ACIT 16(1), MUMBAI vs. 9X MEDIA P.LTD, MUMBAI

ITA 7477/MUM/2016Status: DisposedITAT Mumbai21 November 2023AY 2011-1291 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the surplus on demerger, adjusted against brought forward losses, was correctly treated as a capital profit and not includible in book profits under Section 115JB. The disallowance of legal and professional fees under Section 35DD was also examined.

What were the facts?

The assessee company demerged its entertainment channel undertaking, resulting in a surplus. The Assessing Officer added this surplus to the book profits under Section 115JB, which was upheld by the CIT(A). The assessee argued it was a capital profit and should not be included in book profits.

What were the issues?

Whether the surplus on demerger is includible in book profits under Section 115JB, and the allowability of expenses incurred for demerger under Section 35DD.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 35DD,Section 14A,Section 68,Section 40(a)(ia)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(5)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “D” BENCH, MUMBAI

Before: SHRI PRASHANT MAHARISHI, AM

For Appellant: Shri Ashok Rao, CA
For Respondent: Ms. Riddhi Mishra, CIT DR
Pronounced: 21.11.2023

Heard together (2 matters)

ITA No. 3606/MUM/2017
ITA No. 4600/MUM/2017

Read from the judgment's own cause title. This page is filed under one of them.

PER PRASHANT MAHARISHI, AM:

01.

ITA No. 7477/Mum/2016 is filed by the Asst. Commissioner of Income Tax, 16- 1, Mumbai (the learned Assessing Officer) and ITA No.7052/Mum/2016 is filed by M/s 9X Media P. Ltd. (assessee / appellant) against the appellate order passed by The Commissioner Of Income-Tax

(Appeals)-4, Mumbai [the learned CIT (A)] dated 28th September, 2016, for A.Y. 2011-12. 02. In ITA No.70

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 115JB

All 5,494 judgments and leading authorities on Section 115JB →

Recent GST High Court judgments

Search GST case law →