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

Bergen Engines India Pvt. Ltd., New Delhi vs. ACIT, Circle- 4(2), New Delhi

ITA 7802/DEL/2017[2013-14]Status: DisposedITAT Delhi27 Apr 2020AY 2013-14

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kant, Accountantmember

Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-1’ NEW DELHI BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANTMEMBER ITA No.7802/Del./2017 Assessment Year: 2013-14 M/s. Bergen Engines India Vs. ACIT, Pvt. Ltd., Circle-4(2), 2nd Floor, 52-B, Okhla New Delhi Industrial Estate, Phase-3, Okhla, New Delhi PAN :AAECB7223M (Appellant) (Respondent) Appellant by Ms. Pallavi Dinodia, AR Respondent by Shri Sanjay I. Bara, CIT(DR) Date of hearing 29.01.2020 Date of pronouncement 27.04.2020 ORDER PER O.P. KANT, A.M.: This appeal by the assessee is directed against final assessment o…

Wockhardt Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result this ground of appeal is partly allowed

ITA 4866/MUM/2013[2008-09]Status: DisposedITAT Mumbai09 Mar 2020AY 2008-09

Bench: Shri Pramod Kumar & Shri Pawan Singhm/S Wockhardt Ltd, Vs Additional Commissioner Of Wockhardt Towers, Bandra Income Tax Range -10(1), Kurla Complex Bandra(E), Aayakar Bhawan, Mumbai-400051 M.K. Road, Mumbai -20 Pan:Aaacw2472M Appellant Respondednt

Section 14ASection 35Section 35fSection 92BSection 92C

…. 28. On the other hand the ld AR for the assessee submits that the additions/ reduction for the purpose of computing book profit under section 115JB shall only be as per Explanation 1 to section 115JB(2) and relied on the decision of Apollo Tyres Ltd Vs CIT (255 ITR 273 SC). In alternative submissions the ld. AR submits that increase in liability on account of fluctuation in foreign exchange rate cannot be disallowed. And relied on the decision of CIT Vs Woodward Governor India (P) ltd. (312 ITR 254 SC). And in third alternative submissions submits that ascertained liability are allowable in computing income and…

Krishi Rasayan Export Pvt. Ltd., Kolkata vs. PCIT, 4, Kolkata

Appeals are allowed

ITA 743/KOL/2019[2014-15]Status: DisposedITAT Kolkata28 Feb 2020AY 2014-15

Bench: Shri J. Sudhakar Reddy, Am & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A Nos.742&743/Kol/2019 ("नधा"रण वष" / Assessment Years: 2013-14 & 2014-15) Krishi Rasayan Exports(P) Ltd. Vs. Pcit-4, Kolkata 29, Lala Lajpath Rai Sarani (Elgin Road), Kolkata – 700020. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacck4124G (Appellant) .. (Respondent) Appellant By : Shri S.D. Verma, Advocate Respondent By : Smt. Ranu Biswas, Addl. Cit सुनवाईक"तार"ख/ Date Of Hearing : 21/02/2020 घोषणाक"तार"ख/Date Of Pronouncement : 28/02/2020

For Appellant: Shri S.D. Verma, AdvocateFor Respondent: Smt. Ranu Biswas, Addl. CIT
Section 115JSection 263

…Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Luknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 , 418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2015) 173 TTJ (Mumbai) 238 dated 19.8…

Krishi Rasayan Export Pvt. Ltd., Kolkata vs. PCIT, 4, Kolkata

Appeals are allowed

ITA 742/KOL/2019[2013-14]Status: DisposedITAT Kolkata28 Feb 2020AY 2013-14

Bench: Shri J. Sudhakar Reddy, Am & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A Nos.742&743/Kol/2019 ("नधा"रण वष" / Assessment Years: 2013-14 & 2014-15) Krishi Rasayan Exports(P) Ltd. Vs. Pcit-4, Kolkata 29, Lala Lajpath Rai Sarani (Elgin Road), Kolkata – 700020. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacck4124G (Appellant) .. (Respondent) Appellant By : Shri S.D. Verma, Advocate Respondent By : Smt. Ranu Biswas, Addl. Cit सुनवाईक"तार"ख/ Date Of Hearing : 21/02/2020 घोषणाक"तार"ख/Date Of Pronouncement : 28/02/2020

