Apollo Iyres Ltd. V. CIT 255 ITR 273 (SC); (ii) Malayala Manorama Co. Ltd. v. CIT

126 ITD 255Income Tax Appellate Tribunal#16592 most cited
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judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2023.

Judgments citing Apollo Iyres Ltd. V. CIT 255 ITR 273 (SC); (ii) Malayala Manorama Co. Ltd. v. CIT

ACIT, Central-1, Indore vs. M/S Essence Commodities P Ltd, Indore

In the result all the appeals of revenue for A

ITA 184/IND/2020[2013-14]Status: DisposedITAT Indore10 Feb 2023AY 2013-14

Bench: Shri Chandra Mohan Garg & Shri Bhagirath Mal Biyani

For Appellant: Shri Shreya JainFor Respondent: Shri P.K Mishra, CIT (DR)

…e profit shown in the Profit & Loss Account of the Assessee relying on the following authorities:- (i) Apollo Iyres Ltd. V. CIT 255 ITR 273 (SC); (ii) Malayala Manorama Co. Ltd. V. CIT 300 ITR 251 (SC); (iii) DCIT- Circle- 10(1) V. Dune Leasing & Finance Ltd. 126 ITD 255 (Del.) On factual analysis of the assessee's case, the Tribunal observed and held:- "4. We have heard both the side and perused the materials available on record. The Id. AR submitted two papers books. First book is running in pages no. 1 to 88 and 2nd paper book is running in pages 1 to 34. Before us the Id. AR submitted that the order of the AO…

ACIT (Central)-1 Indore, Indore vs. Essence Commodities (P) Ltd., Indore

In the result all the appeals of revenue for A

ITA 675/IND/2019[2011-12]Status: DisposedITAT Indore10 Feb 2023AY 2011-12

Bench: Shri Chandra Mohan Garg & Shri Bhagirath Mal Biyani

For Appellant: Shri Shreya JainFor Respondent: Shri P.K Mishra, CIT (DR)

…e profit shown in the Profit & Loss Account of the Assessee relying on the following authorities:- (i) Apollo Iyres Ltd. V. CIT 255 ITR 273 (SC); (ii) Malayala Manorama Co. Ltd. V. CIT 300 ITR 251 (SC); (iii) DCIT- Circle- 10(1) V. Dune Leasing & Finance Ltd. 126 ITD 255 (Del.) On factual analysis of the assessee's case, the Tribunal observed and held:- "4. We have heard both the side and perused the materials available on record. The Id. AR submitted two papers books. First book is running in pages no. 1 to 88 and 2nd paper book is running in pages 1 to 34. Before us the Id. AR submitted that the order of the AO…

Reliance Industries Limited, Mumbai vs. DCIT (Ltu)-2, Mumbai

In the result, this appeal by the assessee is partly allowed

ITA 5421/MUM/2019[2009-10]Status: DisposedITAT Mumbai03 Sept 2021AY 2009-10

Bench: Hon’Ble Justice P.P.Bhatt & Shri Shamim Yahya

For Appellant: Shri Nimesh Vora-ARFor Respondent: Ms. R.M.Madhavi-CIT(DR)
Section 115JSection 143(1)Section 154Section 154(7)Section 234D

…nd Agencies Pvt Ltd 304 ITR 401, held that book profits cannot be reworked under section 115JB of the Act and profit on sale of land cannot be brought to tax. Said conclusion of the Tribunal was affirmed by the High Court. • DCIT v Dune Leasing & Finance Ltd 126 ITD 255 (Del Trib) (Pg 33-37 of LPB I) In this case, interest income and interest expenses related to certain loans were not provided in the books of accounts, though same were claimed under normal provisions in computation of income. On facts, the ITAT allowed taxability of interest income and deductibility of interest expenditure under normal provision…

D.C.I.T Circle - 5(1), Kolkata vs. M/S Shubh Shanti Services Ltd, Kolkata

ITA 1750/KOL/2017[2008-09]Status: DisposedITAT Kolkata14 Feb 2018AY 2008-09

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1750/Kol/2017 Assessment Year : 2008-09 Dcit, Circle-5(1), Kolkata -Vs- M/S Subh Shanti Services Ltd. [Pan: Aagcs 9381 R] (Appellant) (Respondent)

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 115JSection 143(3)Section 14A

…he decision of Hon'ble Supreme Court in the case of Apollo Tyres Ltd. vs. CIT reported in 255 ITR 273. The assessee also placed reliance on the decision of the Co-ordinate Bench of Delhi Tribunal in the case of DCIT vs. Dune Leasing & Finance Ltd. reported in 126 ITD 255 in support of the aforesaid contentions. The Ld. AO however did not agree to the contentions of the assessee and without giving any reason proceeded to make an addition of Rs. 1,15,31,041/- to the book profit computed u/s 115JB of the Act. This action of the ld. AO was upheld by the Ld. CIT(A) without any reason. Aggrieved, the assessee has prefe…

Blb Cables & Conductors(P)Ltd, Kolkata vs. DCIT, Circle -5, Kolkata

In the result, ground No.2 is allowed

ITA 1070/KOL/2012[2008-2009]Status: DisposedITAT Kolkata03 Feb 2016AY 2008-2009

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year:2008-09

Section 115JSection 143(3)

…learned CIT. In the result, ground No.2 is allowed. 5. We agree with the views expressed by the Tribunal. Consequently, no substantial question of law arises for our consideration. The appeal is dismissed. DCIT – Circle-10(1) v. Dune Leasing & Finance Ltd. 126 ITD 255 (Del), wherein the Tribunal held paragraph No. 3.2 & 5 (last 3 lines) 3.2 We have considered the facts of the case and rival submissions. Having considered the decision of Hon’ble Supreme Court in the case of Apollo Tyres Ltd. (supra), we are of the view that the AO cannot reopen the accounts of a company, which have been audited and certified b…