2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT v. Adbhut Trading Co. Pvt. Ltd.

338 ITR 94High Court2011#4685 most cited

What is 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT v. Adbhut Trading Co. Pvt. Ltd. authority for?

The Bombay High Court clarifies that for the purpose of Section 115J (now Section 115JB), the total income of an assessee is to be computed first under the Income-tax Act, and then compared with the book profit.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2022.

Also referred to as

CIT vs. Akshay Textile Trading & Agencies Pvt Ltd · CIT vs. Adbhut Trading Co. Pvt. Ltd. · 338 ITR 94 · 304 ITR 401 · section 115J · section 115JB · book profits · total income computation · Bombay High Court

Issues it is cited on

book profitssection 115jsection 115jbsection 115section 11appeal before the tribunalpersoncompanyindiabusiness

Judgments citing 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT v. Adbhut Trading Co. Pvt. Ltd.

ACIT, LTU, CIRCLE-1, NEW DELHI vs. JINDAL POLY FILMS LTD., NEW DELHI

In the result the Appeal filed by the Assessee stands partly allowed for statistical purposes and by the Revenue Department stands dismissed

ITA 7511/DEL/2019[2016-17]Status: DisposedITAT Delhi22 Sept 2022AY 2016-17

Bench: Shri N.K. Billaiya & Shri N.K. Choudhryassessment Year: 2016-17

For Appellant: Sh. Rohit Jain, Ld. AdvFor Respondent: Sh. Rajesh Kumar, Ld. CIT-DR
Section 10(34)Section 14Section 14ASection 250(6)

…ational Hydroelectric Power Corpn. Ltd. vs. CIT, 320 ITR 374 and by the Hon’ble Calcutta High Court in the case of CIT vs. Shyam Century Ferrous Ltd., 80 taxmann.com 245 and by the Hon’ble Bombay High Court in the case of CIT vs. Abdhut Trading Co. Pvt. Ltd., 338 ITR 94. 10. On the contrary, the ld. DR drew our attention to the speech of the Finance Minister with regard to introduction of section 115J and the purpose for bringing the provision of section 115J in the Act, as reproduced in the case of Apollo Tyres Ltd. vs. CIT, (supra). The ld. DR further relied upon the order passed by the Bombay High Court in th…

JINDAL POLY FILMS LTD.,NEW DELHI vs. ACIT, LTU, CIRCLE-1, NEW DELHI

In the result the Appeal filed by the Assessee stands partly allowed for statistical purposes and by the Revenue Department stands dismissed

ITA 7464/DEL/2019[2016-17]Status: DisposedITAT Delhi22 Sept 2022AY 2016-17

Bench: Shri N.K. Billaiya & Shri N.K. Choudhryassessment Year: 2016-17

For Appellant: Sh. Rohit Jain, Ld. AdvFor Respondent: Sh. Rajesh Kumar, Ld. CIT-DR
Section 10(34)Section 14Section 14ASection 250(6)

…ational Hydroelectric Power Corpn. Ltd. vs. CIT, 320 ITR 374 and by the Hon’ble Calcutta High Court in the case of CIT vs. Shyam Century Ferrous Ltd., 80 taxmann.com 245 and by the Hon’ble Bombay High Court in the case of CIT vs. Abdhut Trading Co. Pvt. Ltd., 338 ITR 94. 10. On the contrary, the ld. DR drew our attention to the speech of the Finance Minister with regard to introduction of section 115J and the purpose for bringing the provision of section 115J in the Act, as reproduced in the case of Apollo Tyres Ltd. vs. CIT, (supra). The ld. DR further relied upon the order passed by the Bombay High Court in th…

THE ACIT RG 1(1), MUMBAI vs. M/S. ASSOCIATED CEMENT CO., MUMBAI

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

ITA 5259/MUM/2007[2004-2005]Status: DisposedITAT Mumbai27 May 2022AY 2004-2005
For Appellant: Shri Yogesh Thar, Shri ChaitanyaFor Respondent: Shri K.K. Mishra
Section 115JSection 143(1)Section 143(2)Section 143(3)

…t have the jurisdiction to go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to section 115J.” (Emphasis Supplied) Following the above judgment, in the case of CIT versus Adbhut Trading Co. (P) Ltd: 338 ITR 94 (Bombay) the Hon‟ble Bombay High Court has held as under: “1. In the present case, …..Once the accounts including the profit and loss account are certified by the authorities under the Companies Act it is not open to the Assessing Officer to contend that the profit and loss account has not been prepared in accordance with the provisions of the Co…

M/S. ACC LTD ( FORMELY KNOWN AS THE ASSOCIATED CEMEMTN COMPANIES LTD),MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

