Income Tax Appellate Tribunal - Mumbai
Irb Infrastructure Ltd, Mumbai vs Department Of Income Tax
आयकर अपीलीय अिधकरण, मंब ु ई यायपीठ 'आई' मंब ु ई।
IN THE INCOME TAX APPELLATE TRIBUNAL "I " BENCH, MUMBAI सवर् ी राजे द्र िसंह, ले.स. एवं ी िवजयपाल राव, या.स. के समक्ष । BEFORE SHRI RAJENDRA SINGH, AM & SHRI VIJAYPAL RAO, JM आयकर अपील सं./ ITA Nos.7382/Mum/2010 (िनधार्रण वषर् / Assessment Years:2004-05) ITO 6(1)(2), Mumbai-400 020 IRB Infrastructure Ltd., 501 Dattashram, Hindu Colony, Vs. Lane No.1, Dadar (E), Mumbai-400 014.
थायी ले खा सं . /जीआइआर सं . /PAN No. AAACI 3369 P (अपीलाथीर् /Appellant) : (प्र यथीर् / Respondent) राज व की ओर से Revenue by : Mr. Chandrajit Singh िनधार्िरती की ओर से/ Assessee by : Mr. Mitesh N. Shah सन ु वाई की तारीख / Date of Hearing : 5th Sept., 2012 घोषणा की तारीख /Date of Pronouncement : 12 t h Sept, 2012 आदे श / O R D E R PER VIJAY PAL RAO (J.M.):
This appeal by the revenue is directed against the order dated 20-8-2010 of CIT(A)-14, Mumbai for the assessment year 2004-05.
The revenue has raised various grounds of appeal, however, only issue arises as to whether the Assessing Officer can tinker with the profit and loss account prepared by following the completed contract method and has power to make adjustment to the book profit computed under Section 115JB other than the adjustment specifically provided under the Explanation 1 to Section 115JB.
2 ITA No :7382/10
2. We have heard the learned DR as well as learned AR of the assessee and considered the relevant material on record. At the outset, we note that identical issue has been considered and decided by this Tribunal in assessee's own case for the assessment year 2005-06 in ITA No.6445/M/2008 vide order dated 11-1-2010 and thereafter again for the assessment year 2002-03 & 2003-04 in ITA Nos. 2905 & 2906/M/2010, vide order dated 7-7-2011. For the assessment years 2002-03 & 2003-04, this tribunal has considered and decided this issue in para 6 as under :-
"6. We have considered the rival submissions carefully and find force in the submissions of the Ld. Counsel of the assessee. The CIT(A) has merely followed the order of the Tribunal in the assessee's own case. We further find that the Tribunal has discussed this issue in detail in paras 6 to 10 in ITA No.6445/M/08. It was mainly observed in this order that once accounts were prepared as per Schedule VI of the Companies Act, 1956, and the same has been approved in the general meeting, then the same cannot be tinkered with. Ultimately, it was held that the AO had no jurisdiction to substitute the profit & loss account and, accordingly, the addition made in the book profits was deleted. This decision has been rendered in assessee's own cased. Therefore, following the same, we decide the issue raised by the Revenue against the revenue.
3. To maintain the rule of consistency and uniformity, we follow the earlier orders of this tribunal and accordingly, we decide this issue in favour of the assessee and against the revenue. Hence, the impugned order of the CIT(A) is upheld.
4. In the result, appeal of the revenue is dismissed.
3 ITA No :7382/10 पिरणामतः राज व की अपील खािरज की जाती है । Order pronounced in the open court on 12th Sept., 2012 . आदे श की धोषणा खुले यायालय म िदनांकः 12th Sept.,2012 को की गई ।
Sd/- Sd/-
( राजे द्र िसंह) (िवजयपाल राव)
(RAJENDRA SINGH) (VIJAY PAL RAO)
लेखा सद य/ACCOUNTANT MEMBER याियक सद य/JUDICIAL MEMBER
मंब
ु ई Mumbai; िदनांक Dated 12th / Sept. /2012
प्र.कु.िम/pkm.िन.स./PS
आदे श की प्रितिलिप अग्रेिषत/Copy of the Order forwarded to :
1. अपीलाथीर् / The Appellant
2. प्र यथीर् / The Respondent.
3. आयकर आयक्त ु (अपील) / The CIT(A)-
4. आयकर आयक्त ु / CIT
5. िवभागीय प्रितिनिध, आयकर अपीलीय अिधकरण, मंब ु ई/ DR, ITAT, Mumbai
6. गाडर् फाईल / Guard file.
स यािपत प्रित //True Copy// आदे शानस ु ार/ BY ORDER, उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपीलीय अिधकरण, मंब ु ई / ITAT, Mumbai