CIT v. HCL Comnet Systems & Services Ltd.

305 ITR 409Supreme Court of India2008#901 most cited

What is CIT v. HCL Comnet Systems & Services Ltd. authority for?

For computing book profits under Section 115JB, an Assessing Officer's power is limited to examining duly certified books and making adjustments only as per the Explanation. A provision for bad and doubtful debts, being a diminution in the value of an asset (receivable), does not constitute a 'provision for liability' under Clause (c) of the Explanation and therefore cannot be added back.

118

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2010 to 2026.

Also referred to as

CIT v. HCL Comnet Systems & Services Ltd. · 305 ITR 409 · Section 115JB · Section 115JA · book profit calculation · provision for bad and doubtful debts · MAT adjustments · Assessing Officer jurisdiction · provision for liability · Explanation to Section 115JB(2) · diminution in asset value

Also reported as

174 Taxmann 118

Sections most often in play

Section 115JBSection 143(3)Section 14ASection 36(1)(vii)Section 135Section 194HSection 40(a)(ia)Section 115JA
Read the full judgment

Issues it is cited on

section 226section 115jasection 211section 14a(1)section 135section 115jb(2)explanation to section 37book profitsperiod of holdingsection 114section 115jsection 80hhc

Judgments citing CIT v. HCL Comnet Systems & Services Ltd.

The India Cements Limited, Chennai vs. DCIT Corporate Circle 2(1) Chennai, Chennai

In the result, appeal filed by the assessee is partly allowed

ITA 2174/CHNY/2024[2017-18]Status: DisposedITAT Chennai02 Jan 2026AY 2017-18
Section 10(39)Section 115JSection 14A

…ined liability, could not have been added back while computing book profit u/s 115JB of the Act. In this regard, he relied upon the following decisions:- (i) Bharat earth movers v CIT (211 ITR 684) (SC) (ii) CIT -vs.- HCL Comnet Systems & Services Ltd. (2008) 305 ITR 409 (SC) (iii) CIT v. Ilpea Paramount (P.) Ltd. [2010] 192 Taxman 65 (Delhi) (iv) CIT v. National Hydro Electric Power Corpn. Ltd. [2010] 45 DTR 117 (Punj. & Har.) (v) Eastern Power Distribution Co. of AP Ltd Vs ACIT (139 TTJ 94) ITA No.2174/Chny/2024 (AY 2017-18) M/s. The India Cements Ltd. :: 23 :: 8.2 Per contra, the Ld. DR supported the order of…

Dy.Commissioner of Income Tax, Thrissur vs. The Csb Bank Ltd, Thrissur

In the result, the appeal of revenue is dismissed

ITA 542/COCH/2025[2014-15]Status: DisposedITAT Cochin30 Oct 2025AY 2014-15

Bench: SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Satish Modi, CAFor Respondent: Shri. Sanjit Kumar Das, CIT DR
Section 115Section 115JSection 144BSection 147Section 250

…(2) of the Act. Further, It was also observed that Clauses (i) to the Explanations in Section 115JB of the Act, was introduced with retrospective effect to overcome the judgment of the Hon’ble Supreme Court in case of CIT v. HCL Comnet Systems & Services Ltd. 305 ITR 409 (SC) which it was held that Clause (c) of Explanation would apply if the amount is set aside as a provision and such provision is made for meeting a liability (other than ascertained liability), and the same does not cover a provision made for a debt which is receivable by the 6 Assessment Year 2014-2015 assessee. The provision for bad and doubt…

Vodafone Idea Ltd. (Earlier Knwon As Vodafone Mobile Services Ltd.), Mumbai vs. ACIT, . Circle-26(2), New Delhi

In the result, all above said grounds are allowed for statistical purpose

ITA 8361/DEL/2019[2012-13]Status: DisposedITAT Delhi24 Oct 2025AY 2012-13

Bench: Shri S. Rifaur Rahman & Shriyogesh Kumar U.S.Vodafone Idea Ltd Vs. Acit, (Earlier Known As Vodafone Circle-26(2), Mobile Services Ltd) New Delhi 10Th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharastra (Appellant) (Respondent) Pan: Aaacb2100P

For Appellant: Shri Salil Kapoor, AdvFor Respondent: Shri S. K,. Jadav, CIT DR
Section 115JSection 143(3)Section 144C(5)Section 92C

