CIT v. JSW Energy Limited

60 Taxmann.com 303High Court2015#2826 most cited

What is CIT v. JSW Energy Limited authority for?

For computing book profits under Section 115JB, the Assessing Officer cannot make disallowance under Section 14A, as the power to adjust net profit is limited to what is explicitly provided in the Explanation to Section 115J/115JB.

42

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. JSW Energy Limited · Section 115JB · Section 14A · book profits · MAT · disallowance under Section 14A · Assessing Officer jurisdiction · net profit adjustment · computation of book profits · Explanation to Section 115J

Also reported as

379 ITR 36

Sections most often in play

Section 115JBSection 14ASection 8DSection 201(1A)Section 234CSection 250Section 37(1)Section 10(2A)

Issues it is cited on

section 8d(2)(ii)section 8dsection 14a(1)section 115jastrategic investmentsection 119(2)transfer of capital assetsection 119(2)(b)section 139(5)section 234cbook profitssection 10(34)

Judgments citing CIT v. JSW Energy Limited

Idbi Bank Ltd., Mumbai vs. ACIT (Ltu)-2, Mumbai

In the result this ground of appeal is

ITA 3423/MUM/2018[2008-09]Status: DisposedITAT Mumbai03 Sept 2019AY 2008-09

Bench: Shri R.C. Sharma & Shri Pawan Singh

Section 115JSection 143(3)Section 147Section 148Section 254(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “C”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA No. 3423/Mum/2018-(Assessment year: 2008-09) ITA No. 3424/Mum/2018-(Assessment year: 2011-12) ITA No. 3425/Mum/2018-(Assessment year: 2012-13) ITA No. 3426/Mum/2018-(Assessment year: 2013-14) IDBI Bank Ltd., DCIT-Cent. Large Tax Unit, 29th Floor, Centre -1, IDBI Tower, WTC Complex, 22nd Floor, Taxation Cell, WTC Complex, Cuffe Parade, Cuffe Parade, Vs Mumbai-400 005 Mumbai-400 005 PAN : AABCI 18842G APPELLANT RESPONDEDNT ITA No. 4041/Mum/2018-(Assessment year: 2011-12) ITA…

DCIT 10(2)(1), Mumbai vs. Laqshya Media P.Ltd, Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed and the cross-objection of the assessee is hereby ordered to be partly allowed

ITA 2114/MUM/2018[2009-10]Status: DisposedITAT Mumbai31 Jul 2019AY 2009-10

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2114/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2009-10) Dcit-10(2)(1) बिधम/ M/S. Laqshya Media Pvt. Ltd Laqshya House, Next To Room No.216-A, Aayakar Vs. Rameshwar Temple, Bhavan, M.K. Road, Saraswati Baug, Society Mumbai-400020. Road, Jogeshwari (E), Mumbai-400060. Co. No.108/M/2019 (Arising Out Of Ita. No. 2114/Mum/2018) (निर्धारण वर्ा / Assessment Year: 2009-10) M/S. Laqshya Media Pvt. Ltd बिधम/ Dcit-10(2)(1) Laqshya House, Next To Room No.216-A, Aayakar Vs. Rameshwar Temple, Bhavan, M.K. Road, Saraswati Baug, Society Mumbai-400020. Road, Jogeshwari (E), Mumbai-400060. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacl5004C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri S. Senthil Kumar (Dr) Assessee By: Shri M. P. Lohia/ Hemen Chandaniya सुनवाई की तारीख / Date Of Hearing: 11/06/2019 घोषणा की तारीख /Date Of Pronouncement: 31/07/2019

For Appellant: Shri M. P. Lohia/ HemenFor Respondent: Shri S. Senthil Kumar (DR)
Section 10Section 115JSection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.2114/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2009-10) DCIT-10(2)(1) बिधम/ M/s. Laqshya Media Pvt. Ltd Laqshya House, Next to Room No.216-A, Aayakar Vs. Rameshwar Temple, Bhavan, M.K. Road, Saraswati Baug, Society Mumbai-400020. Road, Jogeshwari (E), Mumbai-400060. CO. No.108/M/2019 (Arising out of ITA. No. 2114/Mum/2018) (निर्धारण वर्ा / Assessment Year: 2009-10) M/s. Laqshya Media Pvt. Ltd बिधम/ DCIT-10(2)(1) Laqshya House, Next to Room No.216-A, Aayakar Vs. Rameshwar Temple,…

