Apollo Tyres Ltd. v. CIT

255 ITR 273Supreme Court of India2002#88 most cited

What is Apollo Tyres Ltd. v. CIT authority for?

For the purpose of computing book profits under Section 115J, arrears of depreciation, including those arising from assets working extra shifts, are a necessary charge on profits if debited to the profit and loss account and are allowable as such.

657

judgments rely on this decision, according to BharatTax’s citation analysis of 367,735 Indian tax judgments — from 2008 to 2026.

Also referred to as

Apollo Tyres Ltd v CIT · Section 115J · Section 115JB · book profits · minimum alternate tax · MAT · depreciation arrears · extra shift depreciation · debit to profit and loss account · allowable charge on profits

Also reported as

122 Taxmann 562174 CTR 521

Sections most often in play

Section 115JBSection 14ASection 143(3)Section 37(1)Section 147Section 8DSection 92CA(3)Section 195
Read the full judgment

Issues it is cited on

section 115jb(2)section 115jabook profitssection 115jsection 115jbsection 35disallowance u/s 14adisallowance under section 14asection 115section 80iasection 32section 14a

Judgments citing Apollo Tyres Ltd. v. CIT

Everest Kanto Cylinder Ltd., Mumbai vs. Asstt. CIT (Ltu)-2, Mumbai

In the result, the appeal filed by the assessee is dismissed

ITA 764/MUM/2021[2013-14]Status: DisposedITAT Mumbai25 Feb 2022AY 2013-14

Bench: Shri Shamim Yahya, Am & Shri Laliet Kumar, Jm

For Appellant: Shri Shekhar GuptaFor Respondent: Shri B. K. Bagchi
Section 115JSection 26ASection 271(1)(c)

…amount) which was reflected in section 26AS cannot be added to the book profit, as the same was not provided under the Explanation 1 to section 115JB. It was also the contention of the ld. AR that the Hon'ble Supreme Court in the case of Apollo Tyres v. CIT (255 ITR 273)(SC) has decided the issue in favour of the assessee , whereby it was held that for the purposes of computing the book profit, the amount which are mentioned in Explanation 1 to section 115JB , can be added and no other amount/s can be added to the book profit. 3. Per contra, the ld. Departmental Representative (ld. DR for short) relied upon the…

M/S. Jeans Knit Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-4(1)(1), Bangalore

In the result, the appeal of the assessee is allowed

ITA 706/BANG/2020[2012-13]Status: DisposedITAT Bangalore22 Feb 2022AY 2012-13

Bench: Shri George George K & Ms. Padmavathy Sassessment Year : 2012-13

For Appellant: Smt. Tanmayee Rajkumar, AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)
Section 115JSection 143(3)Section 250Section 80J

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, JUDICIAL MEMBER AND MS. PADMAVATHY S, ACCOUNTANT MEMBER Assessment year : 2012-13 Jeans Knit Pvt. Ltd., Vs. The Dy. Commissioner of No.21-E1, 2nd Phase, Income-tax, Industrial Area, Peenya, Circle-4(1)(1), Bengaluru-560 058. Bengaluru. PAN – AABCJ 4513 B APPELLANT RESPONDENT Assessee by : Smt. Tanmayee Rajkumar, Advocate Revenue by : Shri Muzaffar Hussain, CIT(DR) Date of hearing : 09.02.2022 Date of Pronouncement : 22.02.2022 O R D E R Per Padmavathy S, Accountant Member This appeal by the assessee is directed against t…

Ibm India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, appeal by the assessee stands allowed as indicated hereinabove