…ed in Explanation 1 to Section 115JB(2) of the Act as held by the Hon‟ble Supreme Court in the case of Apollo Tyres v/s. CIT (2002) 255 ITR 273 (SC). Following the aforesaid decision, the Supreme Court in the case of HCL Comnet Systems and Services Ltd (2008) 305 ITR 409 (SC) has again held that the Assessing Officer only has power to examine whether the books of accounts are duly certified by the authorities under the Companies Act and does not have jurisdiction to go beyond the net profit shown in the profit and loss account except to the extent of the explanation. 14.4 The ld CIT DR vehemently opposed the arg…

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)

…added in calculation of MAT as item (c) of the explanation to section 115JA of the Act. 2. LA CIT(A) has made an error in judgment by relying upon the judgment of the Honorable Supreme court in the case of CIT vs M/s HCL Comnet Systems & services Ltd (2008) 305 ITR 409(SC) as the facts of the case are not squarely same in the case of assessee. In the case of M/s HCL Comnet Systems & services Ltd, the Honorable supreme court has clearly highlighted the distinction by remarking that the underlying issue of provision for bad debts is a case of amount receivable by the assessee and not any liability payable by the…

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)

…added in calculation of MAT as item (c) of the explanation to section 115JA of the Act. 2. LA CIT(A) has made an error in judgment by relying upon the judgment of the Honorable Supreme court in the case of CIT vs M/s HCL Comnet Systems & services Ltd (2008) 305 ITR 409(SC) as the facts of the case are not squarely same in the case of assessee. In the case of M/s HCL Comnet Systems & services Ltd, the Honorable supreme court has clearly highlighted the distinction by remarking that the underlying issue of provision for bad debts is a case of amount receivable by the assessee and not any liability payable by the…

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)

…added in calculation of MAT as item (c) of the explanation to section 115JA of the Act. 2. LA CIT(A) has made an error in judgment by relying upon the judgment of the Honorable Supreme court in the case of CIT vs M/s HCL Comnet Systems & services Ltd (2008) 305 ITR 409(SC) as the facts of the case are not squarely same in the case of assessee. In the case of M/s HCL Comnet Systems & services Ltd, the Honorable supreme court has clearly highlighted the distinction by remarking that the underlying issue of provision for bad debts is a case of amount receivable by the assessee and not any liability payable by the…

Featherlite Office Systems Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-1(1), Bangalore

In the result, the appeal filed by the assessee stands allowed

ITA 1007/BANG/2024[2017-18]Status: DisposedITAT Bangalore21 Aug 2024AY 2017-18

Bench: Smt. Beena Pillai & Shri Waseem Ahmedassessment Year : 2017-18

For Appellant: Shri Padam Chand Khincha, CAFor Respondent: Shri D.K. Mishra, CIT-DR
Section 115Section 115JSection 153Section 153ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER Assessment Year : 2017-18 M/s. Featherlite Office The Deputy Systems Pvt. Ltd., Commissioner of KKMP Building, Income Tax, Miller Road, Central Circle – Vasant Nagar, 1(1), Bangalore – 560 052. Vs. Bangalore. PAN: AAACF2938D APPELLANT RESPONDENT Assessee by : Shri Padam Chand Khincha, CA Revenue by : Shri D.K. Mishra, CIT-DR Date of Hearing : 30-07-2024 Date of Pronouncement : 21-08-2024 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal arises out of order u/s. 26…

Dy. CIT Circle 3(4), Mumbai vs. Asian Paints Ltd, Mumbai

In the result, appeals filed by assessee and Revenue for A

ITA 3083/MUM/2023[2018-19]Status: DisposedITAT Mumbai26 Jul 2024AY 2018-19

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 115JSection 143(3)Section 14ASection 2(43)Section 35Section 40Section 80GSection 90

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT RENU JAUHRI, ACCOUNTANT MEMBER ITA No.2697/Mum/2023 (Assessment Year :2017-18) & M/s. Asian Paints Limited Vs. Dy. Commissioner of Asian Paints House Income Tax, LTU 6A, Shanti Nagar Circle 2, Vakola Pipeline Lane World Trade Centre 1 Santacruz (East) Cuffee Parade S.O. Mumbai-400 055 Mumbai-400 005 Maharashtra PAN/GIR No.AAACA3622K (Appellant) .. (Respondent) ITA No.3063/Mum/2023 (Assessment Year :2017-18) & Dy. Commissioner of Vs. M/s. Asian Paints Limited Income Tax, LTU Asian Paints House Circle 2, 6A, Sh…

