2012 (4) TMI 434

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..... M S Syali, Sr. Adv. with Mr. Mayank Nagi, Ms. Husnal Syali, Advs. SANJIV KHANNA, J: (ORAL)   These two appeals by the Revenue in the case of Central Warehousing Corporation, the respondent-assessee, relate to assessment years 2003-04 and 2004-05. By the common impugned order dated 15.11.2010, Income Tax Appellate Tribunal („Tribunal‟, for short) has deleted the penalty und....

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....so enhanced to Rs. 97.29 crores. (c) The assessee preferred appeals and after giving appeal effect, the normal taxable income as per the Act, was finally assessed at a loss of Rs. 15.87 lakhs. The book profits under Section 115JB were assessed at Rs. 46.56 crores. The book profits were more and therefore, the income of the assessee was assessed under Section 115JB at Rs. 46.56 crores. This figu....

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....ons are made under the normal provisions of the Act but actually the taxable income of the assessee is assessed not under the normal provisions but under Section 115JB and there is no addition as far as book profits is concerned. 6. The said aspect was examined by this Court in Nalwa Sons Investments Ltd. (supra). In the said case, after referring to Explanation 4(a) to section 271(1)(c), it ha....

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....of the assessee was thus assessed under section 115JB and not under the normal provisions. It is in this context that we have to see and examine the application of Explanation 4. Judgment in the case of Gold Coin (2008) 304 ITR 308, obviously, does not deal with such a situation. What is held by the Supreme Court in that case is that even if in the income-tax return filed by the assessee losses....