2008 (10) TMI 723

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....wed and total income could not be computed and any tax is not payable therefore S.115JB will not be applicable according to binding judgment of the Calcutta High Court and Calcutta Tribunal.  2. For that Ld. CIT(A) was wrong in ignoring the fact the assessee has not declared any dividend, therefore S.115JB is not applicable in view of Process Pumps P. Ltd. Vs. DCIT 94 TTJ 190 (Bangalore). 3. For that in view of the fact the learned A. O. and CIT(A) did not follow binding judgments and the assessee was compelled to file appeal firstly before the Ld. CIT(A) and now before the Tribunal, to seek justice, the honorable Tribunal may kindly award cost of appeal in favour of the assessee by applying its discretion conferred u....

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....time of hearing, the learned counsel for the assessee submitted that the issue involved in this appeal is covered by the order of the Tribunal in the case of CIT - Vs- Vishnu Sugar Mills Ltd. in ITA No. 359/K/2006 in favour of assessee, which has been upheld by the Hon'ble Calcutta High Court in G.A. No.3015 of 2006 dated 20th November, 2006 and the lower authorities have erred in not following the binding judgment of the Tribunal and the Hon'ble jurisdictional High Court. 4.   Ld. Departmental Representative, on the other hand, made strong objection to the submission of the Ld. Authorised Representative of the assessee and submitted that the decision relied on by him is not applicable to the facts of this case on the f....

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.... of the Hon'ble jurisdictional High Court in the case of Vishnu Sugar Mills Ltd. supra may kindly be followed and the appeal of the assessee may kindly be allowed. 6.   Heard both the parties, perused the material available on record and find that the submission made by the Ld. Departmental Representative that the issue before  the Hon'ble High Court was not related to section 115JB was not found correct as is evident from the following questions pertaining to MAT, which were considered by the Hon'ble jurisdictional High Court in the case of Vishnu Sugar Mills Ltd. cited supra : "Whether, on the facts and circumstances of the case the learned Income Tax Appellate Tribunal was not justified in holding t....