ITA 4895/MUM/2007[2004-2005]Status: DisposedITAT Mumbai27 May 2022AY 2004-2005
For Appellant: Shri Yogesh Thar, Shri ChaitanyaFor Respondent: Shri K.K. Mishra
Section 115JSection 143(1)Section 143(2)Section 143(3)

…t have the jurisdiction to go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to section 115J.” (Emphasis Supplied) Following the above judgment, in the case of CIT versus Adbhut Trading Co. (P) Ltd: 338 ITR 94 (Bombay) the Hon‟ble Bombay High Court has held as under: “1. In the present case, …..Once the accounts including the profit and loss account are certified by the authorities under the Companies Act it is not open to the Assessing Officer to contend that the profit and loss account has not been prepared in accordance with the provisions of the Co…

ACIT, CIRCLE-19(2), NEW DELHI vs. PASUPATI ACRYLON LTD, NEW DELHI

In the result, the appeal of the assessee is partly allowed for statistical purposes and that of the Revenue is dismissed

ITA 8200/DEL/2018[2015-16]Status: DisposedITAT Delhi21 Dec 2021AY 2015-16

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

For Appellant: Shri Anil Gandhi, Sr. D.RFor Respondent: Shri Suresh Gupta, C.A
Section 115J

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “F” : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA No.8200/Del./2018 Assessment Year 2015-16 The ACIT, M/s. Pasupati Acrylon Circle – 19 (2), Limited, M-14, Connaught vs., Room No.221, C.R. Circus, Middle Circle, New Building, I.P. Estate, Delhi – 110 001. New Delhi - 110002 (Appellant) (Respondent) For Revenue : Shri Suresh Gupta, C.A. For Assessee : Shri Anil Gandhi, Sr. D.R. Date of Hearing : 09.12.2021 Date of Pronouncement : 21.12.2021 ORDER PER R.K. PANDA, A.M. This appeal filed by the Revenue is dir…

ROCKLINE DEVELOPERS P. LTD,MUMBAI vs. ITO 9(3)(4), MUMBAI

In the result, ground “A” raised in the appeal by the assessee stands dismissed

ITA 6595/MUM/2014[2011-12]Status: DisposedITAT Mumbai12 Nov 2021AY 2011-12
Section 115JSection 80Section 80I

…Court decision in further following decisions: - 1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)" Furthermore, we note that Hon'ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court…

DY.CIT, CENTRAL CIRCLE-6(2),, MUMBAI vs. M/S. ALOK INDUSTRIES LIMITED,, MUMBAI

In the result, the appeals of Revenue are partly allowed for statistical purposes

ITA 904/MUM/2019[2010-11]Status: DisposedITAT Mumbai16 Jul 2020AY 2010-11

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri Rajiv Harit (CIT-DR) &For Respondent: Shri Nimesh K. Chothani
Section 115Section 115J

…dustries Ltd. in further following decisions: - “1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)” Furthermore, we note that Hon’ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court i…

DCIT CENTRAL CIRCLE 6(2), MUMBAI vs. M/S ALOK INDUSTRIES LTD, MUMBAI

In the result, the appeals of Revenue are partly allowed for statistical purposes

ITA 903/MUM/2019[2009-10]Status: DisposedITAT Mumbai16 Jul 2020AY 2009-10

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri Rajiv Harit (CIT-DR) &For Respondent: Shri Nimesh K. Chothani
Section 115Section 115J

…dustries Ltd. in further following decisions: - “1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)” Furthermore, we note that Hon’ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court i…

DCIT CENTRAL CIRCLE 6(2), MUMBAI vs. M/S ALOK INDUSTRIES LTD, MUMBAI

In the result, the appeals of Revenue are partly allowed for statistical purposes

ITA 900/MUM/2019[2006-07]Status: DisposedITAT Mumbai16 Jul 2020AY 2006-07

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri Rajiv Harit (CIT-DR) &For Respondent: Shri Nimesh K. Chothani
Section 115Section 115J

…dustries Ltd. in further following decisions: - “1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)” Furthermore, we note that Hon’ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court i…

DCIT, CENTRAL CIRCLE-6(2),, MUMBAI vs. M/S. ALOK INDUSTRIES LIMITED.,, MUMBAI

In the result, the appeals of Revenue are partly allowed for statistical purposes

ITA 906/MUM/2019[2011-12]Status: DisposedITAT Mumbai16 Jul 2020AY 2011-12

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri Rajiv Harit (CIT-DR) &For Respondent: Shri Nimesh K. Chothani
Section 115Section 115J

…dustries Ltd. in further following decisions: - “1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)” Furthermore, we note that Hon’ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court i…

DY. CIT, CENTRAL CIRCLE-6(2), , MUMBAI vs. M/S. ALOK INDUSTRIES LIMITED,, MUMBAI

In the result, the appeals of Revenue are partly allowed for statistical purposes

