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Documents citing Commissioner Of Income Tax vs E I Dupont India Limited on 6 February, 2009

Mir Asgar Hussain , Nagpur vs Principal Commissioner Of Income ... on 17 January, 2022

14 ITA 22/NAG/2021_ Mir Asgar Hussain Vs PCIT deduction had been allowed to assessee under section 80-IA and, secondly, provision for doubtful debts at Rs. 818.03 lakhs, debited in profit and loss account was not added back for calculating book profit under section 115JB - However, few days before this order of Commissioner, Assessing Officer had passed order under section 154 wherein purported mistake in regard to deduction under section 80-IA, had been corrected - On appeal, as regards first ground, Tribunal held that original assessment order was no longer in existence as it got merged with order under section 154 passed by Assessing Officer and, in such a situation, Commissioner could not exercise his jurisdiction under section 263 - As regards second ground, Tribunal relied upon judgment of this Court in case of CIT v. EL Dupont India Ltd. [2008] 169 Taxman 184 holding that provision made for doubtful debts while computing book profits under section 115JA is not required to be added back as per clause (c) of Explanation to section 115JA - Accordingly, Tribunal set aside revisional order - Whether as regards first ground, prima facie, approach of Tribunal seemed to be correct - Held, yes - Whether, even otherwise, it was not necessary to enter into this question inasmuch as, even as per revisional order passed by Commissioner under section 263, benefit under section 80-IA should have been restricted to lower amount, which had already been done by Assessing Officer by passing rectification order under section 154 - Held, yes - Whether as regards second ground, in view of fact that Explanation to section 115JB is identically worded as Explanation to section 115JA, Tribunal rightly relied upon decision in EL Dupont India Ltd.'s case (supra) and set aside impugned revisional order passed by Commissioner - Held, yes." We also find support from the decision of the Coordinate Bench of Hyderabad Tribunal in the case of Chenai Finance Co. Ltd -Vs- Assistant Commissioner of Income Tax (2002) 81 ITD 0007 (ITAT Hyd.) wherein the Coordinate Bench has held as under:
Income Tax Appellate Tribunal - Nagpur Cites 19 - Cited by 0 - Full Document
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