Income Tax Appellate Tribunal - Ahmedabad
The Dy. Cit., Circle-1(1),, Baroda vs Gujarat State Fertilizers & Chemicals ... on 27 July, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD "A" BENCH
(BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER
& SHRI S. S. GODARA, JUDICIAL MEMBER)
ITA. No: 2312/AHD/2014
(Assessment Year: 2006-07)
The DCIT, Circle-1(1), V/S Gujarat State Fertilizers &
Baroda Chemicals Ltd. P.O.
Fertilizer Nagar, Baroda-
391750
(Appellant) (Respondent)
PAN: AAACG7996C
Appellant by : Shri K. Madhusudan, Sr. D.R.
Respondent by : Shri Sanjay R. Shah
(आदे श)/ORDER
Date of hearing : 25 -07-2017
Date of Pronouncement : 27-07-2017
PER N.K. BILLAIYA, ACCOUNTANT MEMBER:
1. This appeal by the Revenue is preferred against the order of the Ld. CIT(A)- I, Baroda dated 23.05.2014 pertaining to A.Y. 2006-07.
2 ITA No 2312/Ahd/2014
. A.Y. 2006-07
2. The sum and substance of the grievance of the revenue is that the ld. CIT(A)erred in deleting the addition of Rs. 4.86 crores made in the computation of Book Profit u/s. 115JB of the Act on account of expenditure related to exempt income computed u/s. 14A r.w.r. 8D of the Act.
3. Briefly stated the facts of the case are that the assessment u/s. 143(3) was completed on 26.12.2008 at Rs. 202,70,19,560/- and the Book Profit was computed at Rs. 423,99,08,469/-.
4. Subsequently, the completed assessment was reopened and notice u/s. 148 of the Act was issued and served upon the assessee. The completed assessment was reopened by issuing a show cause notice requesting the assessee to offer their explanation as to why expenditure on exempt income should not be disallowed u/s. 14A of the Act.
5. We find that the reopening of the assessment was challenged before the Tribunal and the Tribunal vide order dated 30.01.2015 in ITA Nos. 2444 & 2445/Ahd/2011 quashed the notice issued u/s. 148 of the Act and decided the issue of reopening in favour of the assessee.
6. Since, the basis of the computation of Book Profit u/s. 115JB of the Act has been removed by the Tribunal by its order (supra), we do not find any merit in this appeal of the revenue.
3 ITA No 2312/Ahd/2014
. A.Y. 2006-07
7. Appeal filed by the Revenue is dismissed.
Order pronounced in Open Court on 27 - 07- 2017
Sd/- Sd/-
(S.S. GODARA) (N. K. BILLAIYA)
JUDICIAL MEMBER True Copy ACCOUNTANT MEMBER
Ahmedabad: Dated 27 /07/2017
Rajesh
Copy of the Order forwarded to:-
1. The Appellant.
2. The Respondent.
3. The CIT (Appeals) -
4. The CIT concerned.
5. The DR., ITAT, Ahmedabad.
6. Guard File.
By ORDER
Deputy/Asstt.Registrar
ITAT,Ahmedabad