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 367,518 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

Mahadhan Agritech Limited (Formerly Known As Smartchem Technologies Ltd), Mumbai vs. Assistant Commissioner of Income Tax Central Circle 8(1), Mumbai

In the result, the appeals filed by the assessee are

ITA 5423/MUM/2024[2020-21]Status: DisposedITAT Mumbai24 Jul 2025AY 2020-21
Section 115JSection 132Section 143(3)Section 153ASection 69A

…ech Limited 103. Reliance was placed on various judicial precedents listed below wherein it is held that the ld. AO has limited power to make any modification to book profits as provided in Explanations to Section 115JB - - Apollo Tyres Limited vs. CIT (2002) 255 ITR 273 (SC) - Mahindra & Mahindra Ltd. vs. CIT (ITA No. 416 of 2003) (Bom) - PCIT vs. Varun Corporation Ltd. (2023) 154 taxmann.com 548 (Bom) - CIT vs. Nuclear Power Corporation of India Ltd. (2021) 132 taxmann.com 100 (Bom)(HC). SLP dismissed by the Hon'ble Supreme Court 104. Therefore, the ld. AR submitted that in view of the limited powers of the AO…

Mahadhan Agritech Limited (Formerly Known As Smartchem Technologies Limited ), Mumbai vs. Deputy Commissioner of Income Tax, Central Circle -8(1), Mumbai

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

ITA 3937/MUM/2024[2019-20]Status: DisposedITAT Mumbai24 Jul 2025AY 2019-20

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 115JSection 132Section 143(3)Section 153ASection 69A

…panies Act. 103. Reliance was placed on various judicial precedents listed below wherein it is held that the ld. AO has limited power to make any modification to book profits as provided in Explanations to Section 115JB - - Apollo Tyres Limited vs. CIT (2002) 255 ITR 273 (SC) - Mahindra & Mahindra Ltd. vs. CIT (ITA No. 416 of 2003) (Bom) - PCIT vs. Varun Corporation Ltd. (2023) 154 taxmann.com 548 (Bom) - CIT vs. Nuclear Power Corporation of India Ltd. (2021) 132 taxmann.com 100 (Bom)(HC). SLP dismissed by the Hon‟ble Supreme Court 104. Therefore, the ld. AR submitted that in view of the limited powers of the AO…

DCIT Central Circle 8(1), Mumbai vs. Mahadhan Agritech Limited, Pune

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

ITA 3569/MUM/2024[2019-20]Status: DisposedITAT Mumbai24 Jul 2025AY 2019-20

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 115JSection 132Section 143(3)Section 153ASection 69A

…panies Act. 103. Reliance was placed on various judicial precedents listed below wherein it is held that the ld. AO has limited power to make any modification to book profits as provided in Explanations to Section 115JB - - Apollo Tyres Limited vs. CIT (2002) 255 ITR 273 (SC) - Mahindra & Mahindra Ltd. vs. CIT (ITA No. 416 of 2003) (Bom) - PCIT vs. Varun Corporation Ltd. (2023) 154 taxmann.com 548 (Bom) - CIT vs. Nuclear Power Corporation of India Ltd. (2021) 132 taxmann.com 100 (Bom)(HC). SLP dismissed by the Hon‟ble Supreme Court 104. Therefore, the ld. AR submitted that in view of the limited powers of the AO…

Mahadhan Agritech Limited (Formerly Known As Smartchem Technologies Ltd, Mumbai vs. Commissioner of Income Tax(Appeal)--50, Mumai

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

ITA 2229/MUM/2024[2018-19]Status: DisposedITAT Mumbai24 Jul 2025AY 2018-19

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 115JSection 132Section 143(3)Section 153ASection 69A