ITA 905/MUM/2019[2010-11]Status: DisposedITAT Mumbai16 Jul 2020AY 2010-11

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri Rajiv Harit (CIT-DR) &For Respondent: Shri Nimesh K. Chothani
Section 115Section 115J

…dustries Ltd. in further following decisions: - “1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)” Furthermore, we note that Hon’ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court i…

DCIT CENTRAL CIRCLE 6(2), MUMBAI vs. M/S ALOK INDUSTRIES LTD, MUMBAI

In the result, the appeals of Revenue are partly allowed for statistical purposes

ITA 902/MUM/2019[2008-09]Status: DisposedITAT Mumbai16 Jul 2020AY 2008-09

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri Rajiv Harit (CIT-DR) &For Respondent: Shri Nimesh K. Chothani
Section 115Section 115J

…dustries Ltd. in further following decisions: - “1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)” Furthermore, we note that Hon’ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court i…

DCIT CENTRAL CIRCLE 6(2), MUMBAI vs. M/S ALOK INDUSTRIES LTD, MUMBAI

In the result, the appeals of Revenue are partly allowed for statistical purposes

ITA 901/MUM/2019[2007-08]Status: DisposedITAT Mumbai16 Jul 2020AY 2007-08

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri Rajiv Harit (CIT-DR) &For Respondent: Shri Nimesh K. Chothani
Section 115Section 115J

…dustries Ltd. in further following decisions: - “1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)” Furthermore, we note that Hon’ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non- consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court i…

BILAKHIA HOLDINGS PVT. LTD.,VAPI vs. THE ACIT.,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 795/AHD/2016[2011-12]Status: DisposedITAT Surat04 Feb 2020AY 2011-12

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…(SC), c. CIT-I Vs. Vijayashree Finance and Investment Co. Pvt. Ltd 2 DTR 38 [216 CTR (Madra) 191] d. CIT Vs. Rubamin P. Ltd [2009] 312 ITR 18 (Guj) e. CIT Vs. Kovai Maruthi Paper and Board P. Ltd [2007] 294 57 (Mad) f. CIT Vs. Adbhut Trading Co. P. Ltd [2011] 338 ITR 94 (Bom), and g. CIT Vs. Akshay Textiles Trading and Agencies P. Ltd [2008] 304 ITR (Bom) 2. Proceeds on sale of gifted shares cannot be credited to P &L A/c a. Shares received as gift do not constitute ‘investment’ and hence gains on sale of the aforesaid shares are not required to be routed through the profit and loss account. Learned Sr. Counsel s…

BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE ADDL.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1416/AHD/2015[2010-11]Status: DisposedITAT Surat04 Feb 2020AY 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…(SC), c. CIT-I Vs. Vijayashree Finance and Investment Co. Pvt. Ltd 2 DTR 38 [216 CTR (Madra) 191] d. CIT Vs. Rubamin P. Ltd [2009] 312 ITR 18 (Guj) e. CIT Vs. Kovai Maruthi Paper and Board P. Ltd [2007] 294 57 (Mad) f. CIT Vs. Adbhut Trading Co. P. Ltd [2011] 338 ITR 94 (Bom), and g. CIT Vs. Akshay Textiles Trading and Agencies P. Ltd [2008] 304 ITR (Bom) 2. Proceeds on sale of gifted shares cannot be credited to P &L A/c a. Shares received as gift do not constitute ‘investment’ and hence gains on sale of the aforesaid shares are not required to be routed through the profit and loss account. Learned Sr. Counsel s…

BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE JT.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1415/AHD/2015[2009-10]Status: DisposedITAT Surat04 Feb 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…(SC), c. CIT-I Vs. Vijayashree Finance and Investment Co. Pvt. Ltd 2 DTR 38 [216 CTR (Madra) 191] d. CIT Vs. Rubamin P. Ltd [2009] 312 ITR 18 (Guj) e. CIT Vs. Kovai Maruthi Paper and Board P. Ltd [2007] 294 57 (Mad) f. CIT Vs. Adbhut Trading Co. P. Ltd [2011] 338 ITR 94 (Bom), and g. CIT Vs. Akshay Textiles Trading and Agencies P. Ltd [2008] 304 ITR (Bom) 2. Proceeds on sale of gifted shares cannot be credited to P &L A/c a. Shares received as gift do not constitute ‘investment’ and hence gains on sale of the aforesaid shares are not required to be routed through the profit and loss account. Learned Sr. Counsel s…

BILAKHIA HOLDING P LTD,VAPI vs. THE JT.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 507/AHD/2013[2008-09]Status: DisposedITAT Surat04 Feb 2020AY 2008-09

