2018 (1) TMI 1552

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....rary and runs counter to the facts on records. 2. That the principal commissioner of Income Tax, Jaipur-I has grossly erred in holding the assessment order dated 31.03.2014 as erroneous and prejudicial to the interest of revenue.  3. That the principal commissioner of Income Tax has filed to appreciate that the return has been filed and assessed under section 115JB, which is a self contained code and therefore any addition contrary to the provisions of section 115JB is not permissible. 4. That the principal commissioner of Income Tax, Jaipur-I has grossly erred in setting aside the assessment order in respect of issues relating to higher depreciation on energy saving equipment & 100% depreciation on pollution....

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.... relevant record as called for by the Assessing officer and the Assessing Officer after conducting inquiry and satisfying himself allowed the claim of the assessee. Therefore, the order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue. The assessee also contended before the Commissioner that the Assessing Officer has computed the income of the assessee u/s 115JB and charged MAT instead of charging the income under normal computation, therefore, the order passed by the AO cannot be held erroneous and prejudicial to the interest of the Revenue. The Commissioner did not accept the contentions of the assessee and held that the assessment order passed by the AO is erroneous so far as it is prejudicial to the i....