…panies Act. 103. Reliance was placed on various judicial precedents listed below wherein it is held that the ld. AO has limited power to make any modification to book profits as provided in Explanations to Section 115JB - - Apollo Tyres Limited vs. CIT (2002) 255 ITR 273 (SC) - Mahindra & Mahindra Ltd. vs. CIT (ITA No. 416 of 2003) (Bom) - PCIT vs. Varun Corporation Ltd. (2023) 154 taxmann.com 548 (Bom) - CIT vs. Nuclear Power Corporation of India Ltd. (2021) 132 taxmann.com 100 (Bom)(HC). SLP dismissed by the Hon‟ble Supreme Court 104. Therefore, the ld. AR submitted that in view of the limited powers of the AO…

Mahadhan Agritech Limited (Formerly Knwon As Smartech Technologies Ltd ), Mumbai vs. Commissioner of Income Tax (Appeals)-Mumbai-50, Mumbai

In the result, the appeals filed by the assessee are

ITA 2228/MUM/2024[2016-17]Status: DisposedITAT Mumbai24 Jul 2025AY 2016-17
Section 115JSection 132Section 143(3)Section 153ASection 69A

…Limited 66 103. Reliance was placed on various judicial precedents listed below wherein it is held that the ld. AO has limited power to make any modification to book profits as provided in Explanations to Section 115JB - - Apollo Tyres Limited vs. CIT (2002) 255 ITR 273 (SC) - Mahindra & Mahindra Ltd. vs. CIT (ITA No. 416 of 2003) (Bom) - PCIT vs. Varun Corporation Ltd. (2023) 154 taxmann.com 548 (Bom) - CIT vs. Nuclear Power Corporation of India Ltd. (2021) 132 taxmann.com 100 (Bom)(HC). SLP dismissed by the Hon‟ble Supreme Court 104. Therefore, the ld. AR submitted that in view of the limited powers of the AO…

Mahadhan Agritech Limited (Formerly Known As Smartech Technologies Ltd, Mumbai vs. Commissioner of Income Tax (Appeals)-Mumbai.50, Mumbai

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

ITA 2227/MUM/2024[2017-18]Status: DisposedITAT Mumbai24 Jul 2025AY 2017-18

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 115JSection 132Section 143(3)Section 153ASection 69A

…panies Act. 103. Reliance was placed on various judicial precedents listed below wherein it is held that the ld. AO has limited power to make any modification to book profits as provided in Explanations to Section 115JB - - Apollo Tyres Limited vs. CIT (2002) 255 ITR 273 (SC) - Mahindra & Mahindra Ltd. vs. CIT (ITA No. 416 of 2003) (Bom) - PCIT vs. Varun Corporation Ltd. (2023) 154 taxmann.com 548 (Bom) - CIT vs. Nuclear Power Corporation of India Ltd. (2021) 132 taxmann.com 100 (Bom)(HC). SLP dismissed by the Hon‟ble Supreme Court 104. Therefore, the ld. AR submitted that in view of the limited powers of the AO…

M/S Gujarat Guardian Ltd., New Delhi vs. DCIT, New Delhi

ITA 2539/DEL/2017[2005-06]Status: DisposedITAT Delhi16 Jul 2025AY 2005-06

Bench: Shri Prakash Chand Yadav & Shri Brajesh Kumar Singh

For Appellant: Shri Ajay Vohra, Sr. A.RFor Respondent: Shri Bhopal Singh, Sr. D.R
Section 92C

…see cannot be altered with for the purpose of computation of book profit u/s 115JB of the Act. 48. Counsel for the assessee also relied upon the provisions of Companies Act as well as judgement of Hon'ble Supreme Court in the case of Apollo Tyres reported in 255 ITR 273. 49. Ld. D.R. relied upon the orders of authorities below. Finding of the Bench 50. After considering rival submissions, we observe that section 115JB of the Act is a complete code in itself. This section itself provides the upward and downward adjustment, while computing the book profit. The explanation appended to section 115JB of the Act cl…

