ACIT CENTRAL CIR6(4), MUMBAI vs. M/S. MARIANA INFRASTRUCTURTE LTD, MUMBAI
In the result, the appeal of the assessee is dismissed
ITA 2395/MUM/2021[2017-18]Status: DisposedITAT Mumbai31 Oct 2022AY 2017-18
Bench: Shri Aby T Varkey & Shri Amarjit Singhthe Asstt. Commissioner Vs. Mariana Infrastructure Of Income Tax, Central Limited, M-62 &63, Circle -6(4) 1St Floor, Connaught Room No. 1925, 19Th Place, New Delhi Floor, Air India Building, 110 001 Nariman Point, Mumbai – 400021 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aafcm2619H Appellant .. Respondent Appellant By : Ajay Chandra Respondent By : K. Gopal Date Of Hearing 13.10.2022 Date Of Pronouncement 31.10.2022 आदेश / O R D E R Per Amarjit Singh (Am): The Present Appeal Filed By The Revenue Is Directed Against The Order Passed By The Ld. Cit(A)-54, Mumbai Which In Turn Arises From The Order Passed By The A.O U/S 143(3) Of The Act. The Revenue Has Raised The Following Grounds Before Us: “1. Whether The Ld.Cit(A) Erred In Allowing The Claim Of Deduction Of Revenue Of Cancelled Transaction Of Rs.27,78,65,132/- Cancelled In Subsequent Year From The Book Profit Though Section 115Jb Is A Self-Contained Code Where Even The Additions & Deductions From The Book Profit Are Specified The Provisions Of Section 115Jb Des Not Allow Any Such Deductions?."
For Appellant: Ajay ChandraFor Respondent: K. Gopal
Section 115JSection 143(3)Section 194I
Mariana Infrastructure Ltd.
to sub-section (1) of section 205 of the Companies Act are applicable. In other words, section 205(1), proviso (b) of the Companies Act read with clause (iv) of the Explanation fo section 115J, permits reduction in the net profit to the extent of past losses
