2014 (12) TMI 476

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....P. C. This Appeal of the Revenue challenges the order passed by the Income Tax Appellate Tribunal dated 6th June, 2012. 2] The return of income was filed on 31st October, 2005 by the Assessee declaring total income Nil. Against the business income of Rs. 10,4Rs. 5,25,805/- the Assessee adjusted the brought forward unabsorbed business loss set off and claimed the unabsorbed depreciation and busin....

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....nder the 115JB of the Act. In the original return of income, the Assessee has made the claim under section 10A and under section 10B both in the normal computation of income as well as computation under section 115JB but with a note that these deductions were computed on estimated basis. In the revised return, in the normal computation the Assessee has not claimed any such deduction. However, in t....

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....tion 12 apply if any such amount is credited to the Profit and Loss Account. 4] Therefore, the Commissioner held that the Act does not require that the income should form part of computation of income but it must be credited to the Profit and Loss Account. The Assessee has credited the entire income to Profit and Loss Account. Hence, amount was reduced from book profit for the purposes of section....

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....s not necessary for him to have shown it in the normal computation. In the original return of income and the normal computation, this was not shown but in the revised return this was the claim lodged and referred by relying upon the explanation. It was also claimed on the basis that amount is credited to the Profit and Loss Account. It is in such circumstances and relying on the explanation 1 as i....