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1 - 10 of 14 (0.30 seconds)The Advocates Act, 1961
Section 115JB in The Income Tax Act, 1961 [Entire Act]
Section 263 in The Income Tax Act, 1961 [Entire Act]
Section 115J in The Income Tax Act, 1961 [Entire Act]
Section 263 in The Companies Act, 1956 [Entire Act]
The Income Tax Act, 1961
Section 143 in The Companies Act, 1956 [Entire Act]
Ito 3(3)(3), Mumbai vs Tcfc Finance Ltd, Mumbai on 7 March, 2018
The notice under Section .154 was issued by the Assessing Officer
on 12,08.2015 and in compliance reply was filed on 15.09 2015 which
was pursued but not found satisfactory with regard to addition of
Rs 118.45 crores towards "loss on transfer/write off of
investments in the book profit under Section 115JB, assessee has
6
submitted that for the purpose of computation of book profit u/s !
15JB the provision for diminution is to be added back but the loss
of Rs. S i 8.45 crore is not a provision for diminution as alleged in
the notice of this office. The loss on transfer of shares comprised
loss on transfer of investment Rs.25.53 crore as well as loss of
Rs.92.91 crores on extinguishment of 3,20,26,473 equity shares of
h'OPL, on reduction of Share capital. This loss has been debited in
P &L and added while computation the business income. The reply
of the assessee has been perused irr the tight of order of Principal
Bench of ITAT, Mumbai in the case of ITO Vs, TCFC Finance Ltd.
in ITA No. ]299/Mum /2009 dated 09.03.2011 and it not
acceptable.