DCIT 3(2)(1), MUMBAI vs. M/S. JINDAL DRUGS PVT. LTD., MUMBAI

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ITA 5915/MUM/2024Status: DisposedITAT Mumbai21 January 2025AY 2013-14Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeal regarding the hedging loss as it was already allowed by the AO. For the Section 14A disallowance, the Tribunal held that it cannot be applied for computing book profit under Section 115JB, following a Special Bench decision.

What were the facts?

The assessee claimed hedging loss, which was initially remanded by the CIT(A) for verification. The Revenue appealed against the CIT(A)'s order allowing a disallowance under Section 14A. The assessee also appealed against the CIT(A)'s confirmation of the Section 14A disallowance.

What were the issues?

Whether hedging loss is a speculative loss and whether disallowance under Section 14A can be made while computing book profit under Section 115JB.

Which sections of the Income-tax Act were involved?

Section 14A,Section 143(3),Section 144C,Section 115JB

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Before: SHRI SANDEEP GOSAIN & SHRI PRABHASH SHANKAR

For Appellant: Shri Rahul Hakkani,AR
For Respondent: Shri Sunil Mathews (Sr. DR)
Hearing: 15.01.2025Pronounced: 21.01.2025

आदेश की प्रयियलयि अग्रेयिि/Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आयुक्त / CIT 4. विभागीय प्रविविवि, आयकर अपीलीय अविकरण DR, ITAT, Mumbai 5. गार्ड फाईल / Guard file.

& 5915/Mum/2024 A.Y. 2013-14 M/s Jindal Drugs Pvt.Ltd.

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