2021 (10) TMI 243

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....s per the provisions of Section 115 JB of the Act was Rs. 28,003.83 Lakhs MAT (Minimum Alternate Tax) and amount payable under Section 115 JB of the Act was worked out to Rs. 3,172.83 Lakhs. Respondent has claimed TDS credit of Rs. 94.3 Lakhs. The return of income was processed under Section 143 (1) of the Act and notice dated 18/08/2010 under Section 143 (3) of the Act was issued. An order under Section 143 (3) of the Act was passed on 09/12/2011 wherein the addition of Rs. 109,31,36,711/- was made under normal provisions of the Act. The Assessing Officer while computing the book profit under Section 115 JB of the Act did not add this amount of Rs. 109,31,36,711/- to the book profits. The breakup of this Rs. 109,31,36,711/- is as under : ....

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....ched this court proposing the following questions of law to be framed. SUBSTANTIAL QUESTION OF LAW i. "Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in holding that, the AO had applied his mind while passing the order u/s 143 (3) of the Act and after application of mind the amount of Rs. 109,31,36,711/- was not added in Book profits of the assessee computed u/s 115 JB of the Act ignoring the fact that there is no discussions in the Assessment order passed u/s 143 (3) of the Act with regard to addition of impugned amount in book profit u/s 115 JB of the Act?" ii. "Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right i....

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....ring the assessment proceedings. The Assessing Officer has applied his mind while computing the income under the normal provisions as well as under Section 115 JB of the Act. The Assessing Officer had issued notice under Section 154 of the Act wherein he had asked respondent as to why remedial action should not be taken for computing income under the MAT provisions. Respondent had made detailed submissions in that regard, the method of computation of book profit had been provided as per the explanation below Section 115 JB (2) of the Act and based on that Assessing Officer concluded that no adjustment on account of decommissioning levy and interest thereon, interest on renovation and modernization fund and income interest on research and de....