ITA 289/BANG/2021[2015-16]Status: DisposedITAT Bangalore14 Feb 2022AY 2015-16

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiit(Tp)A No. 289/Bang/2021 Assessment Year : 2015-16 M/S. Ibm India Pvt. Ltd., The Deputy No. 12, Subramanya Commissioner Of Arcade, Income-Tax, Bannerghatta Road, Circle 3 (1)(1), Bangalore – 560 029. Vs. Bangalore. Pan: Aaaci4403L Appellant Respondent Assessee By : Shri Ajay Roti, Ca Revenue By : Shri Pradeep Kumar, Cit Dr Date Of Hearing : 12-01-2022 Date Of Pronouncement : 14-02-2022 Order Per Beena Pillaipresent Appeal By The Assessee Has Been Filed By Assessee Against The Final Assessment Order Dated 30.04.2021 U/S. 143(3) R.W.S. 144C(13) R.W.S. 144B Of The Act Passed By The National Faceless Assessment Centre, Delhi Relating To Assessment Year 2015-16 On Following Grounds Of Appeal: “The Grounds Stated Hereunder Are Independent Of & Without Prejudice To One Another. The Appellant Submits As Under: 1. Assessment Order Bad In Law 1.1. At The Outset, M/S Ibm India Private Limited (Hereinafter Referred To As 'The Appellant' Or 'The Company') Prays That The Order Dated April 30. 2021

For Appellant: Shri Ajay Roti, CAFor Respondent: Shri Pradeep Kumar, CIT DR
Section 10ASection 143(3)Section 144BSection 144C(13)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH : BANGALORE BEFORE SHRI. B.R. BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER IT(TP)A No. 289/Bang/2021 Assessment Year : 2015-16 M/s. IBM India Pvt. Ltd., The Deputy No. 12, Subramanya Commissioner of Arcade, Income-tax, Bannerghatta Road, Circle 3 (1)(1), Bangalore – 560 029. Vs. Bangalore. PAN: AAACI4403L APPELLANT RESPONDENT Assessee by : Shri Ajay Roti, CA Revenue by : Shri Pradeep Kumar, CIT DR Date of Hearing : 12-01-2022 Date of Pronouncement : 14-02-2022 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal by the assessee has been filed…

M/S. Tejas Networks Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Ltu, Circle-1, Bengaluru

In the result, the appeals filed by the revenue in IT(TP)A No

ITA 582/BANG/2021[2010-11]Status: DisposedITAT Bangalore09 Feb 2022AY 2010-11

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

For Appellant: Shri Jairam Raipura, D.RFor Respondent: Shri Annamalli & Shri Narendra Sharma, A.Rs
Section 154

…n of book profit u/s 115JB of the Act and there were judgements in the case of assessee, which are available with the following judgements in favour of the assessee are available at the time of passing of assessment order on 28.1.2016. 1. Apollo Tyres Vs. CIT 255 ITR 275 2. ACIT Vs. Spray Engineering Devices Ltd. (2012) 23 Taxmann.com 267 (Chd) 3. Beach Minerals Company Vs. ACIT (2015) 64 Taxmann.com218 (Chennai) Further, he submitted that the order passed by A.O. is not erroneous so far as it is prejudicial to the interest of revenue so as to invoke jurisdiction u/s 263 of the Act. He relied on the following jud…

M/S Tejats Networks Limited, Bangalore vs. Principal Commissioner of Income Tax Central, Bangalore

In the result, the appeals filed by the revenue in IT(TP)A No

ITA 1674/BANG/2018[2011-12]Status: DisposedITAT Bangalore09 Feb 2022AY 2011-12

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

For Appellant: Shri Jairam Raipura, D.RFor Respondent: Shri Annamalli & Shri Narendra Sharma, A.Rs
Section 154

…n of book profit u/s 115JB of the Act and there were judgements in the case of assessee, which are available with the following judgements in favour of the assessee are available at the time of passing of assessment order on 28.1.2016. 1. Apollo Tyres Vs. CIT 255 ITR 275 2. ACIT Vs. Spray Engineering Devices Ltd. (2012) 23 Taxmann.com 267 (Chd) 3. Beach Minerals Company Vs. ACIT (2015) 64 Taxmann.com218 (Chennai) Further, he submitted that the order passed by A.O. is not erroneous so far as it is prejudicial to the interest of revenue so as to invoke jurisdiction u/s 263 of the Act. He relied on the following jud…