Asian Paints Limited, Santacruz vs. Deputy Commissioner of Income Tax, Ltu Circle 2, Cuffe Parade

ITA 2700/MUM/2023[2016-17]Status: DisposedITAT Mumbai26 Jul 2024AY 2016-17
Section 143(3)Section 14ASection 2(43)Section 35Section 40Section 50Section 80GSection 90

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT RENU JAUHRI, ACCOUNTANT MEMBER ITA No.2700/Mum/2023 (Assessment Year :2016-17) ITA No.2697/Mum/2023 (Assessment Year :2017-18) & ITA No.2696/Mum/2023 (Assessment Year :2018-19) M/s. Asian Paints Limited Vs. Dy. Commissioner of Asian Paints House 6A, Shanti Nagar Vakola Pipeline Lane Santacruz (East) S.O. Mumbai-400 055 Maharashtra (Appellant) Income Tax, LTU Circle 2, World Trade Centre 1 Cuffee Parade Mumbai-400 005 PAN/GIR No.AAACA3622K (Respondent) ITA No.2936/Mum/2023 (Assessment Year :2016-17) ITA No.3063/M…

Asian Paints Limited, Santacruz vs. National Faceless Assessment Centre, Delhi

ITA 2696/MUM/2023[2018-19]Status: DisposedITAT Mumbai26 Jul 2024AY 2018-19
Section 143(3)Section 14ASection 2(43)Section 35Section 40Section 50Section 80GSection 90

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT RENU JAUHRI, ACCOUNTANT MEMBER ITA No.2700/Mum/2023 (Assessment Year :2016-17) ITA No.2697/Mum/2023 (Assessment Year :2017-18) & ITA No.2696/Mum/2023 (Assessment Year :2018-19) M/s. Asian Paints Limited Vs. Dy. Commissioner of Asian Paints House Income Tax, LTU 6A, Shanti Nagar Circle 2, Vakola Pipeline Lane World Trade Centre 1 Santacruz (East) Cuffee Parade S.O. Mumbai-400 055 Mumbai-400 005 Maharashtra (Appellant) PAN/GIR No.AAACA3622K (Respondent) ITA No.2936/Mum/2023 (Assessment Year :2016-17) ITA No.3063/M…

ACIT (OSD) Corporate Range 1, Chennai vs. Dong A India Automotive Private Limited, Kancheepuram

In the result, appeals filed by the assessee’s in ITA No

ITA 1365/CHNY/2019[2008-09]Status: DisposedITAT Chennai19 Jan 2024AY 2008-09

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita No.: 585/Chny/2017 िनधा"रणवष" / Assessment Year: 2012-13 Ls Automotive India Private Limited Assistant Commissioner Of (Formerly Known As Daesung V. Income Tax (Osd), Electric India Pvt Ltd) Corporate Range 1, Room No. 603, 6Th Floor, No. 118, Padur Village, Thiruvelangadu Post, Wanaparthy Block, Kunnavalam V.O. No. 121, Aayakarbhavan, Thiruvallur – 631 210. Mahatma Gandhi Road, [Pan: Aakcs-1901-R] Nungamabakkam, Chennai – 600 034. (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita No.: 2159/Chny/2017 िनधा"रणवष" / Assessment Year: 2013-14 Komos Automotive India Pvt Deputy Commissioner Of Limited, V. Income Tax, B-10/1, Sipcot Industrial Corporate Circle 4(2), 4Th Floor, Main Building, Development Centre, Oragadam, Vaippur-A Vilalge, No. 121, Mahatma Gandhi Sriperumbudurtaluk, Road, Nungamabakkam, Kanchipuramdist – 602 105. Chennai – 600 034. [Pan: Aacck-8859-N] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./It(Tp)A No.: 40/Chny/2019 &

Section 115JSection 40

…vt. Ltd. V/s DCIT [ITA No. 8522/Mum/2011] &Cash Edge (India) Pvt. Ltd. V/s ITO [IT A No.64/Del/2015] coupled with the decisions of Hon'ble Supreme Court rendered in Apollo Tyres 255 ITR 273, Malayalam 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/s DCIT [supra], for ease of reference, could be extracted in the following manner: 4.1. The additional ground being purely legal and not requi…

