DY. COMMISSIONER OF INCOME TAX, THE CHINARS, NEAR GOVT. SILK FACTORY, RAJBAGH , SRINAGAR vs. JAMMU AND KASHMIR POWER DEVELOPMENT CORPORATION LTD., SRINAGAR, KASHMIR

ITA 386/ASR/2023Status: DisposedITAT Amritsar15 May 2025AY 2018-19Bench: SH. UDAYAN DASGUPTA, JUDICIAL MEMBER AND SH. KRINWANT SAHAY (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer has no power to recompute book profits beyond the adjustments expressly set out in Section 115JB. Book profits must be determined based on accounts prepared in accordance with accounting principles and the Companies Act.

What were the facts?

The revenue appealed against the deletion of additions made to book profits for MAT computation. The assessee had debited a provision for CSR expenditure in its profit and loss account as per the Companies Act, 2013.

What were the issues?

Whether a provision for CSR expenditure, made as per the Companies Act, 2013, is an unascertained liability to be added back for computing book profits under Section 115JB of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 135,Section 37(2)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)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, AMRITSAR BENCH, AMRITSAR

Before: SH. UDAYAN DASGUPTA & SH. KRINWANT SAHAY

For Respondent: Smt. Vandana Vijay Mohite, CIT-D. R
Hearing: 17.03.2025Pronounced: 15.05.2025

Per Udayan Dasgupta, J.M.:

All the three appeal preferred by the revenue against the order of the Ld. CIT (A) NFAC, passed u/s 250(6) of the Income Tax Act, 1961 (the Act), dated 17th October, 2023 for the Asstt. Year 2016-17 and dated 30th November, 2023, for both the AYs 2017-18 and 2018-19, has emanated from the order of the DCIT Circle- Assessment Years: 2016-17 to 2018-19 Srinagar, passed u/s 143(3) dated 28th December, 2018 (for AY 2017-18 ), and orders

of AO - NFAC, both dated 05/08/2021 AY 2017-18 and 2018-19, respectively.

2.

The only issue raise

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 →