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

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 333/BANG/2017[2007-2008]Status: DisposedITAT Bangalore10 May 2019AY 2007-2008

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…m which does not fall within the ambit of any of the items of additions or exclusions as provided in Explanation to section 115JB(2) of the Act. The assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of Apollo Tyres Ltd. v. CIT, 255 ITR 273 (SC) wherein the Hon’ble Supreme Court held that while calculating book profits u/s. 115JB of the Act, the AO cannot tinker with the P&L account, except to the extent permitted by the Explanation u/s. 115JB(2) of the Act. In other words, the profit as per P&L account prepared in accordance with the Companies Act, 1956 should be the starting point…

Nhpc Ltd., Faridabad vs. ACIT, Faridabad

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed

ITA 3738/DEL/2015[2010-11]Status: DisposedITAT Delhi08 May 2019AY 2010-11

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 3650/Del/2015 : Asstt. Year : 2010-11 Dy. Commissioner Of Income Vs M/S Nhpc Ltd., Tax, Circle-Ii, Nhpc Complex, Sector-33, Faridabad Faridabad (Appellant) (Respondent) Pan No. Aaacn0149C Ita No. 3738/Del/2015 : Asstt. Year : 2010-11 M/S Nhpc Ltd., Vs Asstt. Commissioner Of Income Nhpc Complex, 4Th Floor, Tax, Circle-Ii, Finance Div, Sector-33, Faridabad Faridabad-121003 (Appellant) (Respondent) Pan No. Aaacn0149C Assessee By : Sh. Ved Jain, Adv. & Sh. Himanshu Aggarwal, Ca Revenue By : Sh. Amit Katoch, Sr. Dr Date Of Hearing : 06.05.2019 Date Of Pronouncement : 08.05.2019 Order Per N. S. Saini:

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Amit Katoch, Sr. DR
Section 115JSection 143(3)Section 43A

…ared in accordance part II and III of Schedule - VI of the Companies Act. Therefore, the book profit declared as per the Profit and Loss account should have not been disturbed in view of decision of Hon'ble Apex court in the case of Apollo Tyres Ltd. Vs. CIT (255 ITR 273). The reliance has also been placed on the decision of Hon'ble Supreme Court in the case of Bharat Earth Movers Limited vs. CIT (112 Taxman 61) and the decision of Hon'ble Mumbai High Court in the case of CIT vs. Echjay Forging Pvt. Ltd. (116 Taxman 322) in support of contention that when the liabilities were determined on the basis of actuarial…

DCIT, Faridabad vs. M/S. Nhpc Ltd., Faridabad

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed

ITA 3650/DEL/2015[2010-11]Status: DisposedITAT Delhi08 May 2019AY 2010-11

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 3650/Del/2015 : Asstt. Year : 2010-11 Dy. Commissioner Of Income Vs M/S Nhpc Ltd., Tax, Circle-Ii, Nhpc Complex, Sector-33, Faridabad Faridabad (Appellant) (Respondent) Pan No. Aaacn0149C Ita No. 3738/Del/2015 : Asstt. Year : 2010-11 M/S Nhpc Ltd., Vs Asstt. Commissioner Of Income Nhpc Complex, 4Th Floor, Tax, Circle-Ii, Finance Div, Sector-33, Faridabad Faridabad-121003 (Appellant) (Respondent) Pan No. Aaacn0149C Assessee By : Sh. Ved Jain, Adv. & Sh. Himanshu Aggarwal, Ca Revenue By : Sh. Amit Katoch, Sr. Dr Date Of Hearing : 06.05.2019 Date Of Pronouncement : 08.05.2019 Order Per N. S. Saini:

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Amit Katoch, Sr. DR
Section 115JSection 143(3)Section 43A

…ared in accordance part II and III of Schedule - VI of the Companies Act. Therefore, the book profit declared as per the Profit and Loss account should have not been disturbed in view of decision of Hon'ble Apex court in the case of Apollo Tyres Ltd. Vs. CIT (255 ITR 273). The reliance has also been placed on the decision of Hon'ble Supreme Court in the case of Bharat Earth Movers Limited vs. CIT (112 Taxman 61) and the decision of Hon'ble Mumbai High Court in the case of CIT vs. Echjay Forging Pvt. Ltd. (116 Taxman 322) in support of contention that when the liabilities were determined on the basis of actuarial…