DCIT- CC - 8(4), Mumbai vs. Bermaco Energy Systems Pvt. Ltd., Mumbai

In the result, the appeal of Revenue is dismissed

ITA 2675/MUM/2018[2013-14]Status: DisposedITAT Mumbai19 Jul 2019AY 2013-14

Bench: Shri Mahavir Singh & Shri Rajesh Kumarassessment Year : 2013-14 M/S. Bermaco Energy Dy. Commissioner Of Systems Pvt. Ltd., Vs. Income Tax, D-73/1, Ttc Industrial Area, Central Circle –8(4), Midc Road, Turbhe, Mumbai Navi Mumbai [Pan : Aaacb2727N] (Appellant) (Respondent)

For Appellant: Shri S. Abi Rama Karthikeyan, DRFor Respondent: Shri J.P. Bairagra, AR
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “B”, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Assessment Year : 2013-14 M/s. Bermaco Energy Dy. Commissioner of Systems Pvt. Ltd., Vs. Income Tax, D-73/1, TTC Industrial area, Central Circle –8(4), MIDC Road, Turbhe, MUMBAI NAVI MUMBAI [PAN : AAACB2727N] (Appellant) (Respondent) Appellant By : Shri S. Abi Rama Karthikeyan, DR Respondent By : Shri J.P. Bairagra, AR Date of Hearing : 08-07-2019 Date of Pronouncement : 19-07-2019 O R D E R PER MAHAVIR SINGH, J.M: This appeal filed by the Revenue is directed again…

ACIT 2(1), Mumbai vs. Tata Motors Ltd, Mumbai

In the result, both appeals of the assessee as well as Revenue are allowed for the statistical purposes in the light of directions contained hereinabove

ITA 4824/MUM/2011[2003-04]Status: DisposedITAT Mumbai03 May 2019AY 2003-04

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S Tata Motors Vs. Acit, Cir-2(1), Mumbai-20 Limited(Formerly Known As Tata Engineering & Locomotive Company Ltd), Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai-400001 Pan/Gir No.Aaact 2727 Q (Appellant) .. (Respondent) & Acit, 2(1), Mumbai-20 Vs. M/S Tata Motors Limited(Formerly Known As Tata Engineering & Locomotive Company Ltd), Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai- 400001 Pan/Gir No.Aaact 2727 Q (Appellant) .. (Respondent) Assessee By Shri J.D.Mistri & Nikhil Tiwari, Ar Revenue By Shri R.Manjunatha Swamy, Citdr Date Of Hearing 01/05/2019 Date Of Pronouncement 03/05/2019

For Appellant: i) Adjustment to book profit computation u/s.115JB In respect of provision for d
Section 115JSection 143Section 143(3)Section 147Section 234Section 234B

…9 w.r.e.f. 1 April 2001. Reliance in this regard is placed on the following decisions wherein it has been held that no interest under section 234B can be charged on account of tax liability arising due to retrospective amendment in the Act:- • JSW Energy Ltd (379 ITR 36) (Bom) • Essar Steel lndia Ltd. (ITA No. 7013/M/11) dated 27 September 2013 (MUM ITAT) • Emami Ltd (337 ITR 470) (Cal) • National Dairy Development Board (397 ITR 543) (Guj) • Asahi India Glass Ltd (ITA No. 1637IM/2014) dated 26 February 2018 In this regard, assessee now wishes to file Additional Legal Grounds of Appeal for non-applicability of in…

Tata Moters Limited (Formerly Known As Tata Engineering & Locomotive Company Ltd.), Mumbai vs. A CIT, Cir..-2(1), Mumbai

In the result, both appeals of the assessee as well as Revenue are allowed for the statistical purposes in the light of directions contained hereinabove

ITA 3334/MUM/2011[2003-04]Status: DisposedITAT Mumbai03 May 2019AY 2003-04

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S Tata Motors Vs. Acit, Cir-2(1), Mumbai-20 Limited(Formerly Known As Tata Engineering & Locomotive Company Ltd), Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai-400001 Pan/Gir No.Aaact 2727 Q (Appellant) .. (Respondent) & Acit, 2(1), Mumbai-20 Vs. M/S Tata Motors Limited(Formerly Known As Tata Engineering & Locomotive Company Ltd), Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai- 400001 Pan/Gir No.Aaact 2727 Q (Appellant) .. (Respondent) Assessee By Shri J.D.Mistri & Nikhil Tiwari, Ar Revenue By Shri R.Manjunatha Swamy, Citdr Date Of Hearing 01/05/2019 Date Of Pronouncement 03/05/2019

For Appellant: i) Adjustment to book profit computation u/s.115JB In respect of provision for d
Section 115JSection 143Section 143(3)Section 147Section 234Section 234B

…9 w.r.e.f. 1 April 2001. Reliance in this regard is placed on the following decisions wherein it has been held that no interest under section 234B can be charged on account of tax liability arising due to retrospective amendment in the Act:- • JSW Energy Ltd (379 ITR 36) (Bom) • Essar Steel lndia Ltd. (ITA No. 7013/M/11) dated 27 September 2013 (MUM ITAT) • Emami Ltd (337 ITR 470) (Cal) • National Dairy Development Board (397 ITR 543) (Guj) • Asahi India Glass Ltd (ITA No. 1637IM/2014) dated 26 February 2018 In this regard, assessee now wishes to file Additional Legal Grounds of Appeal for non-applicability of in…

