48. Manyata Promoters Pvt. Ltd. vs. JCIT
ITA No. 548/Bang/2022 (Bang.-Trib.)
A.Y.: 2017-18
Date of order: 6th September, 2022
Sections:14A, 154
Enhancing the assessed book profit for the amount disallowed u/s 14A is not a mistake apparent on record, which can be rectified by passing an order u/s 154.
FACTS
The assessee, engaged in the business of development and lease of office space and related interiors, filed its return of income for the assessment year under consideration on 31st October, 2017. On 7th August, 2017, the National Company Law Tribunal approved the scheme of amalgamation of Pune Embassy Projects Pvt. Ltd. with the assessee company. The return of income filed by the assessee was revised on 30th March, 2018. In the revised return of income, the assessee declared a total income of RNil under the normal provisions and a book profit of Rs. 26,04,02,080 u/s 115JB of the Act.
In the course of assessment proceedings, the AO disallowed a sum of Rs. 14,49,60,000 u/s 14A and added Rs. 58,29,802 towards the difference in income as per Form No. 26AS and the financials of the assessee. The AO also denied credit of TDS of Rs. 4,02,70,802, which the assessee claimed in its return of income.
The assessee filed a rectification application requesting that credit of TDS as claimed in the return of income be granted.
In an order passed u/s 154 of the Act, pursuant to the rectification application fi
