Apollo Tyres Ltd. v. CIT

Tata Services Ltd, Mumbai vs. ACIT 2(3)(2), Mumbai

In the result, this ground of appeal is also allowed for statistical purpose

Bench: Shri G.S. Pannu & Shri Pawan Singhtata Services Ltd Vs Acit-2(3)(2), 24, Homi Mody Street Fort, Aayakar Bhawan, Mumbai 400 001 M.K.Road, Pan : Aaact3991J Mumbai-400020 Appellant Respondednt

…assessee relied upon the decision of the In the case of Ajanta Pharma vs. CIT 327 ITR 305(SC) where it was held by the Supreme Court that Section 115JB constitutes a complete code by itself, and the decision of Hon’ble Supreme Court in Apollo Tyres vs. CIT 255 ITR 273(SC) and HCL Comnet vs. CIT 305 ITR 409(SC), wherein it was held that while determining book profits under the MAT provisions, the Assessing Officer has to accept the authenticity of accounts which are prepared by the Company. The Assessing Officer is not empowered to embark upon a fresh enquiry in respect of the entries made in the books of acc…

DCIT 10(2)(1), Mumbai vs. Laqshya Media P.Ltd, Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed and the cross-objection of the assessee is hereby ordered to be partly allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2114/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2009-10) Dcit-10(2)(1) बिधम/ M/S. Laqshya Media Pvt. Ltd Laqshya House, Next To Room No.216-A, Aayakar Vs. Rameshwar Temple, Bhavan, M.K. Road, Saraswati Baug, Society Mumbai-400020. Road, Jogeshwari (E), Mumbai-400060. Co. No.108/M/2019 (Arising Out Of Ita. No. 2114/Mum/2018) (निर्धारण वर्ा / Assessment Year: 2009-10) M/S. Laqshya Media Pvt. Ltd बिधम/ Dcit-10(2)(1) Laqshya House, Next To Room No.216-A, Aayakar Vs. Rameshwar Temple, Bhavan, M.K. Road, Saraswati Baug, Society Mumbai-400020. Road, Jogeshwari (E), Mumbai-400060. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacl5004C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri S. Senthil Kumar (Dr) Assessee By: Shri M. P. Lohia/ Hemen Chandaniya सुनवाई की तारीख / Date Of Hearing: 11/06/2019 घोषणा की तारीख /Date Of Pronouncement: 31/07/2019

…ratio of decision of Hon’ble Supreme Court rendered in CIT Vs. Vegetable Products Limited [1973 88 ITR 192]. The decision in PCIT Vs. Bhushan Steel Ltd., in turn, placed reliance on the decision of Hon’ble Supreme Court rendered in Apollo Tyres Ltd. Vs. CIT [255 ITR 273] which held that the Assessing Officer did not have the jurisdiction to go behind the net profit shown in the Profit & Loss Account except to the extent provided in Explanation to Section 115J. Similar view has been expressed by our jurisdictional Bombay High Court rendered in CIT Vs. JSW Energy Limited [2015 60 Taxmann.com 303], CIT v. Essar Tel…

Gts E-Services P.Ltd, Mumbai vs. ITO 15(1)(4), Mumbai

The appeal stands partly allowed

Bench: Hon’Ble Shri Pawan Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.1231/Mum/2017 (िनधा"रण वष" / Assessment Year: 2012-13) Gts E-Services Private Ltd. Income Tax Officer-15(1)(4) 103, A-Wing Kensinton Room No.15B, Ground Floor बनाम/ Hiranandani Business Park Aaykar Bhavan, M.K. Road Vs. Hiranandani Builder Sez Mumbai-400 020. Powai, Mumbai-400 076. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaccg-8662-R (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee By : Shri Nilesh Patel- Ld. Ar Revenue By : Shri V.K. Agarwal – Addl. Cit-Ld. Dr सुनवाई की तारीख/ : 26/06/2019 Date Of Hearing घोषणा की तारीख / : 03/07/2019 Date Of Pronouncement आदेश / O R D E R

…essee’s favor by the decision of this Tribunal rendered in Owens Corning (India) Pvt. Ltd. V/s DCIT [ITA No. 8522/Mum/2011] & Cash Edge (India) Pvt. Ltd. V/s ITO [ITA No.64/Del/2015] coupled with the decisions of Hon’ble Supreme Court rendered in Apollo Tyres 255 ITR 273, Malayalam 10 GTS e-Services Private Limited Assessment Year :2012-13 Manorama 300 ITR 152 & HCL Comnet Systems and Services Ltd. 305 ITR 409. 8.2 After careful perusal of cited judicial decisions, we concur with the submissions made by Ld. AR. The relevant observations of co-oridnate bench of Mumbai Tribunal in Owens Corning (India) Pvt. Ltd. V…

