Jindal Power Limited Vs. DCIT, Circle-1(1), Bilaspur

Parties Involved

Facts Summary

Jindal Power Limited, the appellant, filed an appeal against the order of the Commissioner of Income Tax (Appeal), Bilaspur, dated 05.05.2017, for the Assessment Year 2012-13. The appeal arose from the order under section 143(3) of the Income Tax Act, 1961, passed by the Deputy Commissioner of Income Tax, Central Circle-1(1), Bilaspur, dated 20.02.2015. The appellant contested several additions and disallowances made by the Assessing Officer, including disallowances related to rehabilitation compensation, proposed share issue expenses, foreign exchange loss, and others. The appellant argued that these additions and disallowances were not permissible under the provisions of section 115JB of the Income Tax Act, 1961, which deals with Minimum Alternate Tax (MAT). The appellant also contended that the Assessing Officer had exceeded his jurisdiction by making adjustments not specified in the Explanation to section 115JB(2).…

Legal Issues

• 1. Whether the additions made by the Assessing Officer while calculating the book profit for MAT are justified?
• 2. Whether the Assessing Officer can make adjustments not specified in the Explanation to section 115JB(2)?

Judgment Outcome

Decided in favour of Assessee.

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