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…(SC), c. CIT-I Vs. Vijayashree Finance and Investment Co. Pvt. Ltd 2 DTR 38 [216 CTR (Madra) 191] d. CIT Vs. Rubamin P. Ltd [2009] 312 ITR 18 (Guj) e. CIT Vs. Kovai Maruthi Paper and Board P. Ltd [2007] 294 57 (Mad) f. CIT Vs. Adbhut Trading Co. P. Ltd [2011] 338 ITR 94 (Bom), and g. CIT Vs. Akshay Textiles Trading and Agencies P. Ltd [2008] 304 ITR (Bom) 2. Proceeds on sale of gifted shares cannot be credited to P &L A/c a. Shares received as gift do not constitute ‘investment’ and hence gains on sale of the aforesaid shares are not required to be routed through the profit and loss account. Learned Sr. Counsel s…

HARSHIT FINLEASE & INVESTMENTS P.LTD,MUMBAI vs. ITO 1(1)(4), MUMBAI

In the result, this appeal is partly allowed

ITA 4991/MUM/2011[2006-07]Status: DisposedITAT Mumbai03 Dec 2019AY 2006-07

Bench: Shri Shamim Yahya & Shri Pawan Singh: A.Y : 2006-07

For Appellant: Shri J.D. Mistry, Shri Harsh Kothari &For Respondent: Shri M. Rajan
Section 115JSection 143(3)Section 14ASection 154Section 234BSection 54E

…he learned counsel for the assessee relied upon the orders of Hon’ble Supreme Court in the case of Apollo Tyres Ltd. vs CIT, 255 ITR 273 (SC), which was duly followed by the Hon'ble Jurisdictional High Court in the case of CIT vs Adbhut Trading Co. (P.) Ltd., 338 ITR 94 (Bom) for the proposition that the 17 M/s. Harshit Finlease & Investments Pvt. Ltd. ITA Nos. 4989 & 4991/Mum/2011 Assessing Officer cannot tinker with the book profit shown in the Profit & Loss Account which is duly audited and accepted in the AGM. Hence, the learned counsel prayed that this addition should be deleted. The learned DR, on the othe…

HARSHIT FINLEASE & INVESTMENTS P.LTD,MUMBAI vs. ADDL CIT 1(1), MUMBAI

In the result, this appeal is partly allowed

ITA 4989/MUM/2011[2006-07]Status: DisposedITAT Mumbai03 Dec 2019AY 2006-07

Bench: Shri Shamim Yahya & Shri Pawan Singh: A.Y : 2006-07

For Appellant: Shri J.D. Mistry, Shri Harsh Kothari &For Respondent: Shri M. Rajan
Section 115JSection 143(3)Section 14ASection 154Section 234BSection 54E

…he learned counsel for the assessee relied upon the orders of Hon’ble Supreme Court in the case of Apollo Tyres Ltd. vs CIT, 255 ITR 273 (SC), which was duly followed by the Hon'ble Jurisdictional High Court in the case of CIT vs Adbhut Trading Co. (P.) Ltd., 338 ITR 94 (Bom) for the proposition that the 17 M/s. Harshit Finlease & Investments Pvt. Ltd. ITA Nos. 4989 & 4991/Mum/2011 Assessing Officer cannot tinker with the book profit shown in the Profit & Loss Account which is duly audited and accepted in the AGM. Hence, the learned counsel prayed that this addition should be deleted. The learned DR, on the othe…

DCIT, CIR-10(2), KOLKATA, KOLKATA vs. M/S V2 RETAIL LTD., NEW DELHI

In the result, the appeal of the Revenue and the Cross Objection of the assessee both are dismissed

ITA 1517/KOL/2015[2011-2012]Status: DisposedITAT Kolkata31 Oct 2018AY 2011-2012

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

Section 115J

…I.T.A. No 1517/KOL/2015 Assessment year: 2011-2012 & C.O. No. 123-KOL-2017 (in ITA No. 1517-KOL-2015) Assessment Year: 2011-2012 Page 1 of 8 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘B’ BENCH, KOLKATA Before Shri P.M. Jagtap, Vice-President (KZ) & Shri S.S. Viswanethra Ravi, Judicial Member I.T.A. No. 1517/KOL/2015 Assessment Year: 2011-2012 Deputy Commissioner of Income Tax,.............................Appellant Circle-10(2), Kolkata, Aayakar Bhawan, 3 rd Floor, P-7, Chowringhee Square, Kolkata-700 069 -Vs.- M/s. V2 Retail Limited,...................................................Respondent Plot…

Showing 1–20 of 25 · Page 1 of 2

2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT v. Adbhut Trading Co. Pvt. Ltd. (338 ITR 94) — Cited in 25 Judgments | BharatTax