2013 (6) TMI 918

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Judicial Member: This appeal by the revenue is arising out of order of CIT(A), IV, Kolkata in appeal No. 234/CIT(A)-IV/2009-10 dated 07-03-2011 for the assessment year 2007-08. The assessment in this case was framed by ITO, Ward 4(1), Kolkata u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') vide his order dated 18.12.2009. 2. The two inter-connected issues in t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....We have heard the rival contentions and gone through the facts and circumstances of the case. We find that the AO while computing the book profit u/s. 115JB of the Act made following additions:- STT 17,02,184/- Donation disallowed 26,50,000/- Aggrieved, the assessee has preferred appeal before the CIT(A). 4. Before the ld. CIT(A), it was contended by the assessee that the amounts....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....galore Bench in ITA No.592/Bng/2010 in the case of Horizon Capital Ltd. The CIT(A) deleted the addition of STT and donations by observing as under :- "4.2. The STT and donation are not covered by the above items provided In the explanation to Sec. 1 153B. Therefore, the addition of the STT Rs. 17,02,184/- and donation Rs.26,50,000f- In the Book Profit u/s.11538 is wrong and not in accorda....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the decision cited above by appellant of Bangalore Tribunal." Aggrieved, revenue came in appeal before us. 5. We have heard the rival contentions and gone through the facts and circumstances of the case. We have also gone through the Explanation (1) to section 115JB of the Act, wherein net profit as shown in the P&L account for the relevant previous year prepared under sub-section 2 is to ....