Tejas Networks Limited, Bangalore vs. DCIT, Bangalore

In the result, the appeals filed by the revenue in IT(TP)A No

ITA 694/BANG/2016[2011-12]Status: DisposedITAT Bangalore09 Feb 2022AY 2011-12

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

For Appellant: Shri Jairam Raipura, D.RFor Respondent: Shri Annamalli & Shri Narendra Sharma, A.Rs
Section 154

…n of book profit u/s 115JB of the Act and there were judgements in the case of assessee, which are available with the following judgements in favour of the assessee are available at the time of passing of assessment order on 28.1.2016. 1. Apollo Tyres Vs. CIT 255 ITR 275 2. ACIT Vs. Spray Engineering Devices Ltd. (2012) 23 Taxmann.com 267 (Chd) 3. Beach Minerals Company Vs. ACIT (2015) 64 Taxmann.com218 (Chennai) Further, he submitted that the order passed by A.O. is not erroneous so far as it is prejudicial to the interest of revenue so as to invoke jurisdiction u/s 263 of the Act. He relied on the following jud…

DCIT, Bangalore vs. M/S Tejas Networks Limited, Bangalore

In the result, the appeals filed by the revenue in IT(TP)A No

ITA 621/BANG/2016[2011-12]Status: DisposedITAT Bangalore09 Feb 2022AY 2011-12

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

For Appellant: Shri Jairam Raipura, D.RFor Respondent: Shri Annamalli & Shri Narendra Sharma, A.Rs
Section 154

…n of book profit u/s 115JB of the Act and there were judgements in the case of assessee, which are available with the following judgements in favour of the assessee are available at the time of passing of assessment order on 28.1.2016. 1. Apollo Tyres Vs. CIT 255 ITR 275 2. ACIT Vs. Spray Engineering Devices Ltd. (2012) 23 Taxmann.com 267 (Chd) 3. Beach Minerals Company Vs. ACIT (2015) 64 Taxmann.com218 (Chennai) Further, he submitted that the order passed by A.O. is not erroneous so far as it is prejudicial to the interest of revenue so as to invoke jurisdiction u/s 263 of the Act. He relied on the following jud…

Tejas Networks Limited, Bangalore vs. Asst.C.I.T., Bangalore

In the result, the appeals filed by the revenue in IT(TP)A No

ITA 468/BANG/2015[2010-11]Status: DisposedITAT Bangalore09 Feb 2022AY 2010-11

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

For Appellant: Shri Jairam Raipura, D.RFor Respondent: Shri Annamalli & Shri Narendra Sharma, A.Rs
Section 154

…n of book profit u/s 115JB of the Act and there were judgements in the case of assessee, which are available with the following judgements in favour of the assessee are available at the time of passing of assessment order on 28.1.2016. 1. Apollo Tyres Vs. CIT 255 ITR 275 2. ACIT Vs. Spray Engineering Devices Ltd. (2012) 23 Taxmann.com 267 (Chd) 3. Beach Minerals Company Vs. ACIT (2015) 64 Taxmann.com218 (Chennai) Further, he submitted that the order passed by A.O. is not erroneous so far as it is prejudicial to the interest of revenue so as to invoke jurisdiction u/s 263 of the Act. He relied on the following jud…

Asst.C.I.T., Bangalore vs. M/S Tejas Networks Limited, Bangalore

In the result, the appeals filed by the revenue in IT(TP)A No

ITA 296/BANG/2015[2010-11]Status: DisposedITAT Bangalore09 Feb 2022AY 2010-11

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

For Appellant: Shri Jairam Raipura, D.RFor Respondent: Shri Annamalli & Shri Narendra Sharma, A.Rs
Section 154

