2015 (7) TMI 1401

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....ng Officer (hereinafter referred to as the AO) passed under section 154 of the Income Tax Act. 2. The brief facts of the case are that the assessee had e-filed its return of income on 20.09.08 which was selected for scrutiny and the assessment under section 143(3) of the Act was completed by the AO on 27.09.10 assessing the total income of the assessee at Rs. Nil and book profits at Rs. 3,89,88,943/-. Thereafter, the AO observed on verification of the record that the disallowance under section 14A amounting to Rs. 18,07,031/- as well as Rs. 48,93,866/- on account of diminution in value of current investment and Rs. 3,00,542/- on account of provision for doubtful debts had remained to be added to the net profit for computation of book prof....

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....k profits under section 115JB was also a quite debatable issue. He, has further has relied upon the decision of the Hon'ble Supreme Court in the case of "CIT vs. HLL Comnet systems and services ltd." [2008] 174 Taxman 118 (SC), where in the above issue of provision of doubtful bad debts whether to be added while computing book profits under section 115JB has been decide in favour of the assessee. The Ld. A.R. has also contested the charging of interest under section 220(2) of the Act. The Ld. D.R. on the other hand, has relied upon the findings of the lower authorities. 5. We have considered the rival contentions of the Ld. Representatives of the parties. The Ld. D.R. has relied upon the decision of the Tribunal in the case of "Ferani H....