2017 (6) TMI 1391

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l Doshi. ORDER PER G.S. PANNU, AM : The captioned appeal by the Revenue is directed against the order of the CIT(A)-41, Mumbai dated 28.10.2014, pertaining to the Assessment Year 2011-12, which in turn has arisen from the order passed by the Assessing Officer dated 28.3.2014 under section 143(3) of the Income Tax Act, 1961 (in short 'the Act'). 2. In its appeal, Revenue has raised the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-, which represented Debenture Redemption Reserve. The said amount was created out of the profits set-aside as Debenture Redemption Reserve. As per the Assessing Officer, the said Debenture Redemption Reserve was a reserve in terms of clause (b) of Explanation to Sec. 115JB of the Act whereas according to the assessee, the said amount was not a reserve, but in the nature of an ascertained liabilit....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e book profits u/s 115JB of the Act. 5. On the other hand, the learned representative for the assessee pointed out that the CIT(A) made no mistake in allowing the claim of the assessee, which is also in consonance with the decision of the Tribunal on a similar issue in the case of JSW Energy Ltd., [2014] 150 ITD 406 (Mumbai - Trib.). 6. We have carefully considered the rival submissions. In ....