INCOME TAX OFFICER 3(3)(3), MUMBAI vs. M/S.TRAVEL MART INDIA PRIVATE LIMITED(M/S.TRAVEL MART INDIA. COM PRIVATE LIMITED), MUMBAI

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ITA 1977/MUM/2018Status: DisposedITAT Mumbai23 November 2020AY 2011-123 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee's claim for set-off of unabsorbed depreciation was allowable and had been duly allowed by the AO after verification. Appellate authorities can admit new claims raised during appeal proceedings.

What were the facts?

The Assessing Officer (AO) initially determined book profit under Section 115JB. A rectification order increased the book profit due to underassessment. The first appellate authority directed the AO to verify and allow set-off of brought forward losses and depreciation for book profit computation.

What were the issues?

Whether brought forward losses and depreciation can be set off against book profits under Section 115JB, even if not claimed in the original return or assessment proceedings.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 154,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: HON’BLE SHRI SAKTIJIT DEY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

1 Assessment Year: 2011-12 आयकर अपीलीय अिधकरण “ई” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI माननीय "ी श""जीत दे, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI SAKTIJIT DEY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकर अपील सं./ (िनधा"रण वष" / Assessment Year: 2011-12) Income Tax Officer-3(3)(3) M/s. Travel Mart India Pvt. Ltd. बनाम/ Room No.672, Aaykar Bhavan 7, Ground Floor M.K. Road, New Marine Lines Tulsiani Chambers Vs. Mumbai-400 020 Nariman Point, Mumbai-400 021. PAN/GIR No. AABCT-6760-E (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee by : None Revenue by : None सुनवाई की तारीख/ : 23/11/2020 Date of Hearing घोषणा की तारीख / : 23/11/2020 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

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