…n of book profit u/s 115JB of the Act and there were judgements in the case of assessee, which are available with the following judgements in favour of the assessee are available at the time of passing of assessment order on 28.1.2016. 1. Apollo Tyres Vs. CIT 255 ITR 275 2. ACIT Vs. Spray Engineering Devices Ltd. (2012) 23 Taxmann.com 267 (Chd) 3. Beach Minerals Company Vs. ACIT (2015) 64 Taxmann.com218 (Chennai) Further, he submitted that the order passed by A.O. is not erroneous so far as it is prejudicial to the interest of revenue so as to invoke jurisdiction u/s 263 of the Act. He relied on the following jud…

DCIT, Bangalore vs. M/S Tejas Networks Limited, Bangalore

In the result, the appeals filed by the revenue in IT(TP)A No

ITA 1119/BANG/2015[2010-11]Status: DisposedITAT Bangalore09 Feb 2022AY 2010-11

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

For Appellant: Shri Jairam Raipura, D.RFor Respondent: Shri Annamalli & Shri Narendra Sharma, A.Rs
Section 154

…n of book profit u/s 115JB of the Act and there were judgements in the case of assessee, which are available with the following judgements in favour of the assessee are available at the time of passing of assessment order on 28.1.2016. 1. Apollo Tyres Vs. CIT 255 ITR 275 2. ACIT Vs. Spray Engineering Devices Ltd. (2012) 23 Taxmann.com 267 (Chd) 3. Beach Minerals Company Vs. ACIT (2015) 64 Taxmann.com218 (Chennai) Further, he submitted that the order passed by A.O. is not erroneous so far as it is prejudicial to the interest of revenue so as to invoke jurisdiction u/s 263 of the Act. He relied on the following jud…

Dy. Commissioner of Income Tax, Circle-3(2), Hyderabad vs. Star Features International Private Limited, Hyderabad

In the result appeal of the Revenue is allowed for statistical purposes as indicated herein above

ITA 445/HYD/2020[2009-10]Status: DisposedITAT Hyderabad01 Feb 2022AY 2009-10

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2009-10 Dcit, Vs. Star Features Circle-3(2), International Private Hyderabad. Limited, Hyderabad. Pan: Aaccp 3799 G (Appellant) (Respondent) Assessee By: Sri M.V. Anil Kumar Revenue By: Sri T. Sunil Goutam, Sr. Ar Date Of Hearing: 01/12/2021 Date Of Pronouncement: 01/02/2022 Order Per A. Mohan Alankamony, Am.:

For Appellant: Sri M.V. Anil KumarFor Respondent: Sri T. Sunil Goutam, Sr. AR
Section 115JSection 144Section 250(6)

…ares while computing the income of the assessee U/s. 115JB of the Act. When the matter cropped up before the Ld. CIT (A), the Ld. CIT(A) deleted the addition by following the decision of the Hon’ble Apex Court in the case M/s. Apollo Tyres vs. CIT reported in 255 ITR 273 wherein it was held that the Assessing Officer does not have the jurisdiction to go behind the net profit shown in the P&L Account except to the extent provided in the explanation provided U/s. 115JB of the Act. 6. Before us, the Ld. DR vehemently argued stating that the premium paid for buy-back of shares is a capital expenditure and therefore…

Tata Realty and Infrastructure Ltd, Mumbai vs. Ast CIT 2(3)(1), Mumbai

ITA 763/MUM/2020[2015-16]Status: DisposedITAT Mumbai28 Jan 2022AY 2015-16
For Appellant: Aarti VissanjiFor Respondent: Sanjeev Kashyap
Section 115JSection 143(2)Section 143(3)

…e Tax Act. the Assessing Officer added the sum of Rs.2,84.84,000/- in the book profit. The Commissioner of Income Tax (Appeals) deleted the addition. The Tribunal referring to the Judgment of the Apex Court in a case of Apollo Tyres Ltd. v. C.I.T. reported in 255 ITR 273 and Judgment of this Court in case of Akshay Textiles Trading and Agencies Pvt. Ltd., reported in 304 ITR 401 has observed as under: "Respectfully following the decision of Hon'ble Bombay High Court in the case of Abdhut Trading Co. Pvt. Ltd. (supra) and in the case of Akshay Textiles Trading and Agencies Pvt. Ltd. (supra), we do not find any inf…

