Ajanta Pharma Ltd. v. CIT

327 ITR 305Supreme Court of India2010#1343 most cited

What is Ajanta Pharma Ltd. v. CIT authority for?

Section 115JB is a self-contained code for computing book profit, which relies on audited financial statements subject to adjustments under Explanation 1. Restrictions on export profit deductions under Section 80HHC(1B) for normal tax computation do not automatically apply when computing book profits under Section 115JB.

85

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2011 to 2025.

Also referred to as

Ajanta Pharma Ltd. v. CIT · 115JB · 80HHC · book profits computation · self-contained code · Minimum Alternate Tax · MAT · export profits deduction · audited financial statements · Explanation 1 to 115JB · 80HHC(1B)

Sections most often in play

Section 115JBSection 153ASection 43BSection 80HHCSection 10(38)Section 139(5)Section 147Section 148
Read the full judgment

Issues it is cited on

section 32(1)(i)section 80hhc(3)section 80hhcsection 42section 80hhsection 115jasection 43asection 80hsection 153a proceedingsinitial assessment yearenhanced compensationbook profits

Judgments citing Ajanta Pharma Ltd. v. CIT

Malladi Drugs and Pharmaceuticals Limited, Chennai vs. DCIT, Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1259/CHNY/2017[2012-13]Status: DisposedITAT Chennai22 Dec 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner of Income Malladi Drugs & Tax, v. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [PAN:AAACM 5031A] आयकर अपील सं./ITA Nos:…

Malladi Drugs and Pharmaceuticals Limited, Chennai vs. DCIT, Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1258/CHNY/2017[2011-12]Status: DisposedITAT Chennai22 Dec 2021AY 2011-12

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner of Income Malladi Drugs & Tax, v. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [PAN:AAACM 5031A] आयकर अपील सं./ITA Nos:…

Malladi Drugs and Pharmaceuticals Limited, Chennai vs. DCIT, Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1257/CHNY/2017[2010-11]Status: DisposedITAT Chennai22 Dec 2021AY 2010-11

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner of Income Malladi Drugs & Tax, v. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [PAN:AAACM 5031A] आयकर अपील सं./ITA Nos:…

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1256/CHNY/2017[2012-13]Status: DisposedITAT Chennai22 Dec 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner of Income Malladi Drugs & Tax, v. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [PAN:AAACM 5031A] आयकर अपील सं./ITA Nos:…

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1255/CHNY/2017[2011-12]Status: DisposedITAT Chennai22 Dec 2021AY 2011-12

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner of Income Malladi Drugs & Tax, v. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [PAN:AAACM 5031A] आयकर अपील सं./ITA Nos:…

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1254/CHNY/2017[2010-11]Status: DisposedITAT Chennai22 Dec 2021AY 2010-11

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner of Income Malladi Drugs & Tax, v. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [PAN:AAACM 5031A] आयकर अपील सं./ITA Nos:…

Jindal Steel & Power Ltd., New Delhi vs. Addl. CIT, Haryana

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4185/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4067/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

Jindal Steel & Power Ltd., New Delhi vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2280/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

ACIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2230/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

Jindal Steel & Power Ltd., Haryana vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 413/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 341/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

ACIT, Hisar vs. M/S Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 220/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

Jindal Steel & Power Limited vs. Addl. CIT

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 167/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…ated 30.03.2006. Thus, deduction of export profits was restricted to 50% of the eligible profits as per sub-section (1B) of section 80HHC of the Act. It has been submitted that in the decision of the Supreme Court in the decision of Ajanta Pharma Ltd. v. CIT: 327 ITR 305, the Court held that provisions of section 115JB of the Act is a self-contained 48 ITA. No. 167/Del/2009 & 7 ors. code and consequently “book profit” under that section has to be computed on the basis of net profit as shown in the audited financial statements, subject to various upward and downward adjustments as required to be made in terms of…

Uflex Ltd., New Delhi vs. ACIT, New Delhi

In the result, appeal of the assessee is dismissed

ITA 1725/DEL/2017[2002-03]Status: DisposedITAT Delhi23 Nov 2021AY 2002-03

Bench: Sh. Anil Chaturvedi & Sh. Sudhanshu Srivastava(Through Video Conferencing) Uflex Ltd., Vs. Acit 305, 3Rd Floor, Bhanot Central Circle – 27 Corner, Pamposh Enclave, New Delhi Greater Kailash-1 New Delhi – 110 048 Pan No. Aaacf 0109 J (Appellant) (Respondent) Assessee By Shri M. P. Rastogi, Adv. Revenue By Shri H. K. Chaudhary, Cit (Dr)

Section 115JSection 143(3)Section 153ASection 43BSection 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCING) Uflex Ltd., Vs. ACIT 305, 3rd Floor, Bhanot Central Circle – 27 Corner, Pamposh Enclave, New Delhi Greater Kailash-1 New Delhi – 110 048 PAN No. AAACF 0109 J (APPELLANT) (RESPONDENT) Assessee by Shri M. P. Rastogi, Adv. Revenue by Shri H. K. Chaudhary, CIT (DR) Date of hearing: 11.11.2021 Date of Pronouncement: 23.11.2021 ORDER PER ANIL CHATURVEDI, AM: This appeal filed by the assessee is directed against the order dated 27.01.2…

