Apollo Tyres Ltd. v. CIT

DCIT, New Delhi vs. M/S Spice Communication Ltd., Noida

In the result, the appeal in ITA No

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2006-07 Deputy Commissioner Of Income Vs. M/S. Spice Communication Ltd., Tax, Circle 9(1), Room No. 163, C/O- Idea Cellular Ltd., A-68, C.R. Building, New Delhi Sector-64, Noida. Gir/Pan : Aagcs6070H (Appellant) (Respondent) & C.O. No. 77/Del/2011 [In Ita No. 988/Del/2011] Assessment Year: 2006-07 M/S. Spice Communication Ltd., Vs. Deputy Commissioner Of Income C/O- Idea Cellular Ltd., A-68, Tax, Circle 9(1), Room No. 163, Sector-64, Noida. C.R. Building, New Delhi Gir/Pan : Aagcs6070H (Appellant) (Respondent) & Assessment Year: 2006-07 M/S. Idea Cellular Ltd., A-68, Vs. Acit, Circle-50(1), New Delhi Sector-64, Noida Gir/Pan : Aaacb2100P (Appellant) (Respondent) Assessee By Sh. Ronak G. Doshi, Ca Department By Sh. B.K. Singh, Cit(Dr) Date Of Hearing 05.04.2016 Date Of Pronouncement 25.05.2016 & C.O. No. 77/Del/2011

…n of Rs. 36,67,000/- 20.1 Before us, the learned Authorized Representative of the assessee submitted that the deduction was allowable in view of the findings of the Hon’ble Apex Court in the case of Apollo Tyres Ltd. Vs. Commissioner of Income Tax reported in 255 ITR 273 (SC). 20.2 On the contrary, the learned CIT(DR) relied on the findings of the authorities below. 20.3 We have heard the rival submissions and perused the material on record. We find that for computing regular income the learned Authorized Representative has accepted disallowance of the provisions of Rs. 36,67,000/-. In the circumstances, the prov…

Idea Cellular Ltd., Noida vs. ACIT, New Delhi

In the result, the appeal in ITA No

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2006-07 Deputy Commissioner Of Income Vs. M/S. Spice Communication Ltd., Tax, Circle 9(1), Room No. 163, C/O- Idea Cellular Ltd., A-68, C.R. Building, New Delhi Sector-64, Noida. Gir/Pan : Aagcs6070H (Appellant) (Respondent) & C.O. No. 77/Del/2011 [In Ita No. 988/Del/2011] Assessment Year: 2006-07 M/S. Spice Communication Ltd., Vs. Deputy Commissioner Of Income C/O- Idea Cellular Ltd., A-68, Tax, Circle 9(1), Room No. 163, Sector-64, Noida. C.R. Building, New Delhi Gir/Pan : Aagcs6070H (Appellant) (Respondent) & Assessment Year: 2006-07 M/S. Idea Cellular Ltd., A-68, Vs. Acit, Circle-50(1), New Delhi Sector-64, Noida Gir/Pan : Aaacb2100P (Appellant) (Respondent) Assessee By Sh. Ronak G. Doshi, Ca Department By Sh. B.K. Singh, Cit(Dr) Date Of Hearing 05.04.2016 Date Of Pronouncement 25.05.2016 & C.O. No. 77/Del/2011

…n of Rs. 36,67,000/- 20.1 Before us, the learned Authorized Representative of the assessee submitted that the deduction was allowable in view of the findings of the Hon’ble Apex Court in the case of Apollo Tyres Ltd. Vs. Commissioner of Income Tax reported in 255 ITR 273 (SC). 20.2 On the contrary, the learned CIT(DR) relied on the findings of the authorities below. 20.3 We have heard the rival submissions and perused the material on record. We find that for computing regular income the learned Authorized Representative has accepted disallowance of the provisions of Rs. 36,67,000/-. In the circumstances, the prov…

ACIT, Range-I vs. Jubilant Organosys Ltd

Bench: Shri J.S. Reddy & Shri Chandra Mohan Garg.

…T(A) was not correct on the facts of the case in accepting assessee’s explanation that the net profit shown in the profit and loss account cannot be disturbed as per the decision of the Hon'ble Supreme Court in the case of Apollo Tyres Ltd VS. CIT reported in 255 ITR 273 because the facts of the present case are distinguishable with the facts of that case because in the present case the assessee transferred Rs. 339.69 lakhs from revaluation reserve account to profit and loss account for the purpose of section 115JA of the Act the book profits has to be enhanced by this amount. 11. The ld. CIT-DR also contended t…

Jubilant Organosys Ltd vs. ACIT, Range-I

Bench: Shri J.S. Reddy & Shri Chandra Mohan Garg.

…T(A) was not correct on the facts of the case in accepting assessee’s explanation that the net profit shown in the profit and loss account cannot be disturbed as per the decision of the Hon'ble Supreme Court in the case of Apollo Tyres Ltd VS. CIT reported in 255 ITR 273 because the facts of the present case are distinguishable with the facts of that case because in the present case the assessee transferred Rs. 339.69 lakhs from revaluation reserve account to profit and loss account for the purpose of section 115JA of the Act the book profits has to be enhanced by this amount. 11. The ld. CIT-DR also contended t…

Nhpc Ltd., Faridabad vs. ACIT, Faridabad

In the result, appeals of the assessee in ITA Nos

Bench: Sh. H.S. Sidhu, Judicialmember & Sh. Prashant Maharishi

…12 Taxman 61); 4. That provisions for doubtful debts are not liabilities much less unascertained liabilities and; 5. That Profit &. Loss A/c prepared in accordance with Schedule VI of balance cannot be disturbed in view of ratio of case of Appollo Tyre Ltd., (255 ITR 273), Shri Sajjan Mills Ltd. (156 ITR 589). 5.2 The main argument, in the repertoire of defenses, traces the meanings of terms „liabilities‟ and 'provisions'. Since the issue in hand is intimately connected with accounting principles in general, it would be appropriate to examine here the Tax Laws, Accounting Standards and Conventions and also the p…