Gujarat Guardian Ltd., New Delhi vs. DCIT, New Delhi

ITA 159/DEL/2010[2003-04]Status: DisposedITAT Delhi16 Jul 2025AY 2003-04

Bench: Shri Prakash Chand Yadav & Shri Brajesh Kumar Singh

Section 92C

…see cannot be altered with for the purpose of computation of book profit u/s 115JB of the Act. 48. Counsel for the assessee also relied upon the provisions of Companies Act as well as judgement of Hon'ble Supreme Court in the case of Apollo Tyres reported in 255 ITR 273. 49. Ld. D.R. relied upon the orders of authorities below. Finding of the Bench 50. After considering rival submissions, we observe that section 115JB of the Act is a complete code in itself. This section itself provides the upward and downward adjustment, while computing the book profit. The explanation appended to section 115JB of the Act cl…

Mr. 3 Sigma Global Fund, Mumbai vs. Assistant Commissioner of Income Tax Int Tax Circle 4(2)(1), Mumbai

Accordingly we hold that the gain arising from the transfer of Derivatives cannot be taxed in India and the addition made in this regard stands deleted. Ground No. 1 raised by the assessee is hereb...

ITA 1130/MUM/2025[2022-23]Status: DisposedITAT Mumbai30 Jun 2025AY 2022-23

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Bhaumik Goda, ARFor Respondent: Shri Krishna Kumar, Sr. DR
Section 143(3)

…axed in India. " 15 ITA No. 1130 & IT (IT)A No. 1119/Mum/2025 M/s Sigma Global Fund 6.5 The Mumbai Tribunal came to above conclusion by relying on the judgment of the Hon'ble Supreme Court ("SC") in the case of Apollo Tyres Ltd. v. CIT [2002] 122 Taxman 562/255 ITR 273 (SC), wherein the Hon'ble Apex Court held as under: "Even though the said section (Section 32(3) of the UTI Act, creates a fiction to make UTI as a deemed company and distribution of the income received by the unitholder as deemed dividend, by virtue of these deeming provisions it cannot be said that it a/so makes the unit of UTI a deemed share.…

DCIT, CC-2(2), Aayakar Bhawan Poorva vs. Aryan Mining and Trading Corporation Limited, Hide Lane

In the result, the appeal of the Revenue is dismissed

ITA 1177/KOL/2024[2015-16]Status: DisposedITAT Kolkata23 Jun 2025AY 2015-16

Bench: Shri Pradip Kumar Choubey, Jm & Shri Rakesh Mishra, Am Aryan Mining & Trading Dcit, Central Circle-2(2), Corporation Limited, 110, Shantipally, 4 Th Floor, P-1, Hide Lane, Johar Building, Vs. Pin-700073, West Bengal Pin-700073, West Bengal (Respondent) (Appellant) Pan No. Aadca7247B Assessee By : Shri A.K. Tulsian, Ar Revenue By : Shri Praveen Kishore, Dr Date Of Hearing: 11.06.2025 Date Of Pronouncement: 23.06.2025

For Appellant: Shri A.K. Tulsian, ARFor Respondent: Shri Praveen Kishore, DR
Section 10Section 115JSection 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, KOLKATA BEFORE SHRI PRADIP KUMAR CHOUBEY, JM AND SHRI RAKESH MISHRA, AM Aryan Mining and Trading DCIT, Central Circle-2(2), Corporation Limited, 110, Shantipally, 4 th Floor, P-1, Hide Lane, Johar Building, Vs. Pin-700073, West Bengal PIN-700073, West Bengal (Respondent) (Appellant) PAN No. AADCA7247B Assessee by : Shri A.K. Tulsian, AR Revenue by : Shri Praveen Kishore, DR Date of hearing: 11.06.2025 Date of pronouncement: 23.06.2025 O R D E R Per Pradip Kumar Choubey, JM: This is an appeal preferred by the Revenue against the order of the National Faceless Appe…

Seabird Marine Services Private Limited, Jamnagar vs. ACIT, Circle - 1, Jamnagar, Jamangar

