IT : Where assessee had furnished full details in respect of its claim for bad debts and provision made for diminution in investments in its original computation of income, reassessment to make addition for said provision be deleted
■■■
[2014] 49 taxmann.com 206 (Delhi - Trib.)
IN THE ITAT DELHI BENCH 'H'
VXL Technologies Ltd.
v.
Assistant Commissioner of Income-tax*
G.D. AGRAWAL, VICE-PRESIDENT
AND CHANDRA MOHAN GARG, JUDICIAL MEMBER
IT APPEAL NO. 2728 (DELHI) OF 2013
[ASSESSMENT YEAR 2004-05]
DECEMBER 13, 2013
Section 115JB, read with section 147, of the Income-tax Act, 1961 - Minimum alternate tax (Re-assessment) - Assessment year 2004-05 - Reassessment was initiated against assessee on ground that provisions made for diminutions in nature of investments as also for bad debts were not added to net profit by assessee - It was found that assessee had given full details pertaining to said claims in profit and loss account and in its computation of income - Further, assessee had furnished report in form 29B under section 115JB for computing book profit of company which was also placed before authorities below at time of relevant proceedings - Whether, on facts, initiation of reassessment proceedings after expiry of 4 years was not justified - Held, yes [Para 10] [In favour of assessee]
■■■
[2014] 49 taxmann.com 206 (Delhi - Trib.)
IN THE ITAT DELHI BENCH 'H'
VXL Technologies Ltd.
v.
Assistant Commissioner of Income-tax*
G.D. AGRAWAL, VICE-PRESIDENT
AND CHANDRA MOHAN GARG, JUDICIAL MEMBER
IT APPEAL NO. 2728 (DELHI) OF 2013
[ASSESSMENT YEAR 2004-05]
DECEMBER 13, 2013
Section 115JB, read with section 147, of the Income-tax Act, 1961 - Minimum alternate tax (Re-assessment) - Assessment year 2004-05 - Reassessment was initiated against assessee on ground that provisions made for diminutions in nature of investments as also for bad debts were not added to net profit by assessee - It was found that assessee had given full details pertaining to said claims in profit and loss account and in its computation of income - Further, assessee had furnished report in form 29B under section 115JB for computing book profit of company which was also placed before authorities below at time of relevant proceedings - Whether, on facts, initiation of reassessment proceedings after expiry of 4 years was not justified - Held, yes [Para 10] [In favour of assessee]
No comments:
Post a Comment