https://www.taxtmi.com/caselaws?id=312174 ITAT Mumbai held that CIT's revision order u/s 263 challenging deduction of Debenture Redemption Reserve (DRR) from book profit u/s 115JB was barred by limitation. The revision order dated 26-03-2018 exceeded the time limit of 31.3.2014 for revising the original assessment order dated 30-12-2011. Additionally, ITAT ruled that AO correctly allowed DRR deduction following binding Bombay HC precedent in Raymond Ltd case, which held DRR as ascertained liability deductible from net profit. CIT cannot term assessment erroneous merely for holding different view when AO followed jurisdictional HC's binding decision. Appeal decided in favor of assessee. en-us Thu, 10 Jan 2019 00:00:00 +0530 Tue, 06 Feb 2024 08:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312174 ITAT Mumbai held that CIT's revision order u/s 263 challenging deduction of Debenture Redemption Reserve (DRR) from book profit u/s 115JB was barred by limitation. The revision order dated 26-03-2018 exceeded the time limit of 31.3.2014 for revising the original assessment order dated 30-12-2011. Additionally, ITAT ruled that AO correctly allowed DRR deduction following binding Bombay HC precedent in Raymond Ltd case, which held DRR as ascertained liability deductible from net profit. CIT cannot term assessment erroneous merely for holding different view when AO followed jurisdictional HC's binding decision. Appeal decided in favor of assessee. Case-Laws Income Tax Thu, 10 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312174