COMMISSIONER OF INCOME TAX Vs. MYSORE BREWERIES LTD.

JUDGEMENT

(1.) BANGALORE , in respect of the respondent - -M/s Mysore Breweries Ltd., the assessee.

(2.) THE respondent assessee is a company. The assessment year in question is pertaining to 2003 -04 and the dispute related to the ascertainment of book profits of the company for the purpose of s. 115JB of the IT Act, 1961 (for short 'the Act').

(3.) WHILE the assessee was successful before the Tribunal in getting rid the addition of a sum of Rs. 53 lakhs, which in the opinion of the AO was an amount which was required to be added back in terms of cl. (c) of Expln. 1 to sub -s. (2) of s. 115JB, the first appellate authority as well as the Tribunal opined that it is not an amount which fits into this particular clause and therefore does not get back into the quantification of the book profits of the assessee, which in turn would result in the reduction of the tax liability of the assessee to that extent.