Jmw India Pvt. Ltd., Delhi vs. DCIT, Circle- 13(2), New Delhi
In the result, the appeal filed by the assessee is allowed
ITA 4056/DEL/2018[2013-14]Status: DisposedITAT Delhi24 Sept 2021AY 2013-14
Bench: Shri R.K. Panda & Shri Vijay Pal Raoassessment Year: 2013-14 Jmw India Pvt. Ltd., Vs Dcit, C-498, 1St Floor, Jojna Vihar, Circle-13(2), Delhi. New Delhi. Pan: Aaacj3260C (Appellant) (Respondent) Assessee By : Shri C.S. Anand, Advocate & Shri Sankalp Anand, Advocate Revenue By : Ms Anima Barnwal, Sr. Dr Date Of Hearing : 26.08.2021 Date Of Pronouncement : 24.09.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 8Th March, 2018 Of The Cit(A)-5, Delhi Relating To Assessment Year 2013-14. 2. The Grounds Raised By The Assessee Are As Under:- “1. That On The Facts & In The Circumstances Of The Case , The Ld Cit(A) Had Erred In Not Allowing Exclusion Of Interest Subsidy Amounting To Rs. 30,01,143/- & Of Excise Duty Refund Amounting To Rs. 4,98,49,144/-, Being Capital In Nature, In Computing Book Profit U/S 115Jb . 2. That On The Facts & In The Circumstances Of The Case ,The Book Profit U/S 115Jb Ought To Had Been Computed At A Negative Figure, As Per The Revised Computation Of Income Filed By The Assessee.”
For Appellant: Shri C.S. Anand, Advocate &For Respondent: Ms Anima Barnwal, Sr. DR
Section 115JSection 2(24)
…l under the schemes in question are to be included for the purpose of computation of book profit under section 115JB of the Income- tax Act, 1961 as contended by the Revenue by relying on the decision in the case of Apollo Tyres Ltd. v. CIT reported in [2002] 255 ITR 273 (SC). 31. In this case since we have already held that in the relevant assessment year 2010-11 the incentives "interest subsidy" and "power subsidy" is a "capital receipt" and does not fall within the definition of "Income" under section 2(24) of the Income-tax Act, 1961 and when a receipt is not on in the character of income it cannot form part…