Td Toll Road Private Limited, Mumbai vs. Deputy Commissioner of Income Tax 15(3)(1), Mumbai

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1646/Mum/2018 (नििाारण वर्ा / Assessment Year: 2014-15) बिाम/ Td Toll Road Private Ltd., Dcit-15(3)(1) 361, 3Rd Floor, North Wing, Room No. 451, Reliance Centre, Aayakar Bhavan, V. Santacruz (E), M.K Road, Mumbai-400055 Mumbai-400020 स्थायी ऱेखा सं./ Pan: Aacct6395C (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Jitendra Sanghavi Revenue By: Shri. D.G. Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 25.03.2019 घोषणा की तारीख /Date Of Pronouncement : 21.06.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 1646/Mum/2018, Is Directed Against Appellate Order Dated 31.01.2018, Passed By Learned Commissioner Of Income Tax (Appeals)-24, Mumbai (Hereinafter Called “The Cit(A)”) In Appeal No. Cit(A)-24/Dcit-15(3)(1)/It-244/2016-17, For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 30.12.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2014-15. 2. The Grounds Of Appeal Raised By Assessee In Memo Of Appeal Filed With The Income-Tax Appellate Tribunal, Mumbai (Hereinafter Called “The Tribunal”) Read As Under:-

…Act, It is to be noted that this appeal pertained to AY 2005-06 and 2006-07 which are prior to assessment year 2008-09 from where the provisions of section 14A r.w. Rule 8D apply. 5.2.5 The assessee company has relied upon the decision of Apollo Tyres Limited 255 ITR 273{SC). The Hon'ble Supreme Court in above decision has held that the AO cannot tinker with the profit and loss prepared by the assessee company in accordance with the provisions of The Companies Act.1956 and which are certified by the statutory auditors and approved by the Company in Annual General Meeting and scrutinized by the…

Aditya Birla Finance Ltd, Mumbai vs. DCIT 2(1)(1), Mumbai

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

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Aayakr Apila Sam./ Ita No. 1490 & 1491/Mum/2018 (Inaqa-Arna Baya- / Assessment Years 2014-15 & 2013-14) Aditya Birla Finance Limited The Dy. Commissioner Of One Indiabulls Center, Tower- Income Tax, Circle 2(1)(1), 18Th Floor, Jupiter Mill Mumbai Compound, 841, Vs. Senapatibapat Marg, Elphinstone Road, Mumbai- 400 013 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aabcb5769M अपीलाथी की ओर े / Appellant By : S/Shri Ronak Doshi & Hadik Nirmal, Ars’ प्रत्यथी की ओर े / Respondent By : Shri B.S. Bist, Dr ुनवाई की तारीख / Date Of Hearing: 09-05-2019 घोषणा की तारीख / Date Of Pronouncement : 21-05-2019

…en except to the extent as provided in the Explanation to Section 115JB of the Act the AO is not empowered to make any adjustment. The case of assessee is supported by the ratio laid down by the Hon'ble Supreme Court in the case of Apollo Tyres Ltd., Vs. CIT [255 ITR 273] (SC), wherein the Hon'ble Apex Court has held that - Once the book profits of the assessee are certified by the auditors, AO has no authority to interfere in the same, except to the extent as provided in Section 115JB. Therefore, respectfully following the decision of the Hon'ble Apex Court, we direct the AO to delete the addition made u/s. 115J…

Aditya Birla Finance Ltd, Mumbai vs. DCIT 2(1)(1), Mumbai

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

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Aayakr Apila Sam./ Ita No. 1490 & 1491/Mum/2018 (Inaqa-Arna Baya- / Assessment Years 2014-15 & 2013-14) Aditya Birla Finance Limited The Dy. Commissioner Of One Indiabulls Center, Tower- Income Tax, Circle 2(1)(1), 18Th Floor, Jupiter Mill Mumbai Compound, 841, Vs. Senapatibapat Marg, Elphinstone Road, Mumbai- 400 013 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aabcb5769M अपीलाथी की ओर े / Appellant By : S/Shri Ronak Doshi & Hadik Nirmal, Ars’ प्रत्यथी की ओर े / Respondent By : Shri B.S. Bist, Dr ुनवाई की तारीख / Date Of Hearing: 09-05-2019 घोषणा की तारीख / Date Of Pronouncement : 21-05-2019

…en except to the extent as provided in the Explanation to Section 115JB of the Act the AO is not empowered to make any adjustment. The case of assessee is supported by the ratio laid down by the Hon'ble Supreme Court in the case of Apollo Tyres Ltd., Vs. CIT [255 ITR 273] (SC), wherein the Hon'ble Apex Court has held that - Once the book profits of the assessee are certified by the auditors, AO has no authority to interfere in the same, except to the extent as provided in Section 115JB. Therefore, respectfully following the decision of the Hon'ble Apex Court, we direct the AO to delete the addition made u/s. 115J…