The Dy, CIT., Central Circle-1, Surat vs. M/S. Nakoda Limited, Surat

In the result, the appeal is allowed

ITA 733/AHD/2014[2007-08]Status: DisposedITAT Surat02 May 2019AY 2007-08
For Appellant: Shri H.R.Vepari – CAFor Respondent: Shri O.P.Singh – Ld.CIT-DR &
Section 115JSection 143(3)Section 271(1)(c)

…7 as P&L A/c. only and this amount so outstanding, needs to be treated as amount brought forward as loss in terms of clause (iii) of Explanation to section 115JB(2) of the Act. The learned A.R. has further contended that the decision of 6.5 Apollo Tyres Ltd. (255 ITR 273), is very relevant which lays down that the Assessing Officer is not permitted to read beyond the Companies Act, 1956 or beyond the permissible deductions/additions stipulated in explanation to section 115JB(2) of the Income-tax Act,1961. It has also been submitted by the learned A.R. that the issue of section] 115JB in the case of the appellant…

M/S. Himadri Chemicals & Industries Ltd., (Now Known As Himadri Speciality Chemical Ltd.), Kolkata vs. PCIT, Central-1, Kolkata

ITA 819/KOL/2017[2011-12]Status: DisposedITAT Kolkata05 Apr 2019AY 2011-12

Bench: Shri Aby. T. Varkey & Shri M. Balaganeshi.T.A. No.819/Kol/2017 (Assessment Year 2011-12) M/S. Himadri Chemicals & Pcit, Central-1, Kolkata. Industries Ltd. -Vs- [Now Known As Himadri Specialty Chemical Ltd.] [Pan :Aaach 7475 H] (Appellant) .. (Respondent) For The Appellant Shri S.K. Tulsiyan, Advocate For The Respondent Dr. P. K. Srihari, Cit(Dr) Date Of Hearing 03.04.2019 Date Of Pronouncement 05.04.2019

Section 115JSection 143(3)Section 14ASection 263Section 297

…ng under the aforesaid list provided in Explanation 1 to section M/s. Himadri Chemicals & Industries Ltd. I.T.A. No.819/Kol/2017 Assessment year 2011-12 115JB(2) of the Act. The Hon’ble Supreme Court in the case of Apollo Tyres Ltd. v. CIT reported in [2002] 255 ITR 273 (SC) held as under: “The Assessing Officer, while computing the book profits of a company under section115J of the Income-tax Act, 1961, has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. The Assessing Offic…

DCIT, New Delhi vs. M/S. Quippo Oil & Gas Infra Ltd., New Delhi

Appeal of the revenue is dismissed

ITA 5710/DEL/2014[2008-09]Status: DisposedITAT Delhi03 Apr 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblequippo Oil & Gas Infra Ltd. Vs The Additional D-2, 5Th Floor, Southern Park, Commissioner Of Income Saket Place Tax, New Delhi Aaacq1278P Range-14 New Delhi (Appellant) (Respondent) Dcit Vs Quippo Oil & Gas Infra Ltd. Circle-14(1) D-2, 5Th Floor, Southern New Delhi Park, Saket Place New Delhi Aaacq1278P (Appellant) (Respondent)

Section 115JSection 143(3)Section 37Section 43B

…vision in Explanation 1 to Sec. 115JB to make addition on account of expenditure towards foreign exchange fluctuation loss, the addition made by the AO is erroneous. The reliance upon the decision of Apex Court in the case of Apollo Typres Ltd. vs. CIT (2002) 255 ITR 273 (SC) by the Ld. AR is apt as the Apex Court held that the Assessing Officer while computing the book with the Companies Act. Sub-section (1A) of section 115J does not empower the Assessing Officer to embark upon a fresh enquiry in regard to the entries made in the books of accounts of the company. Ground No. 3 of the assessee’s appeal is allowed.…

