2021 (3) TMI 1398

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....he ld. CIT(A) in denying the fact that provisions of Section 115JB of the Income Tax Act, 1961 (in short, the Act) are not applicable in the case of assessee and it is not to be subjected to MAT. In this regard, brief facts of the case are that the assessee company is engaged in providing long term finance to the industrial units, being set up in the State of Rajasthan. The return of income was filed on 15/10/2016 declaring total income of Rs. 1,49,32,440/-. The case of the assessee was selected under compulsory manual scrutiny and notices were issued and duly served upon the assessee. The assessment order was passed by the A.O. on 02/11/2018 determining total income of Rs. 1,83,94,440/- by making addition of Rs. 34,62,000/-. 4. Being aggr....

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.... Jaipur. The same issues are also pertain to this year i.e. 2016-17 wherein Assessing Officer made disallowance under section 36(1)(vii)(a)(c) of Rs. 34,62,000/- on account of bad debts written off and applied provision of section 115JB of the Act. 2.3.1 In appellate proceedings, the Authorized Representative relied various decisions which support to assessee's own case. It is found that appellant did not appeal against disallowance made by the Assessing Officer on account of bad debts but appellant challenged the action of Assessing Officer for application of provision of section 115JB in appeal. In appeal no. 610/14-15 dated 30.09.2016, CIT(A) has decided this issue in favour of assessee. Against this, department prefer appeal befor....

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....upport of Section 43 which is misconceived. While interpreting the taxing statute, the Court has to rely upon the taxing statute and not any other provisions. 11. In that view of the matter, the issue is answered in favour of the assessee against the department." Accordingly, in view of the decision of the Hon'ble Jurisdictional High Court in assessee's own case, we find no error or illegality in the order of Id. CIT (A) qua this issue." 2.3.2 Respectfully following decision, it is held that this issue is covered in favour of appellant. Therefore, provisions of section 115JB are not applicable in assessee's case and it is not to be subjected to MAT. This ground of appeal is allowed." 8. We also observed from perusal of th....