M/S. HINDALCO INDUSTRIES LTD.(EARLIER KNOWN AS INDIAN ALUMINIUM COMPANY LTD),MUMBAI vs. DCIT, CC -1(4) (EARLIER DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-8,KOLKATTA), MUMBAI

ITA 612/KOL/2007Status: DisposedITAT Mumbai04 July 2024AY 2003-0449 pages
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What did the Tribunal hold?

The Tribunal held that since the assessee provided a separate audited profitability statement and Form 10CCB, the AO's action of applying the global net profit ratio was incorrect. The net profit ratio of the unit should be accepted as reasonable.

What were the facts?

The assessee claimed deduction under Section 80IB for its Belur unit, but the Assessing Officer (AO) restricted the claim by applying the company's global net profit ratio. The assessee had provided a separate profitability statement and an audit certificate (Form 10CCB) for the unit.

What were the issues?

Whether the deduction under Section 80IB should be calculated based on the unit's specific profit or the company's global profit ratio when a separate audited statement is available. Whether trial runs of an aircraft constitute business use for depreciation purposes.

Which sections of the Income-tax Act were involved?

Section 80IB,Section 32

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Income Tax Appellate Tribunal, ‘C‘ BENCH MUMBAI

Before: SHRI AMIT SHUKLA & MS PADMAVATHY S

For Appellant: Shri Mahavir Jain
For Respondent: Shri Manoj Kumar
Hearing: 05/04/2024Pronounced: 04/07/2024

Heard together (2 matters)

ITA No.612/KOL/2007
ITA No.619/KOL/2007

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

PER AMIT SHUKLA (J.M): The aforesaid cross appeals filed by the assessee as well as by the Revenue against order dated 11/12/2006 passed by CIT(A)-8, Kolkata for the quantum of assessment passed u/s.143(3) for the A.Y.2003-04. 2. We will first take up assessee's app

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