DY. COMMISSIONER OF INCOME TAX 5(2)(1), MUMBAI, MUMBAI vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

ITA 5143/MUM/2024Status: DisposedITAT Mumbai30 January 2026Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the waiver of a loan taken for acquiring a capital asset is not chargeable to tax, following the decision in CIT vs. Softworks Computers Pvt. Ltd. It also held that the disallowance under Section 14A cannot be added to book profit under Section 115JB, relying on the Special Bench decision in ACIT vs. Vireet Investment (P) Ltd.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting an adjustment on inter-unit transfer of power and deleting an addition on account of capital creditors written back. The assessee filed cross-objections.

What were the issues?

Whether waiver of a loan for acquiring a capital asset is taxable income and whether disallowance under Section 14A can be added to book profit under Section 115JB.

Which sections of the Income-tax Act were involved?

Section 41(1),Section 14A,Section 115JB

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(13)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.

Heard together (4 matters)

ITA No. 5143/MUM/2024
C.O. No. 257/Mum/2024
C.O. No. 258/Mum/2024
ITA No. 5142/MUM/2024

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

IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER (Physical hearing) DCIT Circle- 5(2) (1), Mumbai, M/s JSW Steel Coated Products Limited, Bandra East, Mumbai-400051. Mumbai – 400020. [PAN:AACCM3988L] Appellant / Assessee Respondent / Revenue

C.O. No. 257/Mum/2024 in ITA No. 5143/MUM/2024 (AY: 2016-17) C.O. No. 258/Mum/2024 in ITA No. 5142/MUM/2024 (AY: 2015-16)

M/s JSW Steel Coated Products Limited, DCIT Circle- 5(2) (1), Mumbai, Room No. 571, 5th Floor, JSW Centre, BandraKurla Complex, Vs Bandra East, Mumbai-400051. AayakarBhavan, M.K. Road, [PAN:AACCM3988L] Mumbai – 400020. Appellant / Assessee Respondent / Revenue

Assessee by Shri Rakesh Joshi, CA Revenue by Ms. NeenaJeph, CIT-DR & Shri BhagirathRamawant, Sr. DR Date of Institution 02.10.2024 Date of hearing 22.12.2025 Date of pronouncement 30.01.2026

Order under section 254 (1) of Income Tax Act

PER PAWAN SINGH JUDICIAL MEMBER;

1.

These two appeals by Revenue and cross-objections therein by assessee are directed a

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 41(1)

All 1,943 judgments and leading authorities on Section 41(1) →

Recent GST High Court judgments

Search GST case law →