2019 (7) TMI 693

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....mber For the Assessee : Sri P. Murali Mohan Rao For the Revenue : Sri Rajeev Benjwal, DR ORDER PER A. MOHAN ALANKAMONY, AM.: This appeal is filed by the assessee against the order of the Ld. CIT(A)-7, Hyderabad dated 18/01/2019 in Appeal No.0108/CIT(A)- 7/2017-18 passed U/s.154 and U/s 250(6) of the Act for the Asst. Year 2012-13. 2. In this appeal, assessee has raised 10 grounds....

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....of the Act as he was of the view that the profit derived from sale of old machinery amounting to Rs. 91,78,920/- was erroneously entered in the balance sheet directly instead of routing it through P & L Account. The Ld. AO further opined that such treatment in the statement of affairs of the assessee company by excluding the profit derived from the sale of old machinery amounting to Rs. 91,78,9....

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.... the Act and such mistake is apparent from record, the Assessing Officer is legally correct in passing the rectification order on 10-10-2017. All the grounds raised by the appellant are rejected." 4. At the outset, the Ld. AR submitted that though there may be merit in the finding of the Ld. CIT (A) the issue is debatable and is held in favour of the assessee as well as of the Revenue ....

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....t the various Higher Judiciaries have taken divergent view on the issue where certain Capital loss are directly entered in the balance sheet without routing it through P & L Account. Though the Companies Act, 1956 mandates any Profits and Loss to be routed through P & L Account, the issue with respect to computation of MAT in such circumstance as admitted by both the parties is not settled by the ....