Sheba Properties Ltd., Mumbai vs. DCIT - 2(3)(2), Mumbai

The appeal stand allowed

ITA 5289/MUM/2016[2013-14]Status: DisposedITAT Mumbai10 Oct 2018AY 2013-14

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.5289/Mum/2016 (िनधा"रणवष" / Assessment Year: 2013-14) Sheba Properties Limited Deputy Commissioner Of Income बनाम/ 3Rd Floor, Nanavati Mahalaya Tax-2(3)(2) 18, Homi Mody Street 5Thfloor, Aaykar Bhavan Vs. Hutatma Chowk, Mumbai-400 001 M.K.Road, Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaecs-0591-F (अपीलाथ"/Appellant) (""थ" / Respondent) :

For Appellant: Rajan R. Vora, Ld.ARFor Respondent: Chaudhary Arun kumar, Ld. DR
Section 10(34)Section 115JSection 143(3)Section 14A

…ITA No.5289/Mum/2016 Sheba Properties Ltd. Assessment Year-2013-14 आयकर अपीलीय अिधकरण “बी” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI "ी श""जीत दे,"ाियक सद" एवं "ी मनोज कुमार अ"वाल, लेखा सद" के सम"। BEFORE SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./I.T.A. No.5289/Mum/2016 (िनधा"रणवष" / Assessment Year: 2013-14) Sheba Properties Limited Deputy Commissioner of Income बनाम/ 3rd Floor, Nanavati Mahalaya Tax-2(3)(2) 18, Homi Mody Street 5thFloor, Aaykar Bhavan Vs. Hutatma Chowk, Mumbai-400 001 M.K.Road, Mumbai-400 020 "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAECS-059…

DCIT 3(3)(1), Mumbai vs. Radha Madhav Investment Ltd, Mumbai

Appeal stands allowed to that extent

ITA 1028/MUM/2017[2013-14]Status: DisposedITAT Mumbai27 Jul 2018AY 2013-14

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./I.T.A. No.1028/Mum/2017 (िनधा"रणवष" / Assessment Year: 2013-14) Radha Madhav Investments Limited Deputy Commissioner Of Income 11-A, Mittal Chambers Tax -3(3)(1) बनाम/ Dr. Rajni Patel Marg, Nariman Point Room No.609, 6Th Floor Vs. Mumbai-400 021 Aaykar Bhavan, M.K.Road Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacr-4063-M (अपीलाथ"/Appellant) (""थ" / Respondent) :

For Appellant: Vijay Mehta, Ld. ARFor Respondent: Ram Tiwari, Ld. DR
Section 115JSection 143(3)Section 14A

…ITA No.1028/Mum/2017 Radha Madhav Investments Limited Assessment Year-2013-14 आयकर अपीलीय अिधकरण “डी” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI "ी श""जीत दे,"ाियक सद" एवं "ी मनोज कुमार अ"वाल, लेखा सद" के सम"। BEFORE SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./I.T.A. No.1028/Mum/2017 (िनधा"रणवष" / Assessment Year: 2013-14) Radha Madhav Investments Limited Deputy Commissioner of Income 11-A, Mittal Chambers Tax -3(3)(1) बनाम/ Dr. Rajni Patel Marg, Nariman Point Room No.609, 6th Floor Vs. Mumbai-400 021 Aaykar Bhavan, M.K.Road Mumbai-400 020 "थायीलेखासं./जीआइआरसं…

M/S. Vhcpl Adcc Pinglai Infrastructure Pvt. Ltd., Nagpur vs. The ITO, Ward- 1(4), Nagpur

In the result, assessee’s appeal stands allowed

ITA 92/NAG/2015[2007-08]Status: DisposedITAT Nagpur09 May 2018AY 2007-08

Bench: Shri Shamim Yahya & Shri Ram Lal Negi

For Appellant: Shri K.P. DewaniFor Respondent: Shri R.K. Baral
Section 11Section 115JSection 143(3)Section 234B

…rbhuja Industries Pvt. Ltd. vs ACIT, [2014] 31 ITR (Trib.) 89 (Mum.); ii) M/.s Rockline Developers Pvt. Ltd., ITA no.6595/ Mum./2014, order dated 01.01.2016; iii) CIT v/s Kwality Biscuits Ltd., [2006] 284 ITR 434 (Bom.); iv) CIT v/s JSW Energy Ltd., [2015] 379 ITR 36 (Bom.); v) CIT v/s Natural Gems Ltd., [2010] 327 ITR 269 (Bom.); Snowcem India Ltd. v/s CIT, [2009] 313 ITR 170 vi) (Bom.). 4. Per–contra, the learned Departmental Representative relied upon the orders of the authorities below. 5. Upon careful consideration, we note that the Co–ordinate Bench of the Tribunal in Charbhuja Industries Pvt. Ltd.…