Jt CIT(OSD) 2(3)(1), Mumbai vs. M/S Tata Realty and Infrastructure Ltd., Mumbai

ITA 730/MUM/2020[2015-16]Status: DisposedITAT Mumbai28 Jan 2022AY 2015-16
For Appellant: Aarti VissanjiFor Respondent: Sanjeev Kashyap
Section 115JSection 143(2)Section 143(3)

…e Tax Act. the Assessing Officer added the sum of Rs.2,84.84,000/- in the book profit. The Commissioner of Income Tax (Appeals) deleted the addition. The Tribunal referring to the Judgment of the Apex Court in a case of Apollo Tyres Ltd. v. C.I.T. reported in 255 ITR 273 and Judgment of this Court in case of Akshay Textiles Trading and Agencies Pvt. Ltd., reported in 304 ITR 401 has observed as under: "Respectfully following the decision of Hon'ble Bombay High Court in the case of Abdhut Trading Co. Pvt. Ltd. (supra) and in the case of Akshay Textiles Trading and Agencies Pvt. Ltd. (supra), we do not find any inf…

Ircon International Ltd., New Delhi vs. Addl.CIT, Special Range- 4, New Delhi

In the result, the appeal of the assessee on this ground is allowed

ITA 7155/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Jan 2022AY 2013-14

Bench: Sh. A. D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Rakesh Gupta, Adv. &For Respondent: Ms. Meenakshi J. Goswami, CIT(DR)
Section 801ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”, NEW DELHI Before Sh. A. D. Jain, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 2401/Del/2013 : A.Y. : 2006-07 ITA No. 27/Del/2013 : A.Y. : 2007-08 ITA No. 2402/Del/2013 : A.Y. : 2008-09 ITA No. 2403/Del/2013 : A.Y. : 2009-10 ITA No. 2652/Del/2014 : A.Y. : 2010-11 ITA No. 2563/Del/2014 : A.Y. : 2011-12 ITA No. 5460/Del/2017 : A.Y. : 2012-13 ITA No. 7155/Del/2017 : A.Y. : 2013-14 M/s. IRCON INTERNATIONAL Ltd., Vs Addl. CIT, C-4, DISTRICT Centre, Saket Range-11, New Delhi New Delhi Dy. CIT, Circle 11(1), New Delhi (APPELLANT) (RESPONDEN…

Ircon International Ltd., New Delhi vs. Addl. CIT, Circle-12(2), New Delhi

In the result, the appeal of the assessee on this ground is allowed

ITA 5460/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Jan 2022AY 2012-13

Bench: Sh. A. D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Rakesh Gupta, Adv. &For Respondent: Ms. Meenakshi J. Goswami, CIT(DR)
Section 801ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”, NEW DELHI Before Sh. A. D. Jain, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 2401/Del/2013 : A.Y. : 2006-07 ITA No. 27/Del/2013 : A.Y. : 2007-08 ITA No. 2402/Del/2013 : A.Y. : 2008-09 ITA No. 2403/Del/2013 : A.Y. : 2009-10 ITA No. 2652/Del/2014 : A.Y. : 2010-11 ITA No. 2563/Del/2014 : A.Y. : 2011-12 ITA No. 5460/Del/2017 : A.Y. : 2012-13 ITA No. 7155/Del/2017 : A.Y. : 2013-14 M/s. IRCON INTERNATIONAL Ltd., Vs Addl. CIT, C-4, DISTRICT Centre, Saket Range-11, New Delhi New Delhi Dy. CIT, Circle 11(1), New Delhi (APPELLANT) (RESPONDEN…