The Commissioner of Income Tax vs. Kitex Garments Ltd., Kizhakkambalam

The appeal stands dismissed accordingly

ITA/49/2009HC Kerala15 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

Section 115JSection 260ASection 80Section 80ASection 80H

…come Tax2 and Commissioner of Income-Tax v. Bhari Information Tech. System (P) Ltd3 to state that the issue is concluded by these judgments in favour of assessee. The operative portion of the reported judgments is excerpted hereunder: 1 [2010] 327 ITR 305 (SC) 2 Civil Appeal No.6901/2012, arising out of SLP(C) No.22881/2011 3 [2012] 340 ITR 593 (SC) I.T.A. No.49/2009 -5- Ajanta Pharma Ltd If the dichotomy between "eligibility of profit and "deductibility" of profit is not kept in mind then section 115JB will cease to be a self-contained code. In section 115JB, as in section 115JA, it ha…

The Commissioner of Income Tax vs. M/S.G.T.N.Industries Ltd

The appeal stands dismissed accordingly

ITA/1699/2009HC Kerala15 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Respondent: “1. Whether, on the facts and in the circumstances of the case
Section 115JSection 14ASection 260ASection 80H

…HC. 5. The learned counsel appearing for the parties have invited the attention of this Court to the reported judgments in Ajanta Pharma Ltd. v. Commissioner of Income-Tax1, order of the Supreme Court in Kerala Chemicals and Proteins Ltd v. 1 [2010] 327 ITR 305 (SC) I.T.A. No.1699/2009 -5- Commissioner of Income Tax2 and Commissioner of Income-Tax v. Bhari Information Tech. System (P) Ltd3 to state that the issue is concluded by these judgments in favour of assessee The operative portion of the judgments is excerpted hereunder: “Ajanta Pharma Ltd If the dichotomy between "eligibility…

ACIT, New Delhi vs. M/S Cooper Standard India Pvt. Ltd., New Delhi

ITA 609/DEL/2017[2008-09]Status: DisposedITAT Delhi30 Oct 2019AY 2008-09

Bench: Ms. Sushma Chowladr. B. R. R. Kumarita No. 609/Del./2017 : Asstt. Year : 2008-09 Asstt. Commissioner Of Vs M/S Cooper Standard India Pvt. Ltd., Income Tax, Circle-6(2), (Formerly Known As Metzeler New Delhi Automative Profiles India Ltd.), 301- 302, Tolstoy House, Tolstoy Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacw0019N Co No. 47/Del./2017 : Asstt. Year : 2008-09 M/S Cooper Standard India Pvt. Vs Asstt. Commissioner Of Ltd., (Formerly Known As Metzeler Income Tax, Circle-6(2), Automative Profiles India Ltd.), New Delhi 301-302, Tolstoy House, Tolstoy Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacw0019N Assessee By : Sh. A. K. Batra, Ca Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 03.10.2019 Date Of Pronouncement: 30.10.2019

For Appellant: Sh. A. K. Batra, CAFor Respondent: Ms. Ashima Neb, Sr. DR
Section 115Section 115JSection 147Section 148Section 72Section 79

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Ms. Sushma Chowla, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 609/Del./2017 : Asstt. Year : 2008-09 Asstt. Commissioner of Vs M/s Cooper Standard India Pvt. Ltd., Income Tax, Circle-6(2), (Formerly known as Metzeler New Delhi Automative Profiles India Ltd.), 301- 302, Tolstoy House, Tolstoy Marg, New Delhi-110001 (APPELLANT) (RESPONDENT) PAN No. AAACW0019N CO No. 47/Del./2017 : Asstt. Year : 2008-09 M/s Cooper Standard India Pvt. Vs Asstt. Commissioner of Ltd., (Formerly known as Metzeler Income Tax, Circle-6(2), Automativ…

Tata Services Ltd, Mumbai vs. ACIT 2(3)(2), Mumbai

In the result, this ground of appeal is also allowed for statistical purpose

ITA 50/MUM/2018[2014-15]Status: DisposedITAT Mumbai19 Sept 2019AY 2014-15

Bench: Shri G.S. Pannu & Shri Pawan Singhtata Services Ltd Vs Acit-2(3)(2), 24, Homi Mody Street Fort, Aayakar Bhawan, Mumbai 400 001 M.K.Road, Pan : Aaact3991J Mumbai-400020 Appellant Respondednt

Section 115JSection 143(3)Section 14ASection 244A

…/- made in the instant case is not provided for in any of the subsections which require addition /deletion to book profit u/s.l15JB. In support of his submission the ld AR for the assessee relied upon the decision of the In the case of Ajanta Pharma vs. CIT 327 ITR 305(SC) where it was held by the Supreme Court that Section 115JB constitutes a complete code by itself, and the decision of Hon’ble Supreme Court in Apollo Tyres vs. CIT 255 ITR 273(SC) and HCL Comnet vs. CIT 305 ITR 409(SC), wherein it was held that while determining book profits under the MAT provisions, the Assessing Officer has to accept the a…

ACIT, Moradabad vs. M/S. Jubilant Organosyes Ltd., Uttar Pradesh

The appeal is dismissed

ITA 4975/DEL/2012[2008-09]Status: DisposedITAT Delhi12 Mar 2019AY 2008-09

Bench: Smt Beena A. Pillai & Shri Prashant Maharishi

For Appellant: Shri R.M. Gupta, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 115JSection 43(1)

…T 414 (Mumbai) (SB) wherein in para 61 it was held that computation for deduction under section 80HHC needs to be worked out on basis of adjusted book profits for purpose of section 115JB of Act. The Hon‟ble Supreme Court in case of Ajanta Pharma Ltd. vs. CIT 327 ITR 305 held that for purpose of section 115JB of Act that 100% export profits are „eligible profits‟ for deduction and same cannot be reduced to 80% by relying on section 80HHC (1B) of Act. Considering aforesaid two propositions, Appellant has recomputed deduction under section 80HHC of Act for purpose of section 115JB of Act to be Rs. 55,184,948. From…