TaxTMI 
TaxTMI 
2022 (7) TMI 1393
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....hri Biswanath Das, Addl. CIT, ORDER Per Rajesh Kumar, Accountant Member:- This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 11.12.2021 for the assessment year 2013-14. 2. In the Grounds No. 1 & 2, the assessee has challenged the order passed by the ld. CIT(Appeals) as against the p....
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....nder section 115JB of the Act in consonance with clause (iii) of Explanation 1 to the said Section. The assessment was framed under section 143(3) of the Act vide order dated 22.03.2016 accepting the said proposition of the assessee and thus the Rs.49,44,871/- was allowed as stated above. Thereafter ld. Assessing Officer noted that there was a mistake in the assessment framed under section 143(3) ....
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....en the assessee failed to reply the show cause notice. 4. In the appellate proceeding, the order of the ld. Assessing Officer was upheld by the ld. CIT(Appeals) by holding that this being an apparent mistake and the ld. Assessing Officer has rightly invoked the rectification proceedings under section 154 of the Act. The ld. CIT(Appeals) noted in the appellate order that the ld. Assessing Officer ....
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....h Clause (iii) of Explanation 1 in the said section. We have also examined the evidences/records/ITRs of the assessee in respect of earlier years and observed that the claim of the assessee is correct and to that extent the finding of the ld. CIT(Appeals) cannot be sustained. So far as the issue of allowing lower of book loss or unabsorbed depreciation while computing the book profit under section....