2016 (10) TMI 540

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....he assessee aggrieved by this order, filed appeal before the High Court of Bombay at Goa being Tax Appeal No. 50/2015. The Hon'ble High Court vide its order dated 06/06/2016 observed as under:- "5. Upon hearing the learned counsel appearing for the parties and taking note of the contentions raised by the respective parties, we find that there is no specific mention in the impugned order the manner of calculation of the amounts in terms of the explanation to Section 115JB(2) of the Income Tax Act. Without going into the merits of the rival contentions, we find it appropriate to quash and set aside the impugned order of the ITAT and remand the matter to the learned Tribunal to re-examine the matter only on this limited aspect after h....

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....nt filed written submission, contents of which are reproduced as under: "We, the appellants beg to submit as below: A) Ground No.1: Disallowance of an amount of Rs. 159,28,201/- brought forward losses for MAT purpose-u/s 155JB (2) (iii). 1) An amount of Rs. 88,15,863/- (i.e. Rs. 159,28,201/- which is our claim less Rs. 71,12,338/ - (allowed by the Lr AO) has been disallowed by the Lr A.O. on the grounds that the workings of tax liability u/s 115JB of the IT Act were not found in the file. 2) That your appellants has claimed Rs. 159,28,201/- which is carry forward business loss as offset out of the book profits of Rs. 159,28,201/-. The details are enclosed in Annexure I. 3) The Lr AO failed to con....

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....our Honour will find our submissions and the enclosures in order and will grant us full relief as prayed. 7. I have gone through the reassessment order and the submission of the appellant. I can see that the A.O. has followed all the procedures for reopening the case u/s 147 correctly and, as discussed by me in the appellate order passed for A.Yr.2007-08, in the case of the appellant. I do not find any infirmity in the order of the A.O. and these technical grounds, raised by the appellant, challenging the reopening of assessment are dismissed accordingly. On merits, apart from working the MAT liability u/s 115JB, the A.O., in his assessment order, has also mentioned the computation of total income under normal provisions of the Act....

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....as under:- A.Y. Business loss Unabsorbed depreciation 2003-04 NIL Rs. 1,03,04,528/- 2004-05 NIL Rs. 2,82,29.764/- 2005-06 NIL Rs. 2,10,45,760/- 2006-07 NIL NIL 2007-08 NIL Rs. 93,96,103/- 2008-09 NIL NIL   9. We find that the Assessing Officer in the assessment order has observed that profit as per profit & loss account was Rs. 1,59,28,201/-. According to the Assessing Officer as per his letter dated 28/07/2016, as per provision of clause (iii) of Explanation-1 to section 115JB, no business loss or unabsorbed depreciation is to be reduced from net profit to arrive at book profit for Assessment Years other than 2003-04, which already been adjusted at Rs. 71,12,338/-. T....