2018 (10) TMI 1286

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....e Revenue : A.Mohan, Ld. Sr. DR ORDER PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year [AY] 2011-12 contest the order of Ld. Commissioner of Income-Tax (Appeals)-2 [CIT(A)], Mumbai, Appeal No.CIT(A)-2/IT-409/2013-14 dated 08/11/2016 by raising the following sole ground of appeal:- 1. The learned Commissioner of appeals erred in conf....

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....n additions / disallowances as against returned income of Rs. 130.34 Lacs e-filed by the assessee on 25/11/2011. The 'book profits' for the purpose of computing Minimum Alternative Tax [MAT] u/s 115JB has been computed at Rs. 224.51 Lacs as against Rs. 221.63 Lacs computed by the assessee. During impugned AY, the assessee being resident corporate assessee was engaged as reinsurance broker. 2. D....

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....ppeal before us. 4. The Ld. Authorized Representative for assessee [AR], Ms. Indra Anand, placed reliance on the decision of Hon'ble Apex Court rendered in Apollo Tyres Ltd. Vs CIT [122 Taxman 562] to submit that Ld. AO had no jurisdiction to go beyond net profit shown in profit and loss account except to the extent provided in Section 115JB. Per Contra, Ld. Senior DR placed reliance on the sta....

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....ble Apex Court rendered in the context of erstwhile Section 115J wherein the Hon'ble High Court has held as under:- "Therefore, we are of the opinion that the Assessing Officer while computing the income under section 115J has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance w....