TaxTMI 
TaxTMI 
2017 (5) TMI 484
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.... taxable income as 'Nil' after setting off of business income of Rs. 12,97,86,402 against unabsorbed business losses and depreciation. Since book profits were 'Nil, the Assessee's case was that no tax was payable under Section 115JA of the Act. The Assessee filed a revised return in 30th November 2000 reporting a business income of Rs. 12,97,44, 989 but still showing 'Nil' taxable income after claiming et off of unabsorbed business losses. There was no scrutiny of the return and an intimation under Section 143 (1) of the Act was issued to the Assessee. 3. Subsequently, a notice dated 29th September 2004 under Section 148 of the Act was issued seeking to reopen the assessment. This notice was dropped on 6th/13th Febr....
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.... the ITAT. While the Assessee filed ITA No. 1870/Del/2010, the Revenue filed ITA No. 2147/Del/2010. 6. By the impugned common order dated 3rd June 2016, the ITAT allowed the Assessee's appeal ITA 1870/Del/2010 and dismissed the Revenue's appeal ITA 2147/Del/2010. The ITAT examined the audit objection raised qua the assessment order of the AO and the AO's response thereto and observed as under: "It is found that the Ld. AR was right in its contention that there was a change of opinion- which was clearly seen in the letter produced before us dated 24/9/2003 sent to Senior Receipt Audit-Officer. In the said letter, the stand of the A.O. was that objection raised by the department may be treated as settled as the adjustment menti....
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.... Circle-13(1), New Delhi Dated:24.09.2003 To The SR. Receipt Audit Officer ITAP-13 Room No. 156 C.R. Building New Delhi. Sub: Audit Objection regarding short recovery of tax in the case of M/ s. Nokia India Ltd. Asstt. Year 1999-2000 Please refer to Audit Memo No. 268 dated 3.7.2003 in the above case. The audit scrutiny raised that for the purpose of Section U/s 115JA, the assessee company has not increased the amount or amounts set aside to provision made for meeting liabilities, other than ascertained liabilities, and omission to do so resulted in under assessment of income of Rs. 1,69,67,732/-involving short recovery of tax of Rs. 69,48,229/ - under special provision of the Act. I have gone through the records. Keeping in view ....