M/S. Quippo Oil & Gas Infrastructure Ltd., Gurgaon vs. Addl.CIT, New Delhi

Appeal of the revenue is dismissed

ITA 5634/DEL/2014[2008-09]Status: DisposedITAT Delhi03 Apr 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblequippo Oil & Gas Infra Ltd. Vs The Additional D-2, 5Th Floor, Southern Park, Commissioner Of Income Saket Place Tax, New Delhi Aaacq1278P Range-14 New Delhi (Appellant) (Respondent) Dcit Vs Quippo Oil & Gas Infra Ltd. Circle-14(1) D-2, 5Th Floor, Southern New Delhi Park, Saket Place New Delhi Aaacq1278P (Appellant) (Respondent)

Section 115JSection 143(3)Section 37Section 43B

…vision in Explanation 1 to Sec. 115JB to make addition on account of expenditure towards foreign exchange fluctuation loss, the addition made by the AO is erroneous. The reliance upon the decision of Apex Court in the case of Apollo Typres Ltd. vs. CIT (2002) 255 ITR 273 (SC) by the Ld. AR is apt as the Apex Court held that the Assessing Officer while computing the book with the Companies Act. Sub-section (1A) of section 115J does not empower the Assessing Officer to embark upon a fresh enquiry in regard to the entries made in the books of accounts of the company. Ground No. 3 of the assessee’s appeal is allowed.…

Yuvak Ventrures Private Limited (Successors to Aikone Marketing and Management Services Private Limited, Mumbai vs. Deputy Commissioner of Income Tax 8(2)(3), Mumbai

ITA 144/MUM/2018[2009-10]Status: DisposedITAT Mumbai02 Apr 2019AY 2009-10

Bench: Shri Shamim Yahya & Shri Amarjit Singhm/S. Yuvak Ventures Pvt. Ltd., (As Successors To Aikone Marketing & Management Services Pvt. Ltd.,) 405/408, B ……………. Appellant Wing, Navbharat Estate Zakaria Bunder Road Sewree, Mumbai – 400 015 Pan No:Aagca6159B V/S

For Appellant: Shri. Yogesh. A.Thar &For Respondent: Shri. B.B.Rajendra Prasad &
Section 14ASection 271(1)(c)

…ence addition of long term capital gain calculated by the AO as per the normal provisions in respect of the book profit is also not as per the provisions of section 115JB of the Act. It is stated that the Supreme Court in the case of Apollo Tyres Ltd vs. CIT (255 ITR 273) has examined similar provisions contained in section 115J of the Act in detail and held that while determining the "book profits" under section 115J, the Assessing Officer cannot re-compute the profits as shown in the profit and loss account and has the jurisdiction only to make adjustments to the extent provided in the Explanation to Section 11…

M/S. Integreon India Pvt. Ltd., Mumbai vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 1173/DEL/2016[2011-12]Status: DisposedITAT Delhi02 Apr 2019AY 2011-12

Bench: Shri N.K. Billaiya & Shri Sandeep Gosain[A.Y 2011-12] M/S Integreon India Pvt Ltd Vs. The Dy. C.I.T 602, 6Th Floor, I.T. Building - 3 Circle - 11(1) Nesco I.T. Park, Nesco Complex New Delhi Western Express Highway Goregaon [East], Mumbai Pan: Aaccg 7235 J (Applicant) (Respondent) Assessee By : Shri Niraj Sheth, Adv Department By : Shri Sanjay I Bara, Cit-Dr Date Of Hearing : 13.03.2019 Date Of Pronouncement : 02.04.2019

For Appellant: Shri Niraj Sheth, AdvFor Respondent: Shri Sanjay I Bara, CIT-DR
Section 115JSection 143(3)Section 2Section 271(1)(c)Section 92D