For Appellant: Shri S.D. Verma, AdvocateFor Respondent: Smt. Ranu Biswas, Addl. CIT
Section 115JSection 263

…Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Luknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 , 418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2015) 173 TTJ (Mumbai) 238 dated 19.8…

Owens -Corning (India) P.Ltd, Mumbai vs. CIT 7, Mumbai

In the result, appeal of the assessee is allowed

ITA 6727/MUM/2013[2007-08]Status: DisposedITAT Mumbai04 Feb 2020AY 2007-08

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Owens-Corning (India) Vs. The Commissioner Of Pvt. Ltd., (Formerly Known Income Tax-7 As Owens Corning ((India) Mumbai Ltd., Aayakar Bhavan Alpha Building, 7Th Floor Maharshi Karve Road Hiranandani Gardens Mumbai – 400 020 Powai, Mumbai – 400706 Pan/Gir No. Aaaco1739M (Appellant) .. (Respondent)

Section 115Section 115JSection 143(3)Section 263

…ct which is to be given to the aforesaid provision and, therefore, it was not a mistake which was to be corrected for which jurisdiction under Section 154 of the Act could be exercised, as held by the Apex Court in Apollo Tyres Vs. Commissioner of Income Tax, 255 ITR 273 and T.S. Balaram Income Tax Officer, Company Circle IV, Bombay Vs. M/s Volkart Brothers, 82 ITR 50. 7. We, thus do not find any merits in these appeals. No question of law arises. These appeals are accordingly dismissed.” 5.1. Though the aforesaid decision was rendered in the context of Section 154 of the Act by the Hon’ble Delhi High Court, the…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The ACIT., Vapi Circle, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 795/AHD/2016[2011-12]Status: DisposedITAT Surat04 Feb 2020AY 2011-12

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…book profits once the accounts are audited and accepted by the general body, save and except such adjustment as are provided for in Explanation to section 115JB. Reliance was placed on the decision of the Supreme Court in the case of the Apollo Tyres Vs. CIT (255 ITR 273), where the Supreme Court had held that while determining the book profit under Section 115JB, the Assessing Officer could not re-compute the profit and loss account by excluding the provisions made for arrears or depreciation. The decision of the Apex Court has been followed in the following other decisions:- a. Malayala Manorama Co. Ltd vs. CIT…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Addl.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1416/AHD/2015[2010-11]Status: DisposedITAT Surat04 Feb 2020AY 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…book profits once the accounts are audited and accepted by the general body, save and except such adjustment as are provided for in Explanation to section 115JB. Reliance was placed on the decision of the Supreme Court in the case of the Apollo Tyres Vs. CIT (255 ITR 273), where the Supreme Court had held that while determining the book profit under Section 115JB, the Assessing Officer could not re-compute the profit and loss account by excluding the provisions made for arrears or depreciation. The decision of the Apex Court has been followed in the following other decisions:- a. Malayala Manorama Co. Ltd vs. CIT…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Jt.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1415/AHD/2015[2009-10]Status: DisposedITAT Surat04 Feb 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…book profits once the accounts are audited and accepted by the general body, save and except such adjustment as are provided for in Explanation to section 115JB. Reliance was placed on the decision of the Supreme Court in the case of the Apollo Tyres Vs. CIT (255 ITR 273), where the Supreme Court had held that while determining the book profit under Section 115JB, the Assessing Officer could not re-compute the profit and loss account by excluding the provisions made for arrears or depreciation. The decision of the Apex Court has been followed in the following other decisions:- a. Malayala Manorama Co. Ltd vs. CIT…

Bilakhia Holding P Ltd, Vapi vs. The Jt.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 507/AHD/2013[2008-09]Status: DisposedITAT Surat04 Feb 2020AY 2008-09

