2011 (5) TMI 645

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....er shall dispose of I. T. A. Nos. 931 of  2008, 516 and 517 of 2010 as learned counsel for the parties are agreed that  the issue raised in all the three appeals is identical and relates to the interpretation of Explanation 1 to section 115JB(2) of the Income-tax Act, 1961  (in short "the Act"). For brevity, the facts are being taken from I. T. A. No. 931 of 2008.   2. This ....

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....61 ?"   3. Briefly stated, the facts necessary for adjudication as narrated in the appeal are that the assessee filed its return for the assessment year 2002-03 on October 31, 2002, declaring nil income and also computed nil book profit for the purposes of section 115JB of the Act. The Assessing Officer, vide order dated February 17, 2005, recomputed the book profit at Rs.54,30,985 by maki....

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.... the Department filed an appeal before the Tribunal. The Tribunal, vide order dated March 27, 2008, upheld the order of the Commissioner of Income-tax (Appeals) in deleting the adjustment of Rs. 91,80,973 made by the Assessing Officer and dismissed the appeal. Feelingaggrieved, the Revenue has approached this court by way of the instant appeal.   4. We have heard learned counsel for the pa....

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....ounsel for the assessee did not dispute that after the amendment which has been made effective retrospectively, with effect from April 1, 2001, in view of the introduction of clause (i) of Explanation 1 to section 115JB(2) of the Act, the claim of the assessee was not maintainable.   7. It would be advantageous to reproduce here clause (i) of Explanation 1 to section 115JB(2) of the Act as....