…the amount of profit shown by the assessee in its profit and loss account, for the purpose of computing book profit u/s 1 15JB. The law in this regard is clear. Reference is made to the judgment of Hon'ble Supreme Court in the case of Apollo Tyres Ltd. v. CIT 255 ITR 273/122 Taxman 562. It is noted from the perusal of the assessment order that the AO has simply made addition by an amount of Rs. 1,30,72,762/- to the amount of net profit as per profit and loss account for the purpose of computation of income u/s 115JB without even mentioning that under what provisions this addition was being made. Such an approach…

DCIT, Cir-11(1), Kolkata vs. M/S. Emami Biotech Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1915/KOL/2017[2011-12]Status: DisposedITAT Kolkata29 Mar 2019AY 2011-12

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

…contended that the amount of subsidy 15 A.Y. 2011-2012 M/s. Emami Biotech Limited was credited by the assessee-company itself to the Profit & Loss Account. Relying on the decision of the Hon’ble Supreme Court in the case of Apollo Tyres Limited –vs.- CIT (255 ITR 273), he contended that nobody can tinker with the Profit & Loss Account and the only adjustments permissible to the profit reflected in the Profit & Loss Account of the assessee are to the extent as provided in Explanation to Section 115JB. He contended that the ld. CIT(Appeals), therefore, was not justified in allowing the claim of the assessee for…

M/S Sjvn Ltd. ( Formerly Satluj Jal Vidyut Nigam Limited), Shimla vs. DCIT, Circle, Shimla

ITA 835/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh28 Mar 2019AY 2014-15
For Appellant: Shri Rajiv Sood, CAFor Respondent: Smt.Mona Mohanti, CIT DR
Section 250(6)

…x Refund Rs.2,16,05,340/- The interest earned on income tax refund has been already added to the book profit worked out as per prescribed accounting standard and which has been duly approved and adopted in the Annual General Meeting. The ratio of Appolo Tyres 255 ITR 273 needs to have been followed.” 2 5 . T h e a s s e s s e e b y w a y o f t h e a b o v e g r o u n d h a s c h a l l e n g e d t h e a c t i o n o f t h e L d . C I T ( A ) i n a d d i n g t h e i n t e r e s t e a r n e d o n I n c o m e T a x r e f u n d o f R s . 2 . 1 6 c r o r e s , t o i t s B o o k P r o f i t s , f o r t h e p u r p o s…

M/S Sjvn Ltd. ( Formerly Satluj Jal Vidyut Nigam Limited), Shimla vs. DCIT, Circle, Shimla

ITA 834/CHANDI/2018[2013-14]Status: DisposedITAT Chandigarh28 Mar 2019AY 2013-14
For Appellant: Shri Rajiv Sood, CAFor Respondent: Smt.Mona Mohanti, CIT DR
Section 250(6)

…x Refund Rs.2,16,05,340/- The interest earned on income tax refund has been already added to the book profit worked out as per prescribed accounting standard and which has been duly approved and adopted in the Annual General Meeting. The ratio of Appolo Tyres 255 ITR 273 needs to have been followed.” 2 5 . T h e a s s e s s e e b y w a y o f t h e a b o v e g r o u n d h a s c h a l l e n g e d t h e a c t i o n o f t h e L d . C I T ( A ) i n a d d i n g t h e i n t e r e s t e a r n e d o n I n c o m e T a x r e f u n d o f R s . 2 . 1 6 c r o r e s , t o i t s B o o k P r o f i t s , f o r t h e p u r p o s…

ACIT, Circle, Shimla vs. M/S Satluj Jal Vidyut Nigam Limited, Shimla

ITA 827/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh28 Mar 2019AY 2014-15
For Appellant: Shri Rajiv Sood, CAFor Respondent: Smt.Mona Mohanti, CIT DR
Section 250(6)

…x Refund Rs.2,16,05,340/- The interest earned on income tax refund has been already added to the book profit worked out as per prescribed accounting standard and which has been duly approved and adopted in the Annual General Meeting. The ratio of Appolo Tyres 255 ITR 273 needs to have been followed.” 2 5 . T h e a s s e s s e e b y w a y o f t h e a b o v e g r o u n d h a s c h a l l e n g e d t h e a c t i o n o f t h e L d . C I T ( A ) i n a d d i n g t h e i n t e r e s t e a r n e d o n I n c o m e T a x r e f u n d o f R s . 2 . 1 6 c r o r e s , t o i t s B o o k P r o f i t s , f o r t h e p u r p o s…

