2013 (7) TMI 320

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.... 147/143(3) of the Income Tax Act were set aside by the authorities. 3. Brief facts of the case are that the respondent is a joint venture with Government of Madhya Pradesh, declared its total income nil in its return filed for the assessment year 2001-2002 and 2002-2003. The book profit was calculated under section 115JB of the Act. The case was selected for scrutiny, notices were issued and the assessment order was framed under section 143(3) of the Act on 27.02.2004. Subsequently a notice under Section 148 of the Act was issued on 09.04.2007 to the assessee. Reasons for re-assessment supplied to the assessee were that the assessee had not disclosed the income correctly, had wrongly claimed depreciation of brought forward loss while as....

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.... could not have been issued. On the aforesaid ground, the appellate authority allowed the appeal. 5. The Revenue challenged the order of the Commissioner of Income Tax (Appeals) before the Income Tax Appellate Tribunal by filing an appeal. The Tribunal considered the matter and found that sub-section (5) of section 115JB of the Act provides that "save as otherwise provided in this section, all other provisions of this Act shall apply to every assessee being a company mentioned in that section". In other words, except for substitution of tax payable under the provision and the manner of computation of book profits, all the provisions of the tax including the provision relating to charge, definitions, recoveries, payment assessment, etc. w....