ITA 83/RJT/2025[2017-18]Status: DisposedITAT Rajkot30 May 2025AY 2017-18

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No. 83/Rjt/2025 (निर्धारण वर्ष/Assessment Year: (2017-18) Seabird Marine Services Pvt. Vs. Ltd. Office No. 309 & 310, Centroid Luxuria, Nr. Crystal Mall, Khodiyar Colony, Aerodrome Road, Jamnagar 361006 Assistant Commissioner Of Income-Tax, Circle-1, Jamnagar, Aayakar Bhawan, Nr. Subhash Bridge, Jamnagar -Rajkot Highway, Jamnagar स्थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaccs 9869 C (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Appellant By : Shri S. N. Soparkar, Ld. Ar Respondent By : Shri Sanjay Punglia, Ld. Cit-Dr Date Of Hearing : 30/04/2025 Date Of Pronouncement : 30/05/2025 Per Dr. A. L. Saini, Am: आदेश / Order Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2017-18, Is Directed Against The Order Passed By The National Faceless Appeal Centre (Nfac), Dehi/ Commissioner Of Income Tax (Appeal) [In Short 'Ld. Cit(A)'], Dated 02.01.2025, Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer, Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”), Vide Order Dated 31.12.2019. 2. Grounds Of Appeal Raised By The Assessee Are As Follows: “All The Below Mentioned Grounds Of Appeal Are Independent & Without Prejudices To Each Other.

For Appellant: Shri S. N. Soparkar, Ld. ARFor Respondent: Shri Sanjay Punglia, Ld. CIT-DR
Section 114Section 115JSection 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT BEFORE DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER AND SHRI DINESH MOHAN SINHA, JUDICIAL MEMBER आयकर अपील सं./ITA No. 83/RJT/2025 (निर्धारण वर्ष/Assessment Year: (2017-18) Seabird Marine Services Pvt. Vs. Ltd. Office No. 309 & 310, Centroid Luxuria, Nr. Crystal Mall, Khodiyar Colony, Aerodrome Road, Jamnagar 361006 Assistant Commissioner of Income-tax, Circle-1, Jamnagar, Aayakar Bhawan, Nr. Subhash Bridge, Jamnagar -Rajkot Highway, Jamnagar स्थायीलेखासं./जीआइआरसं./PAN/GIR No.: AACCS 9869 C (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Appellant by : Shri S. N…

Alp Overseas Pvt Ltd., New Delhi vs. ACIT Central Circle-20, New Delhi

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

ITA 2356/DEL/2023[2018-19]Status: DisposedITAT Delhi16 May 2025AY 2018-19

Bench: Shri Pradip Kumar Kedia & Shri Vimal Kumarassessment Year: 2018-19 Alp Overseas Pvt. Ltd., Vs. Acit, 25/3, Anbrose House, Central Circle -20, East Patel Nagar, New Delhi New Delhi Pin 1100 08 Pan No. Aaacg6366L (Appellant) (Respondent)

For Appellant: Shri Pranshu Goel, CA & Shri AdityaFor Respondent: Shri Amit Shukla, Sr. DR
Section 115JSection 142(1)Section 143(2)Section 143(3)Section 35Section 35(1)Section 37(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”: NEW DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER Assessment Year: 2018-19 ALP Overseas Pvt. Ltd., Vs. ACIT, 25/3, Anbrose House, Central Circle -20, East Patel Nagar, New Delhi New Delhi PIN 1100 08 PAN No. AAACG6366L (Appellant) (Respondent) Assessee by: Shri Pranshu Goel, CA & Shri Aditya Gupta, Adv. Department by: Shri Amit Shukla, Sr. DR Date of Hearing: 07.05.2025 Date of pronouncement: 16.05.2025 O R D E R PER VIMAL KUMAR, JUDICIAL MEMBER: The appeal filed by the appellant/assessee is against order dated 22.06…

Dy. Commissioner of Income Tax, the Chinars, Near Govt. Silk Factory, Rajbagh, Srinagar vs. Jammu and Kashmir Power Development Corporation Ltd., Srinagar, Kashmir

