TaxTMI 
TaxTMI 
2015 (2) TMI 1322
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....ncome tax Act. The present assessment has been completed consequent to the revision order passed by the Administrative Commissioner u/s 263 of the Act. The assessing officer completed the assessment by making various additions and in the appeal filed by the assessee before Ld CIT(A), it got partial relief. The Ld CIT(A) also enhanced the assessment by denying exemption claimed by the assessee under various provisions of sec. 10 of the Act. Aggrieved by the order passed by Ld CIT(A), both the parties have filed these appeals challenging the order of Ld CIT(A) on the points decided against each of them. 3. We shall first take up the appeal filed by the assessee. The first issue relates to the denial of exemption of incomes claimed u/s 10 of....
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....e view that the said claim is devoid of any merit in the context of section 44 read with Rule 5 of the First Schedule of the Act. Hence, following the decision rendered by the Co-ordinate bench, we uphold the order passed by Ld CIT(A) on this issue. 5. The next issue relates to the determination of income u/s 115JB of the Act. The assessee computed the Book Profit in terms of sec. 115JB of the Act. However, before Ld CIT(A), it contended that the provisions of sec. 115JB are not applicable to it, since its accounts are not prepared under the Companies Act. The Ld CIT(A), in principle, agreed with the contentions of the assessee by following the decision of the ITAT rendered in the case of Maharashtra State Electricity Board (82 ITD 422). ....
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....lates to the relief granted to the assessee in respect of claim relating to the Investment written off - Rs. 17.29 crores. It was brought to our notice that this issue was decided in favour of the assessee by the coordinate bench of Tribunal while considering the appeal filed against the revision order passed by Ld CIT u/s 263 of the Act, vide its order dated 29-7-2011 passed in ITA No.3846/Mum/2008 relating to AY 2004-05. We notice from paragraph 15.7 of the order that the Tribunal has expressed the view that, neither the loss on account of diminution in the value of investment shall be allowed as deduction nor any income on investment shall be subjected to the tax. Following the said decision of the Tribunal, we uphold the order of Ld CIT....