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2008 (3) TMI 666
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....R 1. The revenue is aggrieved by an order dated 12-1-2005 passed by the Income-tax Appellate Tribunal, Delhi Bench 'D' in ITA No. 4671/Delhi/2003 relevant for the assessment year 1997-98. 2. The Tribunal has held that the notice for reassessment issued to the assessee under section 148 of the Income-tax Act, 1961 (for short 'the Act') is hit by the proviso to section 147 of the Act inasmuch ....
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....the books of account. As per Explanation to section 115JA, book profit means the net profit as shown in the profit and loss account for the relevant previous year as prepared in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956, as increased by amounts referred to in clause (a) to (f) of the said Explanation, if any such amount is debited to the ....
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....the Assessing Officers says in the reasons recorded is that the assessee had failed to include this amount while calculating the book profit under section 115JA of the Act. 5. It is now settled law that once the facts have been disclosed by the assessee, what inference is to be drawn from the facts is the duty of the Assessing Officer. 6. There is no doubt from a reading of the reasons recor....