2012 (3) TMI 508

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....No.4155/M/2011 - Assessment Year 2002-03: This appeal is not pressed since the Hon'ble ITAT in order in ITA No.4702 to 4706/M/2010 dated 30.6.2011 held that the provisions of Rule 8D are not applicable. ITA No.4156/M/2011 - Assessment Year 2003-04: This appeal is not pressed since the Hon'ble ITAT in order in ITA No.4702 to 4706/M/2010 dated 30.6.2011 held that the provisions of Rule 8D are not applicable. ITA No.4158/M/2011 - Assessment Year 2004-05: This appeal is not pressed since the Hon'ble ITAT in order in ITA No.4702 to 4706/M/2010 dated 30.6.2011 held that the provisions of Rule 8D are not applicable. ITA No.4159/M/2011 - Assessment Year 2005-06: This appeal is not pressed since the Hon'ble ITAT ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arrears. Before the CIT (A) it was contended that these assets are ascertained liabilities which cannot be considered under section 115JB and the issues on which the additions were made could conceivable, there were two opinions and these can be resorted only by a long run processing of reasoning and, therefore, they cannot be disallowed by invoking the provisions of section 154. It was further submitted that the Assessing Officer originally allowed the amount. Therefore, provisions of section 115JB were not invoked and the same cannot be resorted to under section 154 without examining the nature of the amounts. 4. The CIT (A) however, did not agree and upheld the same and the additions made. Therefore, the assessee is in appeal. It seem....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the value of the assets, the same cannot be added back based on Explanation-1 to section 115JB. It was also further submitted that the Assessing Officer was wrong in invoking the provisions of section 14A while working out disallowance under section 115JB. It was submitted that the issues are in nature and therefore, resorting to section 154 is not correct. 6. The learned Departmental Representative in reply however, submitted that consequent to the amendments, these rectification orders have been passed which are to be upheld. 7. We have considered the issue. There is no doubt that the assessment orders under section 143(3) were passed in these years under which total income was determined under normal provisions and book provisions ....