2014 (5) TMI 433

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....bsp; Per N. K. Billaiya, AM: This appeal by the assessee is directed against the order of the CIT(A)-5, Mumbai, dated 09.08.2011 pertaining to A.Y. 2003-04. The grievance of the assessee reads as under: "1. On the facts and circumstances of the case the learned Commissioner of Income Tax has erred in confirming the appeal for re-opening of the assessment /s. 148 without giving cogent reas....

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.... per law. 4. Briefly stated facts of the case are that for the year under consideration the return of income was filed on 28.10.2003 declaring total income at 'nil', which was accepted u/s. 143(1)(a) of the Act vide intimation dated 24.12.2003. Subsequently, on perusal of the record the AO noticed that the assessee has claimed higher depreciation @3.34% as against 1.63% prescribed in Schedule X....

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....n of the depreciation and charging the same to the profit & loss account in the case of the assessee cannot be said to be in consonance with the provisions of section Part II & III of Schedule VI of the Companies Act, 1956. The AO proceeded to compute the book profit in the light of the provisions of section 115JB and computed the adjustment to be made u/s. 115JB at Rs.1,21,61,961/- The assessee c....

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....eliance was also placed in the case of Garden Silk Mills Ltd. 35 CCH 135- Ahmedabad Tribunal. Per contra, DR strongly supported the findings of the lower authorities. 7. We have carefully perused the orders of the lower authorities. We have also considered the decisions relied upon by the counsel. It is an admitted fact that the assessee has changed the method of depreciation from straight line....