CIT v. Flex Foods Ltd.: 360 ITR 359 (Del) CIT v. Sri Vishnu Shankar Mils Ltd.

ADDL CIT RG 1(1), MUMBAI vs. ACC LTD, MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…e levied on everything except certain activities/ it has to be ensured that profit from those activities ultimately are not taxed. 29.7 Reliance was placed on the decision of the Hon'ble Kerala High Court in the case of CIT -vs.- G. T. N. Textiles Ltd. (2001) 248 ITR 372 (Ker) has held that for computation of deduction u/s 80HHC for the purpose of computing book profit u/s 115J/ it is not the profit as computed under the Profit and Gains of Business and Profession that is to be applied but it is the profit as per books of accounts that is to be taken into consideration. The above judgement was followed by the Hon…

ACC LTD (FORMERLY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…e levied on everything except certain activities/ it has to be ensured that profit from those activities ultimately are not taxed. 29.7 Reliance was placed on the decision of the Hon'ble Kerala High Court in the case of CIT -vs.- G. T. N. Textiles Ltd. (2001) 248 ITR 372 (Ker) has held that for computation of deduction u/s 80HHC for the purpose of computing book profit u/s 115J/ it is not the profit as computed under the Profit and Gains of Business and Profession that is to be applied but it is the profit as per books of accounts that is to be taken into consideration. The above judgement was followed by the Hon…

TECNIMONT ICB PVT. LTD,MUMBAI vs. THE ACIT,CIRCLE 9(3), MUMBAI

…(which is pari materia to section 115JB of the Act) deduction u/s. 80HHC of the Act that needs to be excluded (from book profits) in terms of clause (iii) of Explanation is to be calculated with reference to book profits. In CIT v. G.T.N. Textile Ltd. [2001] 248 ITR 372, the Hon'ble Kerala High Court, while considering clause (iii) of Explanation to section 115J of the Act, held that the deduction u/s. 80HHC of the Act excluded for purpose of the said section had to be computed as per the books of account and not calculated under the provisions of the Act. The Special Bench of Tribunal in the case of Dy. CIT v.…