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…book profits once the accounts are audited and accepted by the general body, save and except such adjustment as are provided for in Explanation to section 115JB. Reliance was placed on the decision of the Supreme Court in the case of the Apollo Tyres Vs. CIT (255 ITR 273), where the Supreme Court had held that while determining the book profit under Section 115JB, the Assessing Officer could not re-compute the profit and loss account by excluding the provisions made for arrears or depreciation. The decision of the Apex Court has been followed in the following other decisions:- a. Malayala Manorama Co. Ltd vs. CIT…

DCIT, Circle- 23(2), New Delhi vs. Sicpa India Pvt. Ltd., New Delhi

ITA 7483/DEL/2017[2011-12]Status: DisposedITAT Delhi31 Jan 2020AY 2011-12

Bench: Shri Kuldip Singh & Dr. B.R.R. Kumar

For Appellant: Shri Nikhil Surana, CAFor Respondent: Shri Saras Kumar, Senior DR
Section 14A

…s. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon 'ble Apex Court in case of Indo Rama Synthetics (I) Ltd vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Lucknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 ,418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2015) 173 TTJ (Mumbai) 238 dated 19.8…

Sicpa India Pvt. Ltd., New Delhi vs. DCIT, Circle- 23(2), New Delhi

ITA 7048/DEL/2017[2011-12]Status: DisposedITAT Delhi31 Jan 2020AY 2011-12

Bench: Shri Kuldip Singh & Dr. B.R.R. Kumar

For Appellant: Shri Nikhil Surana, CAFor Respondent: Shri Saras Kumar, Senior DR
Section 14A

…s. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon 'ble Apex Court in case of Indo Rama Synthetics (I) Ltd vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Lucknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 ,418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2015) 173 TTJ (Mumbai) 238 dated 19.8…

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

In the result the appeal of the Revenue is dismissed

ITA 2449/DEL/2011[2005-06]Status: DisposedITAT Delhi30 Jan 2020AY 2005-06

Bench: Shri N.K. Billaiya & Shri Kuldip Singhita No. 977/Del/2010 [A.Y 2004-05]

For Appellant: Shri Rakesh Gupta. AdvFor Respondent: Shri J.K. Mishra, CIT-DR

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No. 977/DEL/2010 [A.Y 2004-05] ITA No. 2220/DEL/2011 [A.Y 2005-06] IRCON International Limited, Vs. Dy. C.I.T. Palika Kendra, Circle 11(1) R.K. Puram Sector-XIII, New Delhi New Delhi PAN: AAACI 0684 H ITA No. 1491/DEL/2010 [A.Y 2004-05] ITA No. 2449/DEL/2011 [A.Y 2005-06] Dy. C.I.T. Vs. IRCON International Limited Circle 11(1) Palika Kendra New Delhi R.K. Puram Sector-XIII New Delhi PAN: AAACI 0684 H (Applicant) (Respondent) Assessee By : Shri Rakesh…

M/S Ircon International Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result the appeal of the Revenue is dismissed

ITA 2220/DEL/2011[2005-06]Status: DisposedITAT Delhi30 Jan 2020AY 2005-06

Bench: Shri N.K. Billaiya & Shri Kuldip Singhita No. 977/Del/2010 [A.Y 2004-05]

For Appellant: Shri Rakesh Gupta. AdvFor Respondent: Shri J.K. Mishra, CIT-DR

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No. 977/DEL/2010 [A.Y 2004-05] ITA No. 2220/DEL/2011 [A.Y 2005-06] IRCON International Limited, Vs. Dy. C.I.T. Palika Kendra, Circle 11(1) R.K. Puram Sector-XIII, New Delhi New Delhi PAN: AAACI 0684 H ITA No. 1491/DEL/2010 [A.Y 2004-05] ITA No. 2449/DEL/2011 [A.Y 2005-06] Dy. C.I.T. Vs. IRCON International Limited Circle 11(1) Palika Kendra New Delhi R.K. Puram Sector-XIII New Delhi PAN: AAACI 0684 H (Applicant) (Respondent) Assessee By : Shri Rakesh…

