TaxTMI 
TaxTMI 
2011 (7) TMI 654
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....86 and 761 of 2008 as the learned counsel for the parties agreed that identical question of law arises in both the appeals. The facts have been taken from Income-tax Appeal No. 586 of 2008. 2. This appeal under section 260A of the Income-tax Act, 1961 (for short "the Act") has been filed by the Revenue against the order dated February 29, 2008, passed by the Income-tax Appellate Tribunal, ....
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..... The return was selected for scrutiny. The assessee-company had shown its profit in the sum of Rs. 2,33,73,44,847 and after making various adjustment, the net profit was shown at Rs. 1,89,61,50,677. Against this income, the assessee claimed brought forward business loss and unabsorbed depreciation for the earlier years, amounting to Rs. 1,92,31,50,677 and shown the net assessableincome at nil. Du....
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....mmissioner of Income-tax (Appeals) by his order dated March 21, 2007, deleted the addition of Rs.11,79,85,000 made by the Assessing Officer for calculating the book profit under section 115JB. It was held that the adjustment on account of provision for doubtful debts did not fall under clause (c) of the Explanation to section 115JB of the Act. 6. Aggrieved by the above order, the Revenue p....
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....n CIT v. Steriplate Ltd.-I. T. A. No. 931 of 2008, decided on May 30, 2011 [2011] 338 ITR 547 (P&H). Learned counsel for the Revenue also placed reliance on a judgment of the Madras High Court in Deputy CIT v. Beardsell Ltd. [2000] 244 ITR 256 (Mad). Learned counsel for the assessee, however, cited the judgment of the Supreme Court in CIT v. HCL Comnet Systems and Services Ltd. [2008] 305 ITR 409 ....