ADDL CIT LTU, MUMBAI vs. BAJAJ HOLDING & INVESTMENT LTD ( FOREMERLY KNOWN AS BAJAJ AUTO LTD), MUMBAI

ITA 5510/MUM/2012Status: DisposedITAT Mumbai26 August 2025AY 2007-08Bench: SMT. BEENA PILLAI (Judicial Member), SHRI RENU JAUHRI ( (Accountant Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal remanded the issue of export incentives (DEPB benefit) to the Assessing Officer for fresh adjudication based on the 'real income theory' as per the Supreme Court's decision in Excel Industries Ltd. The issue of provision for doubtful debts was also remanded for verification and consideration as per the Supreme Court's ruling in Vijaya Bank.

What were the facts?

The Income Tax Appellate Tribunal (ITAT) heard cross-appeals filed by the Revenue and the Assessee for Assessment Year 2007-08. The appeals arose from an order of the CIT(A) that partly allowed the assessee's claims.

What were the issues?

The primary issues involved the taxability of export incentives and the allowability of deduction for provision for doubtful debts, with the Tribunal relying on Supreme Court precedents for guidance.

Which sections of the Income-tax Act were involved?

Section 28(iv),Section 36(1)(vii),Section 14A,Section 92CA(3)

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Income Tax Appellate Tribunal, “K” BENCH, MUMBAI

Before: SMT. BEENA PILLAI & SHRI RENU JAUHRI

For Appellant: Shri Percy Pardiwala/ Ms. Vasanti
For Respondent: Ms. Neena Jeph, SR. D.R
Hearing: 06.08.2025Pronounced: 26.08.2025

Heard together (2 matters)

I.T.A. No. 5510/Mum/2012
I.T.A. No. 5652/Mum/2012

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Per: Smt. Beena Pillai, J.M.: Present cross appeal arises out of order dated 01.07.2012 passed

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