In the result, all the three appeals filed by the revenue are dismissed being

ITA 386/ASR/2023[2018-19]Status: DisposedITAT Amritsar15 May 2025AY 2018-19

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

For Appellant: Sh. Dalip K Kaul, C. A
Section 115JSection 135Section 143(3)Section 250(6)Section 37(2)

…ount incurred towards CSR activity was not one of the adjustment as per the explanation [1] and he submits that the issue is already covered in favour of the assessee by the decision of the Hon’ble Apex court in the case of “ Apollo Tyres Ltd vs CIT [2002] 255 ITR 273 , where it has been held that the AO cannot tinker with the book profits and any adjustment than can be done is with respect to explanation provided to section 115BJ of the Act . 13. He further relied on the decision of the Hon’ble Supreme Court in the case of CIT vs HCL Comnet Systems and services Ltd ( supra )where it has been held that the AO…

Deputy Commissioner of Income Tax, Srinagar, Kashmir vs. Jammu and Kashmir Power Development Corporation Ltd., Srinagar, Kashmir

In the result, all the three appeals filed by the revenue are dismissed being

ITA 385/ASR/2023[2017-18]Status: DisposedITAT Amritsar15 May 2025AY 2017-18

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

For Appellant: Sh. Dalip K Kaul, C. A
Section 115JSection 135Section 143(3)Section 250(6)Section 37(2)

…ount incurred towards CSR activity was not one of the adjustment as per the explanation [1] and he submits that the issue is already covered in favour of the assessee by the decision of the Hon’ble Apex court in the case of “ Apollo Tyres Ltd vs CIT [2002] 255 ITR 273 , where it has been held that the AO cannot tinker with the book profits and any adjustment than can be done is with respect to explanation provided to section 115BJ of the Act . 13. He further relied on the decision of the Hon’ble Supreme Court in the case of CIT vs HCL Comnet Systems and services Ltd ( supra )where it has been held that the AO…

Deputy Commissioner of Income Tax Circle- Srinagar, Rajbagh Sringar vs. Jammu and Kashmir Power Development Corporation Ltd., Srinagar, Kashmir

In the result, all the three appeals filed by the revenue are dismissed being

ITA 364/ASR/2023[2016-2017]Status: DisposedITAT Amritsar15 May 2025AY 2016-2017

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

For Appellant: Sh. Dalip K Kaul, C. A
Section 115JSection 135Section 143(3)Section 250(6)Section 37(2)

…ount incurred towards CSR activity was not one of the adjustment as per the explanation [1] and he submits that the issue is already covered in favour of the assessee by the decision of the Hon’ble Apex court in the case of “ Apollo Tyres Ltd vs CIT [2002] 255 ITR 273 , where it has been held that the AO cannot tinker with the book profits and any adjustment than can be done is with respect to explanation provided to section 115BJ of the Act . 13. He further relied on the decision of the Hon’ble Supreme Court in the case of CIT vs HCL Comnet Systems and services Ltd ( supra )where it has been held that the AO…

Chimanlal Maneklal Securities Private Limited, Mumbai vs. Income Tax Officer, Aayakar Bhawan, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 127/MUM/2025[2016-17]Status: DisposedITAT Mumbai06 May 2025AY 2016-17

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Om Kandalkar,ARFor Respondent: Shri Kiran Unavekar, (Sr. DR)
Section 10(34)Section 115JSection 143(3)Section 14A

…he said explanation nowhere mentions or denotes any mandate to import the disallowance as per Section 14A of the Act for computing MAT under Section 115JB of the Act. 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. Further, the hon'ble Special Bench in the case of Vireet Investment P.Ltd(2017) 188TTJ 1(Del-ITAT) has held that no book profit adjustment u…

ACIT, Mumbai vs. Reliance Industries Limited, Mumbai

In the result, the appeal of the Revenue is dismissed whereas the cross-objection of the assessee is allowed

