TaxTMI 
TaxTMI 
2014 (2) TMI 1262
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.... The Learned CIT (A) erred in sustaining the Consequential order of the Assessing Officer where in the Assessing Officer levied tax U/s 115 JB of the Act. 3. The Learned Assessing Officer acted beyond his jurisdiction in levying tax U/s 115 JB of the Act while passing Consequential order to give effect to the orders of the Hon'ble Tribunal Hyderabad Bench. 4. Section 115JB is amended only w.e.f AY 2013-14 to enlarge the scope of applicability of MAT to the other companies i e insurance, banking, electricity company. Therefore prior to AY 2013-14 provision of this section is not applicable to Banking companies like ours. 5. The Learned Assessing officer ought to have followed the directions contained In the appellate orders strictl....
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....he facts of the assessee's case. 4. After hearing and considering the submissions of the assessee, CIT(A) held as follows on this issue: "14.2 .... It is clear that the appellant has earlier been assessed in the status of a company prior to A. Y. 1969-70. The appellant has not been able to furnish any copies of assessment orders for the period prior to A. Y. 1970. Besides, the argument that the provisions of sec. 115JB would apply only if the company is required to adopt its accounts including the P&L account and place it before the company in the AGM, is itself not very convincing. Though, the first proviso to Sec. 115JB(2) put such a condition in place, the said condition itself cannot be considered as the final criteria for applica....
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....ds. These grounds are accordingly rejected as not pressed." 6. Consequently, the Assessing Officer passed consequential order on 28/03/2011. In his consequential order dated 28.3.2011, the Assessing Officer computed the total income at Rs. (-) 21,56,15,732/- under the regular provisions. Since this was less than the book profit of Rs. 713,21,55,919/- u/s 115JB, the Assessing Officer assessed the total income u/s 115JB. 7. Against the said consequential order of the Assessing Officer, the assessee carried the matter in appeal before the CIT(A) and the CIT(A) vide order dated 21/08/2013 observed as follows: "5.0 The thrust of the grounds of appeal and the submissions of the AR in the course of the appellate proceedings is that the sec.115....
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.... 578/Hyd/2010 vide order dated 7th September, 2012 wherein the Tribunal held as follows: "12. The next issue is regarding the applicability of provision of Sec.115JB to the assessee bank. The contention of the assessee is that the assessee being a bank, the provisions of companies act will not apply to the assessee and hence the assessee will not be liable to tax u/s.115JB. 13. The provisions of Sec.115JB will be applicable to all companies. However, it is contended that Sec.115JB will be applicable only where the assessee is required to show profit & loss account in accordance with schedule VI of companies act. As the banks are required to prepare balance sheet and profit & loss account in accordance with the Banking Regulation Act, pr....
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....sessee Bank and set aside the assessment made u/s 115JB on the Assessee company." 9.1 The learned AR has also relied on the judgment of the Hon'ble Supreme Court in the case of Indian Oil Corporation Ltd. Vs. State of Bihar and Others, 167 ITR 897 (SC) wherein it was held as under: "6. It is not the policy of this Court to entertain special leave petitions and grant leave under Art.136 of the Constitution save in those cases where some substantial question of law of general or public importance is involved or there is manifest injustice resulting from the impugned order or judgment. The dismissal of a special leave petition in limine by nonspeaking order does not, therefore, justify any inference that by necessary implication the content....
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....ntended that the assessee has no right or any ground to challenge the same at this juncture. 11. After hearing the parties and perusing the record, we are of the opinion that the plea of the assessee is totally misconceived as submitted by the learned DR. Admittedly, the assessee has not challenged this issue in an earlier occasion before the Tribunal and stated that the assessee did not want to press the ground. After hearing both the parties, the Tribunal dismissed the ground raised by the assessee as not pressed. It means that the Tribunal adjudicated the ground and thereafter, the AO passed impugned consequential order, which is in consonance with the order of the Tribunal. Now, the assessee's counsel wanted to re-argue the case, which....