2015 (1) TMI 1068

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....15JB of the Act, in case the income determined in accordance with the provisions of the Act for assessment year is below 18.5% of the book profit reflected in the books of account maintained under the Companies Act, the assessable income of the appellant shall be 18.5% of the book profits. Being under the impression that the liability to pay tax would arise only at the end of the financial year on finalisation of the books of account, the advance tax need not be paid; the appellant did not make such payment for the concerned assessment year. On scrutinising the returns, the Assessing Officer gave an intimation under Section 143(1) of the Act. While all other facts and figures were accepted, it was mentioned that the appellant is liable t....

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....under Section 143(1), when the issue of such levy of interest in an assessment under Section 115JB was a highly debatable issue? We have heard Sri C.V.Narasimham, learned counsel for the appellant, and Sri J.V.Prasad, learned Standing Counsel for the respondent, at length, both on the permissibility of raising additional ground and on merits. It is, no doubt, true that in a given case, a party to an appeal, can be permitted to raise additional grounds. However, the facts and circumstances must support it. Various aspects that arise out of a return, are dealt with by the Assessing Officer, with reference to the facts and figures mentioned therein as well as relevant provisions of law. In the appeals that are filed against the orders of....