AI Drafter 
TaxTMI 
TaxTMI 
2019 (8) TMI 104
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....ome Tax Act, 1961. 2.The order passed under section 154 is barred by limitation under sub section 7 of section 154 which is served on your appellant on 1-04-2017". 3.The Honorable Commissioner Of Income Tax(Appeals) has wrongly stated that the assessee has not prayed for this ground indeed who prayed to quash the order which is not given an opportunity of being heard and also barred by limitation act. 4.There is no mistake apparent from record since Assessment Order is passed under section143 (3) after detailed scrutiny of records of the company. 5. The Assessee contended that section 14A of the Act could not be read in section 115JB, as section 115JB is a complete code in itself and overrides all other provisions of the Act. Tax liability under section 115JB of the Act was to be worked out only on the basis of adjusted book profit and not on the basis of income computed under normal provisions of the Act. The ITO cannot go beyond audited financial statements of the Assessee while computing book profits under section 115JB. Based on the matching principle of accountancy, only expenses debited to the profit and loss account that had direct and proximate ne....
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....y be bound and beholden and pray for in law". ITA No.598/Bang/2019(AY : 2011-12)(By Assessee) Addition of Rs. 3,00,77,709/- to the book profit: 1. There is no mistake apparent from record since assessment order is passed under section143 (3) after detailed scrutiny of records of the company. 2. The expenditure, which is disallowed U/s 14A of the Act, cannot be made addition to book profits and the action taken by the learned Assessing Officer is contrary to the provisions of sec 115JB of Income Tax Act, 1961. 3. The Assessee contended that section 14A of the Act could not be read in section 115JB, as section 115JB is a complete code in itself and overrides all other provisions of the Act. Tax liability under section 115JB of the Act was to be worked out only on the basis of adjusted book profit and not on the basis of income computed under normal provisions of the Act. The ITO cannot go beyond audited financial statements of the Assessee while computing book profits under section 115JB. Based on the matching principle of accountancy, only expenses debited to the profit and loss account that had direct and proximate nexus with the exempt income....
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....or which act justice and fairness the appellant would as in duty be bound and beholden and pray for in law" ITA No.772/Bang/2019(AY : 2013-14)(By Revenue) The revenue has raised the following grounds as under; 1. The order of the ld. CIT(A) opposed to law and facts of the case. 2. Whether on facts and circumstances of the case, the CIT(A) was right on tatting that harvesting charges paid to labourers by the appellant on behalf of the cane growers is part and parcel of the cost price of the sugar and the payment of which cannot be stated to be covered within the expression 'work contract' a defined u/s 194C, when assessee has submitted that these labourers are engaged by the farmers for harvesting activity. 3. For these and other grounds that may be urged upon at the time of hearing, it is prayed that the order of the ld.CIT(A) in sofar as it relates to the above grounds may be reversed and that of the AO may be restored. 4. The appellant requests leave to alter, amend or delete any of the grounds mentioned above and/or add any new grounds on or before the hearing". It is observed that for assessment year 2010-11 and 2011-12, assessee rai....
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....is no exempt income earned by assessee during years under consideration. Placing reliance upon the decision of Delhi High Court in case of Cheminvest vs CIT reported in 378 ITR 33, Ld. AR submitted that section 14 A would trigger only when there is any exempt income earned by assessee during year under consideration. 5. He placed reliance upon decision of coordinate bench of this Tribunal dated 15/12/17, in case of Windsor Gardens Private limited vs DCIT in ITA No. 722/Bang/2017 wherein, same analogy has been applied for computation of book profit. Assessee placed reliance upon decision of special bench in case of ACIT vs Vireet Investment (P) Ltd reported in (2017) 82 Taxmann.com 415. 6. Ld.SR DR though supported orders passed by authorities below, could not controvert aforesatted observations and decisions relied upon by Ld.AR. 7. We have perused submissions advanced by both sides in light of records placed before us. Admittedly, there is no exempt income earned by assessee during years under consideration. Under such circumstances, the ratio that no disallowance can be computed under section 14 A read with Rule 8D, shall apply while computing Book profits u/s115JB. I....