2011 (7) TMI 654

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....ill dispose of Income-tax Appeal Nos. 586 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, pass....

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....n October 29, 2004, declaring its income as nil. 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. 1,92,31,50,67....

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....for short "the CIT(A)"), by filing appeal. The Commissioner 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. &nbsp....

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.... Support was gathered from the decision of this court in 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. H....