2016 (8) TMI 103

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....5JA, the assessees were allowed deduction out of the book profit, the amount of loss or the amount of depreciation which would be required to be set off against the profit of the relevant previous year, if the provisions of clause (b) of the first proviso to subsection (1) of section 205 of the Companies Act, 1956, were applicable. The AO found that the assessee had grossly misinterpreted the provisions of section 115JA and reworked the book profit at Rs. 49,70,565/- instead of book loss of Rs. 31,85,782/- . The AO made further additions on account of provisions for doubtful debts and determined the book profit at Rs. 85,19,653/- . The matter was taken to the CIT (A) which had determined the book profit at Rs. 78,72,653/- . 2.1 The appea....

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....against Department. In the case of Surana Steel itself, the Andhra Pradesh High Court had given a decision in line with the appellant's stand, and which was subsequently reversed by the Supreme Court. The plethora of decisions mentioned which have been affirmed or reversed clearly shows that the matter was the subject of litigation in various courts and therefore, when two opinions are possible, it is questionable whether the point can be considered as concealment of income or filing of inaccurate particulars. 2.9 The appellant, had given a clear cut picture of its method of calculation and the reasoning for the same. The Department had disagreed with the view and the Departments' view was upheld in the Tribunal and right upto th....