Dong-A India Automotive Pvt Limited, Kancheepuram vs. ITO, Corporate Ward 1(4), Chennai

In the result, appeals filed by the assessee’s in ITA No

ITA 360/CHNY/2018[2013-14]Status: DisposedITAT Chennai19 Jan 2024AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita No.: 585/Chny/2017 िनधा"रणवष" / Assessment Year: 2012-13 Ls Automotive India Private Limited Assistant Commissioner Of (Formerly Known As Daesung V. Income Tax (Osd), Electric India Pvt Ltd) Corporate Range 1, Room No. 603, 6Th Floor, No. 118, Padur Village, Thiruvelangadu Post, Wanaparthy Block, Kunnavalam V.O. No. 121, Aayakarbhavan, Thiruvallur – 631 210. Mahatma Gandhi Road, [Pan: Aakcs-1901-R] Nungamabakkam, Chennai – 600 034. (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita No.: 2159/Chny/2017 िनधा"रणवष" / Assessment Year: 2013-14 Komos Automotive India Pvt Deputy Commissioner Of Limited, V. Income Tax, B-10/1, Sipcot Industrial Corporate Circle 4(2), 4Th Floor, Main Building, Development Centre, Oragadam, Vaippur-A Vilalge, No. 121, Mahatma Gandhi Sriperumbudurtaluk, Road, Nungamabakkam, Kanchipuramdist – 602 105. Chennai – 600 034. [Pan: Aacck-8859-N] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./It(Tp)A No.: 40/Chny/2019 &

Section 115JSection 40

…vt. Ltd. V/s DCIT [ITA No. 8522/Mum/2011] &Cash Edge (India) Pvt. Ltd. V/s ITO [IT A No.64/Del/2015] coupled with the decisions of Hon'ble Supreme Court rendered in Apollo Tyres 255 ITR 273, Malayalam 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/s DCIT [supra], for ease of reference, could be extracted in the following manner: 4.1. The additional ground being purely legal and not requi…

Daesung Electric India Pvt. Ltd., Thiruvallur vs. ACIT (OSD), Chennai

In the result, appeals filed by the assessee’s in ITA No

ITA 585/CHNY/2017[2012-13]Status: DisposedITAT Chennai19 Jan 2024AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita No.: 585/Chny/2017 िनधा"रणवष" / Assessment Year: 2012-13 Ls Automotive India Private Limited Assistant Commissioner Of (Formerly Known As Daesung V. Income Tax (Osd), Electric India Pvt Ltd) Corporate Range 1, Room No. 603, 6Th Floor, No. 118, Padur Village, Thiruvelangadu Post, Wanaparthy Block, Kunnavalam V.O. No. 121, Aayakarbhavan, Thiruvallur – 631 210. Mahatma Gandhi Road, [Pan: Aakcs-1901-R] Nungamabakkam, Chennai – 600 034. (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita No.: 2159/Chny/2017 िनधा"रणवष" / Assessment Year: 2013-14 Komos Automotive India Pvt Deputy Commissioner Of Limited, V. Income Tax, B-10/1, Sipcot Industrial Corporate Circle 4(2), 4Th Floor, Main Building, Development Centre, Oragadam, Vaippur-A Vilalge, No. 121, Mahatma Gandhi Sriperumbudurtaluk, Road, Nungamabakkam, Kanchipuramdist – 602 105. Chennai – 600 034. [Pan: Aacck-8859-N] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./It(Tp)A No.: 40/Chny/2019 &

Section 115JSection 40

…vt. Ltd. V/s DCIT [ITA No. 8522/Mum/2011] &Cash Edge (India) Pvt. Ltd. V/s ITO [IT A No.64/Del/2015] coupled with the decisions of Hon'ble Supreme Court rendered in Apollo Tyres 255 ITR 273, Malayalam 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/s DCIT [supra], for ease of reference, could be extracted in the following manner: 4.1. The additional ground being purely legal and not requi…

Komos Automotive India Pvt Ltd, Kanchipuram vs. DCIT, Corporate Circle4(2), Chennai