DCIT, New Delhi vs. M/S. Ircon International Ltd., New Delhi

In the result, the appeal of the assessee on this ground is allowed

ITA 528/DEL/2013[2007-08]Status: DisposedITAT Delhi28 Jan 2022AY 2007-08

Bench: Sh. A. D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Rakesh Gupta, Adv. &For Respondent: Ms. Meenakshi J. Goswami, CIT(DR)
Section 801ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”, NEW DELHI Before Sh. A. D. Jain, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 2401/Del/2013 : A.Y. : 2006-07 ITA No. 27/Del/2013 : A.Y. : 2007-08 ITA No. 2402/Del/2013 : A.Y. : 2008-09 ITA No. 2403/Del/2013 : A.Y. : 2009-10 ITA No. 2652/Del/2014 : A.Y. : 2010-11 ITA No. 2563/Del/2014 : A.Y. : 2011-12 ITA No. 5460/Del/2017 : A.Y. : 2012-13 ITA No. 7155/Del/2017 : A.Y. : 2013-14 M/s. IRCON INTERNATIONAL Ltd., Vs Addl. CIT, C-4, DISTRICT Centre, Saket Range-11, New Delhi New Delhi Dy. CIT, Circle 11(1), New Delhi (APPELLANT) (RESPONDEN…

Excel Industries Ltd., Mumbai vs. The CIT -CC-6(3), Mumbai

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 238/MUM/2021[2016-17]Status: DisposedITAT Mumbai13 Jan 2022AY 2016-17

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaleexcel Industries Ltd Vs. The Cit-Cc 6(3) 184-87, Excel Estate, 19Th Floor, Air India Sv Road, Jogeshwari Bldg, Nariman Point, (West)Mumbai – 400102 Mumbai – 400 021. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaace2488F Appellant .. Respondent Appellant By : Mr.Kirit Kamdar. Ar Respondent By : Mr.Ajay Kumar. Dr Date Of Hearing 13.01.2022 Date Of Pronouncement 19.01.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Cit(A)-54, Mumbai Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal. 1. On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Confirming The Action Of The Ao In Disallowing A Sum Of Rs. 1,00,50,000/- Out Of Interest Paid Attributable To Loan To A Subsidiary. 2. On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Confirming The Action Of The Ao In Levying An Amount Of Rs. 5,42,910/- On Account Excel Industries Ltd, Mumbai. Of Interest U/S 115P For Dividend Distributed Under Section 115-O, For Which Dividend Distribution Tax Had Already Been Paid. 3. On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Not Adjudicating The Ground On Additions Made To Book Profits U/S 115Jb.

For Appellant: Mr.Kirit Kamdar. ARFor Respondent: Mr.Ajay Kumar. DR
Section 115Section 115JSection 115PSection 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…tained code and no adjustments can be made to the Book Profit except those provided in Explanation 1 of Section 115JB of Excel Industries Ltd, Mumbai. the Act. We also rely on the ratio of the Honble Supreme Court Decision in M/s Apollo Tyres Ltd Vs CIT (SC) (255 ITR 273) and direct the Assessing officer to delete the additions made under normal provisions while computing the Book Profits U/sec115JB of the Act and allow the ground of appeal. 9. In the result, the appeal filed by the assessee is partly allowed for statistical purposes. Order pronounced in the open court on 19.01.2022. (PRASHANT MAHARISHI) (PAVAN…

ACIT, Circle-15(1), New Delhi vs. Lemon Tree Hotel Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 1450/DEL/2018[2014-15]Status: DisposedITAT Delhi04 Jan 2022AY 2014-15

Bench: Shri Kul Bharat & Shri P.K.Kedia[Assessment Year : 2014-15] Acit, Vs Lemon Tree Hotels Ltd., Circle-15(1), B-6/17, Safderjung Enclave, New Delhi. New Delhi-110029. Pan-Aacck1698R Appellant Respondent Appellant By Ms. Princy Singhla, Sr.Dr Respondent By Shri Mukal Baga, Adv. & Shri Vikas Singh, Ca Date Of Hearing 29.11.2021 Date Of Pronouncement 04.01.2022

Section 115JSection 143(1)Section 143(3)Section 14A

…planation 115JB not specifically mentioning Section 14A of the Act, the addition of Rs.89,00,000 was not justified. The view taken by the ITAT cannot be faulted with. It is consistent with the decision in Apollo Tyres Ltd. v. Commissioner of Income Tax (2002) 255 ITR 273 (SC) which held that “the Assessing Officer does not 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. The Court declines to frame a question on the above issue. " Based on the above decision the addition to the book profit of Rs.l,96,51,975/- i…