Assistant Commissioner of Income Tax, Circle-2, Jaipur vs. M/S. Om Metal Infraproject Limited, Jaipur

In the result, appeals of the revenue are dismissed

ITA 1510/JPR/2018[2011-12]Status: DisposedITAT Jaipur27 Mar 2019AY 2011-12
For Appellant: Shri B.V. Maheshwari (CA)For Respondent: Shri Varinder Mehta (CIT-DR)
Section 10Section 115Section 115JSection 86

…e ITAT, Mumbai in the case of Goldgerg Finance (P.) Ltd. Vs ACIT [2017] 78 taxmann.com 123 (Mumbai - Trib.) …………………..………………….. ………………………………………….. (vi) It may be mentioned that in a number of judicial pronouncements, the case of Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), has been distinguished. In these judgements, it has been observed that the object of Minimum Alternate Tax (MAT) provisions incorporated in Sec.ll5JB of the Act was to bring out real profit of companies and the thrust was to find out real working results of company. It was further observed that inclusion of receipt which are…

Assistant Commissioner of Income Tax, Circle-2, Jaipur vs. M/S. Om Metal Infraproject Limited, Jaipur

In the result, appeals of the revenue are dismissed

ITA 1509/JPR/2018[2010-11]Status: DisposedITAT Jaipur27 Mar 2019AY 2010-11
For Appellant: Shri B.V. Maheshwari (CA)For Respondent: Shri Varinder Mehta (CIT-DR)
Section 10Section 115Section 115JSection 86

…e ITAT, Mumbai in the case of Goldgerg Finance (P.) Ltd. Vs ACIT [2017] 78 taxmann.com 123 (Mumbai - Trib.) …………………..………………….. ………………………………………….. (vi) It may be mentioned that in a number of judicial pronouncements, the case of Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), has been distinguished. In these judgements, it has been observed that the object of Minimum Alternate Tax (MAT) provisions incorporated in Sec.ll5JB of the Act was to bring out real profit of companies and the thrust was to find out real working results of company. It was further observed that inclusion of receipt which are…

D, C, I.T, Cir-I, Kolkata vs. M/S Stewarts & Lloyds of India Ltd., Kolkata

ITA 1515/KOL/2013[2004-2005]Status: DisposedITAT Kolkata22 Mar 2019AY 2004-2005

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 1515/Kol/2013 Assessment Year: 2004-05 Dcit, Circle – 1, Kolkata...................................………………………….................................Appellant P-7, Chowringhee Square, Kolkata – 700 069. M/S. Stewarts & Lloyds Of India Ltd.....................……………………………….............Respondent 41, Chowringhee Square, Kolkata – 700 071. [Pan: Aaecs 0445 G] Appearances By: Shri C.J. Singh, Sr. Dr (Jcit) Appearing On Behalf Of The Revenue. None Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : March 18, 2019 Date Of Pronouncing The Order : March 22, 2019 Order Per P.M. Jagtapthis Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit(A) – 20, Kolkata Dated 21.02.2013. 2. At The Time Of Hearing Fixed On 18.03.2019, None Has Appeared On Behalf Of The Assessee In Spite Of The Fact That The Notice Of The Said Hearing Was Sent To The Assessee By Rpad. There Was A Similar Non- Compliance On The Part Of The Assessee Even On The Earlier Occasions When The Appeal Was Fixed Or Hearing On 12.12.2017, 03.042018, 08.11.2018, 10.01.2019 & 04.02.2019. This Appeal Of The Revenue Is, Therefore, Being Disposed Of Ex-Parte Qua The Respondent Assessee After Hearing The Arguments Of The Learned Dr & Perusing The Relevant Material Available On Record.