In the result, appeals filed by the assessee’s in ITA No

ITA 2159/CHNY/2017[2013-14]Status: DisposedITAT Chennai19 Jan 2024AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita No.: 585/Chny/2017 िनधा"रणवष" / Assessment Year: 2012-13 Ls Automotive India Private Limited Assistant Commissioner Of (Formerly Known As Daesung V. Income Tax (Osd), Electric India Pvt Ltd) Corporate Range 1, Room No. 603, 6Th Floor, No. 118, Padur Village, Thiruvelangadu Post, Wanaparthy Block, Kunnavalam V.O. No. 121, Aayakarbhavan, Thiruvallur – 631 210. Mahatma Gandhi Road, [Pan: Aakcs-1901-R] Nungamabakkam, Chennai – 600 034. (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita No.: 2159/Chny/2017 िनधा"रणवष" / Assessment Year: 2013-14 Komos Automotive India Pvt Deputy Commissioner Of Limited, V. Income Tax, B-10/1, Sipcot Industrial Corporate Circle 4(2), 4Th Floor, Main Building, Development Centre, Oragadam, Vaippur-A Vilalge, No. 121, Mahatma Gandhi Sriperumbudurtaluk, Road, Nungamabakkam, Kanchipuramdist – 602 105. Chennai – 600 034. [Pan: Aacck-8859-N] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./It(Tp)A No.: 40/Chny/2019 &

Section 115JSection 40

…vt. Ltd. V/s DCIT [ITA No. 8522/Mum/2011] &Cash Edge (India) Pvt. Ltd. V/s ITO [IT A No.64/Del/2015] coupled with the decisions of Hon'ble Supreme Court rendered in Apollo Tyres 255 ITR 273, Malayalam 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/s DCIT [supra], for ease of reference, could be extracted in the following manner: 4.1. The additional ground being purely legal and not requi…

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 84/CHNY/2023[2008-09]Status: DisposedITAT Chennai10 Jan 2024AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.84/Chny/2023 (िनधा)रण वष) / Assessment Year: 2008-09) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 14ASection 35Section 35(3)Section 43B

…ion was made for diminution in value of the assets i.e., reduction in the value of recoverable and therefore, these were ascertained liabilities. Reliance was placed on the decision of Hon’ble Supreme Court in the case of HCL Comnet Systems and Services Ltd. (305 ITR 409) for the submission that any provision made towards irrecoverability of debt could not be said to be a provision for liability. The assessee also submitted that as per Explanation (1) to the second proviso to Sec.115JB(2), the amount set aside for provision made for meeting liability other than ascertained liability ought to be added back while c…

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 205/CHNY/2023[2004-05]Status: DisposedITAT Chennai10 Jan 2024AY 2004-05

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.204/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) & 2.आयकरअपील सं./ Ita No.205/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) M/S. Southern Petrochemical Acit / Ito बनाम Industries Corporation Limited Corporate Circle-6(2) / 88, Spic House, Mount Road, Guindy, Corporate Ward-3(1) / Vs. Chennai-600 032. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 194CSection 41(1)Section 43B

…the Book Profits u/s 115JB on the ground that the same was unascertained liability. The assessee contended that it was an ascertained liability. Reliance was placed on the decision of Hon’ble Supreme Court in the case of HCL Comnet Systems and Services Ltd. (305 ITR 409). During revisionary proceedings, it was stated by the assessee that stated provision includes provision of Rs.1603.61 Lacs which was made against advances made to Sical Ships (India) Ltd. (SSIL). The advance made by the assessee to that entity aggregated to Rs.2760.45 Lacs. That entity was engaged to transport imported raw material from other co…

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 204/CHNY/2023[2004-05]Status: DisposedITAT Chennai10 Jan 2024AY 2004-05

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.204/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) & 2.आयकरअपील सं./ Ita No.205/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) M/S. Southern Petrochemical Acit / Ito बनाम Industries Corporation Limited Corporate Circle-6(2) / 88, Spic House, Mount Road, Guindy, Corporate Ward-3(1) / Vs. Chennai-600 032. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 194CSection 41(1)Section 43B

…the Book Profits u/s 115JB on the ground that the same was unascertained liability. The assessee contended that it was an ascertained liability. Reliance was placed on the decision of Hon’ble Supreme Court in the case of HCL Comnet Systems and Services Ltd. (305 ITR 409). During revisionary proceedings, it was stated by the assessee that stated provision includes provision of Rs.1603.61 Lacs which was made against advances made to Sical Ships (India) Ltd. (SSIL). The advance made by the assessee to that entity aggregated to Rs.2760.45 Lacs. That entity was engaged to transport imported raw material from other co…

