DY. COMMISSIONER OF INCOME TAX 2(3)(1), MUMBAI vs. TATA INVESTMENT CORPORATION LIMITED, MUMBAI

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ITA 6386/MUM/2018Status: DisposedITAT Mumbai22 January 2020AY 2015-168 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the computation under Explanation 1 to Section 115JB(2) should be made without resorting to Section 14A read with Rule 8D, following a Special Bench decision. It also held that share registry expenses are revenue expenditure, supported by a CBDT circular.

What were the facts?

The assessee, a non-banking financial company, filed its return of income. The Assessing Officer completed the assessment determining total income under normal provisions and under Section 115JB. The CIT(A) partly allowed the assessee's appeal.

What were the issues?

Whether disallowance under Section 14A is to be considered for book profit computation under Section 115JB, and whether share registry expenses are revenue expenditure.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E”

Before: SHRI C. N. PRASAD, JM & SHRI S. RIFAUR RAHMAN, AM

For Appellant: Shri Amit Pratap Singh, DR प्रत्यथीकीओरसे/Respondentby, Shri M. M. Golvala, AR

आदेशकीप्रनिनिनिअग्रेनर्ि/Copy of the Order forwarded to : अपीलाथी/ The Appellant 1. 2. प्रत्यथी/ The Respondent 3. आयकरआयुक्त(अपील) / The CIT(A) 4. आयकरआयुक्त/ CIT- concerned यवभागीयप्रयतयनयि, आयकरअपीलीयअयिकरण, मुंबई/ DR, ITAT, 5.

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