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

JCIT(OSD), Circle - 4, Kolkata vs. M/S. Kanco Enterprises Limited, Kolkata

In the result the appeal of the assessee is allowed

ITA 17/KOL/2012[2003-04]Status: DisposedITAT Kolkata08 Oct 2015AY 2003-04

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2003-04

For Appellant: Shri Manish Tiwari, FCAFor Respondent: Shri Sanjit Kr.Das, JCIT, Sr.DR

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, KOLKATA [Before Hon’ble Shri N.V.Vasudevan, JM & Shri Waseem Ahmed, AM] Assessment Year : 2003-04 (APPELLANT ) (RESPONDENT) J.C.I.T., (OSD), Circle-4, -versus- M/s. Kanco Enterprises Ltd. Kolkata Kolkata (PAN:AABCK 3030 G) Assessment Year : 2005-06 M/s. Kanco Enterprises Limited -versus- J.C.I.T.(OSD), Circle-4, Kolkata Kolkata (PAN AABCK 3030 G) (APPELLANT) (RESPONDENT) For the Department : Shri Sanjit Kr.Das, JCIT, Sr.DR For the Assessee : Shri Manish Tiwari, FCA Date of Hearing : 06.10.2015. Date of Pronouncement : 08.10.2015. ORDER Per Shri N.V.Vasudevan,…

Commiossioner of Income Tax-(C)-III vs. Flex Foods Ltd

The appeals are dismissed

ITA/21/2013HC Delhi10 May 2013

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE VIBHU BAKHRU

For Respondent: Mr M.P. Rastogi with Mr K.N. Ahuja
Section 115JSection 288ASection 80H

…ITA Nos. 21/13 & 20/13 Page 1 of 4 THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 10.05.2013 + ITA 21/2013 & ITA 20/2013 COMMISSIONER OF INCOME TAX-(C)-III ... Appellant versus FLEX FOODS LTD … Respondent Advocates who appeared in this case: For the Appellan t : Mr N.P. Sahni For the Respondent : Mr M.P. Rastogi with Mr K.N. Ahuja CORAM:- HON’BLE MR JUSTICE BADAR DURREZ AHMED HON’BLE MR JUSTICE VIBHU BAKHRU JUDGMENT BADAR DURREZ AHMED, J (ORAL) 1. These appeals by the revenue are in respect of the assessment years 2003-04 and 2004-05 and arise out of the common order passed by the Income Tax Appell…

Polyplex Corporation Ltd

The appeal is disposed of without any order as to costs

ITA - 1005 / 2011HC Delhi27 Apr 2012
Section 115JSection 28Section 80Section 80H

…erefore, answered in negative i.e. in favour of the appellant-assessee and against the respondent- revenue. 6. As far as the question no.(iii) is concerned, learned counsel for the assessee has relied upon the decision CIT v. Ajanta Pharma Ltd., (2010) 327 ITR 305 (SC). The Supreme Court in the said case examined Section 80HHC vis-à-vis Section 115JB and a distinction has been drawn between the words “profits eligible for deduction under Section 80HHC” used in Explanation (1)(iv) to Section 115JB and the expression „deduction of the profit‟ used in Section 80HHC (1B) of the Act. Noticing the said di…

Polyplex Corporation Ltd

The appeal is disposed of without any order as to costs

ITA/1005/2011HC Delhi27 Apr 2012
Section 115JSection 28Section 80Section 80H

…erefore, answered in negative i.e. in favour of the appellant-assessee and against the respondent- revenue. 6. As far as the question no.(iii) is concerned, learned counsel for the assessee has relied upon the decision CIT v. Ajanta Pharma Ltd., (2010) 327 ITR 305 (SC). The Supreme Court in the said case examined Section 80HHC vis-à-vis Section 115JB and a distinction has been drawn between the words “profits eligible for deduction under Section 80HHC” used in Explanation (1)(iv) to Section 115JB and the expression „deduction of the profit‟ used in Section 80HHC (1B) of the Act. Noticing the said di…

CIT vs. Interdril Asia Ltd

Appeal is dismissed

ITA - 717 / 2011HC Delhi05 May 2011
Section 115JSection 271(1)(c)Section 80

…in holding that the assessee is entitled to claim deduction under Section 80 HHC for the purpose of computing book profits under Section 115JB. This issue has now been authoritatively determined by the Supreme Court in the case of *Ajanta Pharma Ltd. v. CIT* 327 ITR 305 in favour of the assessee. ![](_page_1_Picture_1.jpeg) Following that judgment the question is answered in favour of the assessee and against the Revenue and as a result said appeal is dismissed. In view of the aforesaid nothing survives in ITA 717/2011, even otherwise in such circumstances penalty could not be imposed as held by this Court in…