…book profit, is limited to the specific items as specified in explanation below second proviso to section 115JB. None of the items of the said explanation deals with profit on sale of fixed assets. ii. Hon’ble Supreme Court in the case of Appollo Tyres Ltd. (255 ITR 273) held that no adjustments other than what has been specified in the explanation below second proviso to section 115JB is permissible for the purpose of computation of book profit.” The AO accordingly made an addition of Rs. 3,11,81,581/- on account of profit on sale of fixed assets while computing the book profit of the assessee company u/s 115J…

Priapus Developers P.Ltd, New Delhi vs. ACIT, Circle-20(1), New Delhi

ITA 170/DEL/2019[2015-16]Status: DisposedITAT Delhi12 Mar 2019AY 2015-16
Section 10(38)Section 115JSection 143(3)Section 14ASection 154Section 49(2)

…the Companies Act, 2013, corresponding to Part II & III of the Schedule of Companies Act, 1956 and also Accounting Standard issued by ICAI has been strictly followed. Relying upon the decision of Hon’ble Supreme Court in Appollo Tyres Ltd vs. CIT reported in 255 ITR 273, he submitted that once the accounts have been prepared in accordance with Companies Act, which have been scrutinized and certified by Statutory Auditors and approved by Company’s AGM, the Assessing Officer is bound by the same. 10. Ld. Counsel also distinguished the judgment of ITAT Ahmedabad Bench in the case of Infibeam (supra) as relied upon…

ACIT, Moradabad vs. M/S. Jubilant Organosyes Ltd., Uttar Pradesh

The appeal is dismissed

ITA 4975/DEL/2012[2008-09]Status: DisposedITAT Delhi12 Mar 2019AY 2008-09

Bench: Smt Beena A. Pillai & Shri Prashant Maharishi

For Appellant: Shri R.M. Gupta, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 115JSection 43(1)

…e simply prepared income and expenditure account on proportionate basis. 6. That ld CIT(A) has erred in law and on facts of case in accepting assessee‟s explanation that net profit shown in P/L a/c cannot be disturbed as per decision of Apex Court reported in 255 ITR 273 while facts of decision are distinguishable with facts of case. 7. That ld CIT(A) has failed to appreciate facts that assessee claimed deduction of Rs. 10540000/- on account of transfer of revelation reserve while computing book profit u/s 115JA which is not allowable as per explanation to section 115JA(2) since profit and loss was not credited b…

ACIT, Moradabad vs. M/S Jubliant Organosys Ltd., Uttar Pradesh

The appeal is dismissed

ITA 2596/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Mar 2019AY 2007-08

Bench: Smt Beena A. Pillai & Shri Prashant Maharishi

For Appellant: Shri R.M. Gupta, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 115JSection 43(1)

…e simply prepared income and expenditure account on proportionate basis. 6. That ld CIT(A) has erred in law and on facts of case in accepting assessee‟s explanation that net profit shown in P/L a/c cannot be disturbed as per decision of Apex Court reported in 255 ITR 273 while facts of decision are distinguishable with facts of case. 7. That ld CIT(A) has failed to appreciate facts that assessee claimed deduction of Rs. 10540000/- on account of transfer of revelation reserve while computing book profit u/s 115JA which is not allowable as per explanation to section 115JA(2) since profit and loss was not credited b…

Jubilant Organosys Ltd., Noida vs. Addl. CIT, Moradabad

The appeal is dismissed

ITA 2497/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Mar 2019AY 2007-08

Bench: Smt Beena A. Pillai & Shri Prashant Maharishi

For Appellant: Shri R.M. Gupta, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 115JSection 43(1)

…e simply prepared income and expenditure account on proportionate basis. 6. That ld CIT(A) has erred in law and on facts of case in accepting assessee‟s explanation that net profit shown in P/L a/c cannot be disturbed as per decision of Apex Court reported in 255 ITR 273 while facts of decision are distinguishable with facts of case. 7. That ld CIT(A) has failed to appreciate facts that assessee claimed deduction of Rs. 10540000/- on account of transfer of revelation reserve while computing book profit u/s 115JA which is not allowable as per explanation to section 115JA(2) since profit and loss was not credited b…