ACIT, New Delhi vs. M/S. Central Warehousing Corporation, New Delhi

In the result, appeal of the Revenue and appeal of the assessee are partly allowed as indicated above

ITA 4334/DEL/2011[1998-99]Status: DisposedITAT Delhi14 Nov 2023AY 1998-99

Bench: Shri Challa Nagendra Prasada N D Shri M. Balaganesh

For Appellant: Shri V. Rajakumar, Adv
Section 10Section 10(29)Section 10(33)Section 11Section 115JSection 2

…same as ascertained liability while adjudicating additions under regular provisions of the Act. The addition for provision of bad and doubtful debt was deleted following the decision of the Hon’ble Supreme Court in the case of HCL Comnet Systems and Services 305 ITR 409 (SC).. 17.2 The Learned DR submitted that the liabilities being unascertained, the Ld AO has correctly added the items to the profit as per books of accounts for arriving at book profit as per the provisions of section 115JB read with explanation 1(c) of the Act. 17.3 The Learned Counsel of the assessee relied on the order of the Learned CIT(A)…

Central Warehousing Corporation, New Delhi vs. DCIT, New Delhi

In the result, appeal of the Revenue and appeal of the assessee are partly allowed as indicated above

ITA 4190/DEL/2011[1998-99]Status: DisposedITAT Delhi14 Nov 2023AY 1998-99

Bench: Shri Challa Nagendra Prasada N D Shri M. Balaganesh

For Appellant: Shri V. Rajakumar, Adv
Section 10Section 10(29)Section 10(33)Section 11Section 115JSection 2

…same as ascertained liability while adjudicating additions under regular provisions of the Act. The addition for provision of bad and doubtful debt was deleted following the decision of the Hon’ble Supreme Court in the case of HCL Comnet Systems and Services 305 ITR 409 (SC).. 17.2 The Learned DR submitted that the liabilities being unascertained, the Ld AO has correctly added the items to the profit as per books of accounts for arriving at book profit as per the provisions of section 115JB read with explanation 1(c) of the Act. 17.3 The Learned Counsel of the assessee relied on the order of the Learned CIT(A)…

ACIT, Circle-7(1), New Delhi vs. Delhi State Industrial and Infrastructure Development Corporation Ltd., New Delhi

In the result, the captioned appeal of the Revenue is dismissed

ITA 7265/DEL/2019[2011-12]Status: DisposedITAT Delhi26 Sept 2023AY 2011-12

Bench: Sh. Pradip Kumar Kedia & Sh. Yogesh Kumar Usacit Vs. Delhi State Industrial & Circle – 7(1) Infrastructure Development New Delhi Corporation Ltd., N-36, Bombay Life Building, Connaught Circus, Pan No. Aaacd 1257 F New Delhi-110 001 (Appellant) (Respondent) Assessee By Shri Yogesh Jain & Shri Shobhit Kansal, C.A. Revenue By Shri Sanjay Kumar, Sr. D.R. Date Of Hearing: 27.06.2023 Date Of Pronouncement: 26.09.2023 Per Pradip Kumar Kedia, Am : The Captioned Appeal Has Been Filed By The Revenue Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) – 2, New Delhi (‘Cit(A)’ In Short) Dated 28.06.2019 Arising From The Assessment Order Dated 28.11.2018 Passed By The Assessing Officer (Ao) Under Section 147/143(3)/263 Of The Income Tax Act, 1961 (The Act) Concerning Assessment Year 2011-12. 2. The Ground Of Appeal Raised By Assessee Reads As Under:

Section 115JSection 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI BEFORE SH. PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER AND SH. YOGESH KUMAR US, JUDICIAL MEMBER ACIT Vs. Delhi State Industrial and Circle – 7(1) Infrastructure Development New Delhi Corporation Ltd., N-36, Bombay Life Building, Connaught Circus, PAN No. AAACD 1257 F New Delhi-110 001 (APPELLANT) (RESPONDENT) Assessee by Shri Yogesh Jain & Shri Shobhit Kansal, C.A. Revenue by Shri Sanjay Kumar, Sr. D.R. Date of hearing: 27.06.2023 Date of Pronouncement: 26.09.2023 PER PRADIP KUMAR KEDIA, AM : The captioned appeal has been filed by the Revenue against the o…