ITA 3705/MUM/2024[2014-15]Status: DisposedITAT Mumbai29 Apr 2025AY 2014-15

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Acit, Reliance Industries Ltd., Room No. 559, 5Th Floor, 3Rd Floor Maker Chamber Iv, Aayakar Bhavan, New Marine Vs. Nariman Point, S.O. Lines, Mumbai-400021. Mumbai-400020. Pan No. Aaacr 5055 K Appellant Respondent

For Appellant: Mr. Madhur Agarwal/Ms. MokshaFor Respondent: Ms. Sanyogita Nagpal, CIT-DR
Section 10ASection 115JSection 144BSection 144CSection 147Section 801B(9)

…ance with mandatory accounting standards, and that the Assessing Officer has no authority to alter the book profit computation beyond the adjustments specifically enumerated in the Explanation to section 115JB(1), as upheld in Apollo Tyres Ltd. v. CIT [(2002) 255 ITR 273 (SC)]. 11.7 It is further noted that although the audit objection was initially raised on this issue, the Assessing Officer, in his response to the audit note dated 07.07.2021, clearly stated that no adjustment could be made to book profit beyond the permissible heads under the Act. Despite disagreeing with the audit team, the AO proceeded to re…

ACIT(It)-3(2)(2), Mumbai vs. Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen, Mumbai

Accordingly, the grounds raised by the assessee are allowed

ITA 5094/MUM/2024[2020-21]Status: DisposedITAT Mumbai15 Apr 2025AY 2020-21

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri P. J. Pardiwala / Jeet Kamdar
Section 37Section 40Section 44CSection 9(1)(vii)

…unexpired risk and no adjustment is permitted to such profits other than those listed in Explanation 1 to section 115JB of the Act. Reliance in this regard is rightly placed on the decision of Hon’ble Supreme Court in the case of Apollo Tyres Ltd reported in 255 ITR 273 (SC). 12. We further find that the premium deficiency of Rs 773000 has been allowed by the ld. AO under the normal provisions of the Act but the same has been added back while computing book profits u/s 115JB of the Act. As stated supra, this is not an item contemplated to be added in the Explanation 1 to section 115JB(2) of the Act. Hence the r…

ACIT(It)-3(2)(2) Mumbai, Mumbai vs. Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen, Mumbai

Accordingly, the grounds raised by the assessee are allowed

ITA 5093/MUM/2024[2021-22]Status: DisposedITAT Mumbai15 Apr 2025AY 2021-22

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri P. J. Pardiwala / Jeet Kamdar
Section 37Section 40Section 44CSection 9(1)(vii)

…unexpired risk and no adjustment is permitted to such profits other than those listed in Explanation 1 to section 115JB of the Act. Reliance in this regard is rightly placed on the decision of Hon’ble Supreme Court in the case of Apollo Tyres Ltd reported in 255 ITR 273 (SC). 12. We further find that the premium deficiency of Rs 773000 has been allowed by the ld. AO under the normal provisions of the Act but the same has been added back while computing book profits u/s 115JB of the Act. As stated supra, this is not an item contemplated to be added in the Explanation 1 to section 115JB(2) of the Act. Hence the r…

Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen, Mumbai vs. Deputy Commissioner of Income Tax (It)-3(2)(2), Mumbai

Accordingly, the grounds raised by the assessee are allowed

ITA 4833/MUM/2024[2021-22]Status: DisposedITAT Mumbai15 Apr 2025AY 2021-22

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri P. J. Pardiwala / Jeet Kamdar
Section 37Section 40Section 44CSection 9(1)(vii)

…unexpired risk and no adjustment is permitted to such profits other than those listed in Explanation 1 to section 115JB of the Act. Reliance in this regard is rightly placed on the decision of Hon’ble Supreme Court in the case of Apollo Tyres Ltd reported in 255 ITR 273 (SC). 12. We further find that the premium deficiency of Rs 773000 has been allowed by the ld. AO under the normal provisions of the Act but the same has been added back while computing book profits u/s 115JB of the Act. As stated supra, this is not an item contemplated to be added in the Explanation 1 to section 115JB(2) of the Act. Hence the r…