DCIT, CC -1(4), MUMBAI vs. M/S. HINDALCO INDUSTRIES LTD., MUMBAI

ITA 619/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 filed a separate profit and loss account for the Belur unit, duly certified in Form 10CCB, the AO's action of applying the global net profit ratio was incorrect. The Tribunal relied on a Delhi High Court decision and allowed the deduction based on the unit's reported net profit.

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 to the unit's turnover. The CIT(A) confirmed this action, citing a previous year's decision.

What were the issues?

Whether the AO can apply the global net profit ratio to a specific unit's profit for Section 80IB deduction when a separate, certified profit and loss account for the unit is available.

Which sections of the Income-tax Act were involved?

Section 80IB

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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 Sinha
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 appeal (ITA

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