2017 (9) TMI 1163

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., Senior Standing Counsel with Mr. Sanjay Kumar Mishra, Junior Standing Counsel. O R D E R C.M. No. 33771/2017 (exemption) 1. Allowed, subject to all just exceptions. ITA No. 810/2017 2. This is an appeal by the Assessee under Section 260 A of the Income Tax Act 1961 ('Act') directed against the order dated 27th April 2017 of the Income Tax Appellate Tribunal ('ITAT') in ITA No. 370....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... losses. The liability under Minimum Alternate Tax ('MAT') was determined at Rs. 5,02,31,196/-. The Appellant thereafter filed its revised return of income on 19th February 2003. 7. It is explained that in this AY 2002-03, the Assessee had written back in its Profit and Loss Account the provisions amounting to Rs. 13,26,92,937/- created by it in the earlier years and accordingly increased its i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ble income. The specific finding of the CIT (A) in this regard reads as under: "I have examined the facts of the case along with the submission made by the AR. In this case, the appellant inadvertently added the reversal of provision instead of reducing the same from its taxable income. It was evident from the financial statement and computation of income of the earlier years that no deduction ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....AT again agreed with the Assessee that the CIT (A) should not have rejected the claim of the Assessee merely on the technical ground. The ITAT held that the decision of this Court Jai Parabolic Springs (supra) would be applicable. Nevertheless, in spite of granting relief itself, the ITAT remanded the matter to the file of the CIT (A) "with direction to re-decide this ground strictly on merits, in....