeal filed by the revenue for the assessment year 2012-2013, upholding the CIT(A)'s decisions on both issues.

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