Ircon International Ltd., New Delhi vs. DCIT, New Delhi

In the result the appeal of the Revenue is dismissed

ITA 977/DEL/2010[2004-05]Status: DisposedITAT Delhi30 Jan 2020AY 2004-05

Bench: Shri N.K. Billaiya & Shri Kuldip Singhita No. 977/Del/2010 [A.Y 2004-05]

For Appellant: Shri Rakesh Gupta. AdvFor Respondent: Shri J.K. Mishra, CIT-DR

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No. 977/DEL/2010 [A.Y 2004-05] ITA No. 2220/DEL/2011 [A.Y 2005-06] IRCON International Limited, Vs. Dy. C.I.T. Palika Kendra, Circle 11(1) R.K. Puram Sector-XIII, New Delhi New Delhi PAN: AAACI 0684 H ITA No. 1491/DEL/2010 [A.Y 2004-05] ITA No. 2449/DEL/2011 [A.Y 2005-06] Dy. C.I.T. Vs. IRCON International Limited Circle 11(1) Palika Kendra New Delhi R.K. Puram Sector-XIII New Delhi PAN: AAACI 0684 H (Applicant) (Respondent) Assessee By : Shri Rakesh…

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

In the result the appeal of the Revenue is dismissed

ITA 1491/DEL/2010[2004-05]Status: DisposedITAT Delhi30 Jan 2020AY 2004-05

Bench: Shri N.K. Billaiya & Shri Kuldip Singhita No. 977/Del/2010 [A.Y 2004-05]

For Appellant: Shri Rakesh Gupta. AdvFor Respondent: Shri J.K. Mishra, CIT-DR

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No. 977/DEL/2010 [A.Y 2004-05] ITA No. 2220/DEL/2011 [A.Y 2005-06] IRCON International Limited, Vs. Dy. C.I.T. Palika Kendra, Circle 11(1) R.K. Puram Sector-XIII, New Delhi New Delhi PAN: AAACI 0684 H ITA No. 1491/DEL/2010 [A.Y 2004-05] ITA No. 2449/DEL/2011 [A.Y 2005-06] Dy. C.I.T. Vs. IRCON International Limited Circle 11(1) Palika Kendra New Delhi R.K. Puram Sector-XIII New Delhi PAN: AAACI 0684 H (Applicant) (Respondent) Assessee By : Shri Rakesh…

M/S. Utkal Minerals, Cuttack vs. ITO, Ward-2(3), Cuttack

In the result, appeal of assessee is allowed for statistical purposes

ITA 43/CTK/2016[2011-12]Status: DisposedITAT Cuttack24 Jan 2020AY 2011-12

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.43/Ctk/2016 (नििाारण वषा / Assessment Year :2011-2012) M/S Utkal Minerals, Vs. Ito, Ward-2(3), Cuttack C/O Late D.N.Mohanty, Buxi Bazar, Cuttack स्थायी लेखा सं./Panno. : Aabfu 2706 Q (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By Sh. S.N.Sahu/Lalatendu Sahu, Advs. : िाजस्व की ओर से /Revenue By : Shri Subhendu Dutta, Dr

For Respondent: Shri Subhendu Dutta, DR
Section 44Section 44A

…should have been judiciously considered and accepted as true and correct in view of the facts are duly audited u/s 44 AB of the I.T. Act, 1961. and not doing so, the order has become against the principle of natural justice and nullity. [CIT Vs. Apollo Tyres, 255 ITR 273 (SC)] 3. That the addition of Rs. 81,00,000/-made by the AO confirmed by the CIT(Appeals) paid towards rent compensation in accordance with the agreement produced in course of assessment proceeding should have been allowed by the authorities below. 4. That the transaction of sale with M/s. Taurion Iron & Steels Co. (P) Ltd should have been accept…

The Commissioner of Income-Tax vs. M/S. Ing. Vysya Bank Limited

The appeals are disposed of

ITA/18/2014HC Karnataka16 Jan 2020

Bench: ALOK ARADHE,RAVI V HOSMANI

Section 114JSection 260Section 37(1)

…IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 16TH DAY OF JANUARY 2020 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE RAVI V.HOSMANI I.T.A.No. 18/2014 C/W I.T.A. Nos.229/2009, 21/2012 & 35/2014 I.T.A.No.18/2014 BETWEEN: 1. THE COMMISSIONER OF INCOME TAX C.R. BUILDING, QUEENS ROAD BANGALORE. 2. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-11(3), RASHTROTHANA BHAVAN NRUPATHUNGA ROAD BANGALORE. ... APPELLANTS (By Sri. K.V. ARAVIND, ADV.,) AND: M/S. ING VYSYA BANK LIMITED ING VYSYA HOUSE No.22, M.G. ROAD BANGA…

Mukund Limited, Mumbai vs. ITO 3(2)(2), Mumbai

In the result, ground No 3 of the appeal filed by the assessee for assessment year 2004-2005 is allowed

ITA 679/MUM/2011[2004-05]Status: DisposedITAT Mumbai15 Jan 2020AY 2004-05

Bench: Shri M. Balaganesh (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2004-05 Mukand Limited, The Income Tax Officer 3(2)(2), Bajaj Bhavan, 3Rd Floor, Aayakar Bhavan, M.K. Road, 226 Nariman Point, New Marine Lines, Mumbai - 400021 Vs. Mumbai - 400020 Pan: Aaacm5008R (Appellant) (Respondent) Assessee By : Shri Gajendra Jain (Ar) Revenue By : Ms. Nilu Jaggi (Dr) Date Of Hearing: 13/12/2019 Date Of Pronouncement: 15/01/2020 O R D E R Per Ram Lal Negi, Jm

For Appellant: Shri Gajendra Jain (AR)For Respondent: Ms. Nilu Jaggi (DR)
Section 115J

…purpose of section 115JB? The Hon’ble Court decline to interfere with the findings of the ITAT, holding that since the issue is covered by the judgment of the Hon’ble Supreme Court in the case of Apollo Tyres Ltd. vs. CIT reported in Assessment Year: 2004-05 255 ITR 273, it cannot be hardly said to be substantial question of law warranting adjudication. 8. As pointed out by the Ld. counsel, this issue is covered in favour of the assessee by the decision of the ITAT, Hyderabad rendered in the case of Gulf Oil Corporation Ltd. vs. ACIT (supra). Further, the Hon’ble Bombay High Court has upheld the findings of the…

Tecnimont Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Range 13(3)(2), Mumbai

In the result, both the appeals of the assessee are allowed in

ITA 5427/MUM/2017[2013-14]Status: DisposedITAT Mumbai08 Jan 2020AY 2013-14

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm

Section 143(3)Section 92B(2)

…account of revaluation of assets). Accordingly, depreciation as computed under the Income Tax Act, 1961 is not relevant for book profit computation. 21. In this regard we observe that the Hon’ble Supreme Court in the case of Apollo Tyres Ltd. Vs CIT (2002) 255 ITR 273 (SC) have observed that while computing income U/s 115J, the A.O. has only power of examining whether books of account are certified by authorities under Companies Act as having been properly maintained in accordance with Companies Act and thereafter, he has limited power of making additions and reductions as provided for in Explanation to said…

Technimont P.Ltd, Mumbai vs. Asst CIT 13(3)(2), Mumbai

In the result, both the appeals of the assessee are allowed in

ITA 1238/MUM/2017[2012-13]Status: DisposedITAT Mumbai08 Jan 2020AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm

Section 143(3)Section 92B(2)

…account of revaluation of assets). Accordingly, depreciation as computed under the Income Tax Act, 1961 is not relevant for book profit computation. 21. In this regard we observe that the Hon’ble Supreme Court in the case of Apollo Tyres Ltd. Vs CIT (2002) 255 ITR 273 (SC) have observed that while computing income U/s 115J, the A.O. has only power of examining whether books of account are certified by authorities under Companies Act as having been properly maintained in accordance with Companies Act and thereafter, he has limited power of making additions and reductions as provided for in Explanation to said…