Ismt Ltd, Pune vs. Deputy Commissioner of Income Tax

ITA 2784/PUN/2016[2012-13]Status: DisposedITAT Pune06 Dec 2021AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita Nos.2751 & 2752/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 Acit, Central Circle- 2(1), .......अपीलाथ" / Appellant Pune. बनाम / V/S. M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. ……""यथ" / Respondent Pan : Aaacj9917A आयकर अपील सं. / Ita Nos.2783 & 2784/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. .......अपीलाथ" / Appellant Pan : Aaacj9917A बनाम / V/S. Dcit, Central Circle- 2(1), ……""यथ" / Respondent Pune. Revenue By : Shri Deepak Garg Assessee By : Shri Rajan Vora Shri Rajendra Agiwal सुनवाई क" तारीख / Date Of Hearing : 29.10.2021 घोषणा क" तारीख / Date Of Pronouncement : 06.12.2021 आदेश / Order Per Inturi Rama Rao, Am: These Are The Cross Appeals Filed By The Revenue As Well As By The Assessee Directed Against The Common Orders Of Ld. Commissioner Of Income

For Appellant: Shri Rajan VoraFor Respondent: Shri Deepak Garg
Section 115JSection 132Section 132(4)Section 143(3)Section 153A

…ts’ has been defined to mean that the books profit as disclosed in the Profit & Loss Account as increased or decreased of the items mentioned in the Explanation 1 to section 115JB of the Act. The Hon’ble Supreme Court in the case of Apollo Tyres Ltd. vs. CIT, 255 ITR 273 (SC) clearly held that for the purpose of computation of the book profits u/s 115JB, the Assessing Officer should adopt the profits as per the Profit & Loss Account. The Assessing Officer should not go behind the profit shown in Profit & Loss Account except to the extent provided u/s 115JB of the Act. The relevant observation of the Hon’ble Supre…

Ismt Ltd, Pune vs. Deputy Commissioner of Income Tax

ITA 2783/PUN/2016[2011-12]Status: DisposedITAT Pune06 Dec 2021AY 2011-12

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita Nos.2751 & 2752/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 Acit, Central Circle- 2(1), .......अपीलाथ" / Appellant Pune. बनाम / V/S. M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. ……""यथ" / Respondent Pan : Aaacj9917A आयकर अपील सं. / Ita Nos.2783 & 2784/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. .......अपीलाथ" / Appellant Pan : Aaacj9917A बनाम / V/S. Dcit, Central Circle- 2(1), ……""यथ" / Respondent Pune. Revenue By : Shri Deepak Garg Assessee By : Shri Rajan Vora Shri Rajendra Agiwal सुनवाई क" तारीख / Date Of Hearing : 29.10.2021 घोषणा क" तारीख / Date Of Pronouncement : 06.12.2021 आदेश / Order Per Inturi Rama Rao, Am: These Are The Cross Appeals Filed By The Revenue As Well As By The Assessee Directed Against The Common Orders Of Ld. Commissioner Of Income

For Appellant: Shri Rajan VoraFor Respondent: Shri Deepak Garg
Section 115JSection 132Section 132(4)Section 143(3)Section 153A

…ts’ has been defined to mean that the books profit as disclosed in the Profit & Loss Account as increased or decreased of the items mentioned in the Explanation 1 to section 115JB of the Act. The Hon’ble Supreme Court in the case of Apollo Tyres Ltd. vs. CIT, 255 ITR 273 (SC) clearly held that for the purpose of computation of the book profits u/s 115JB, the Assessing Officer should adopt the profits as per the Profit & Loss Account. The Assessing Officer should not go behind the profit shown in Profit & Loss Account except to the extent provided u/s 115JB of the Act. The relevant observation of the Hon’ble Supre…