2017 (11) TMI 2050

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.... 3. Rival contentions have been heard and record perused. 4. Facts in brief are that the assessee company e-filed its return of income on 26.10.2005 for A.Y. 2005-06 declaring NIL income under normal provision of IT Act, 1961. An assessment order u/s 143(3) of the Income-Tax Act, 1961 was passed on 28.12.2007 after making following additions/disallowances: (i) Interest paid for delayed payment 24,08,118/- (ii) Depreciation on buildings 46,421/- (iii) Depreciation on Plant and Machinery 33,24,300/- (iv) Disallowance u/s. 14A 52,000/- (v) Disallowance of telephone deposits 91,500/- 5. The assessee had preferred a rectification application dated 24.01.2008 pointing out the errors apparent o....

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....th reference to the assessment order wherein the AO has not I computed the tax liability of the appellant u/s. 115JB of the Act. As regards the issue sought to be rectified, that is, the liability of the appellant u/s, 115JB of the Act is concerned, there is no support available in the CIT(A)'s order and therefore, the order giving effect to the CIT(A)'s order cannot provide any basis or reference for passing an order u/s. 154 of the Act and determine the liability of the appellant u/s. 115JB of the Act. It is evident from the facts of the case that any rectification order involving the issue of determination of the liability of the appellant u/s. 115JB of the Act, ought to have been passed within four years from the end of the fina....