Asst CIT 15(2)(1), Mumbai vs. National Commodities & Derivatives Exchange Ltd, Mumbai

In the result, appeal of the Revenue is dismissed in terms indicated above and the appeal of the assessee is allowed in part

ITA 62/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Apr 2018AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm Asst. Cit 15(2)(1) Vs. M/S. National Commodities & R.No.403, 4Th Floor Derivatives Exchange Ltd., Aayakar Bhavan Corporate Park, 1St Floor, Near G.E. Garden M.K. Road Mumbai – 400 020 L.B.S.Marg, Kanjurmarg(W) Mumbai – 400 079 Pan/Gir No. Aabcn7696K Appellant) Respondent) .. M/S. National Commodities Vs. Dcit 10(1) & Derivatives Exchange Now Acit 15(2)(1) Ltd., Mumbai Corporate Park, 1St Floor, Near G.E. Garden L.B.S.Marg, Kanjurmarg(W) Mumbai – 400 079 Pan/Gir No Aabcn7696K Appellant) .. Respondent)

Section 143(3)Section 14ASection 28Section 37

…u/s.14A while computing book profit u/s.115JB is squarely covered by the decision of ITAT(Special Bench) in the case of M/s. Vireet Investment Pvt. Ltd., order dated 22/06/2017 and also by the decision of Bombay High Court in the case of M/s.JSW Energy Ltd., 60 Taxmann.com 303. Respectfully following the same, we direct the AO that no addition while computing book profit u/s.115JB is to be made with regard to amount in excess of what has been debited in the P & L account with respect to such exempt income. Meaning thereby, any disallowance made by the AO in excess of what has been claimed by the assessee should…

DCIT 2(2), Mumbai vs. Larsen & Toubro Finance Ltd, Mumbai

Appeal stands allowed for statistical purposes

ITA 4459/MUM/2013[2006-07]Status: DisposedITAT Mumbai24 Jan 2018AY 2006-07

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…the jurisdiction to go behind the net profit shown in the Profit & Loss Account except to the extent provided in Explanation to Section 115J. Similar view has been expressed by our jurisdictional Bombay High Court rendered in CIT Vs. JSW Energy Limited [2015 60 Taxmann.com 303], CIT v. Essar Teleholdings Ltd. [ITA No. 438 of 2012, dated 07/08/2014] & CIT Vs. Bengal Finance & Investments Pvt. Limited [ITA No. 337 of 2013 dated 10/02/2015]. Therefore, respectfully following the catena of judgment in assessee’s favour, we, at the outset, hold that adjustment of disallowance u/s 14A was not required to be made in Bo…

L & T Finance Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

Appeal stands allowed for statistical purposes

ITA 3982/MUM/2013[2007-08]Status: DisposedITAT Mumbai24 Jan 2018AY 2007-08

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…the jurisdiction to go behind the net profit shown in the Profit & Loss Account except to the extent provided in Explanation to Section 115J. Similar view has been expressed by our jurisdictional Bombay High Court rendered in CIT Vs. JSW Energy Limited [2015 60 Taxmann.com 303], CIT v. Essar Teleholdings Ltd. [ITA No. 438 of 2012, dated 07/08/2014] & CIT Vs. Bengal Finance & Investments Pvt. Limited [ITA No. 337 of 2013 dated 10/02/2015]. Therefore, respectfully following the catena of judgment in assessee’s favour, we, at the outset, hold that adjustment of disallowance u/s 14A was not required to be made in Bo…

L & T Finance Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

Appeal stands allowed for statistical purposes

ITA 3981/MUM/2013[2006-07]Status: DisposedITAT Mumbai24 Jan 2018AY 2006-07

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…the jurisdiction to go behind the net profit shown in the Profit & Loss Account except to the extent provided in Explanation to Section 115J. Similar view has been expressed by our jurisdictional Bombay High Court rendered in CIT Vs. JSW Energy Limited [2015 60 Taxmann.com 303], CIT v. Essar Teleholdings Ltd. [ITA No. 438 of 2012, dated 07/08/2014] & CIT Vs. Bengal Finance & Investments Pvt. Limited [ITA No. 337 of 2013 dated 10/02/2015]. Therefore, respectfully following the catena of judgment in assessee’s favour, we, at the outset, hold that adjustment of disallowance u/s 14A was not required to be made in Bo…

L & T Finance Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

Appeal stands allowed for statistical purposes

ITA 3980/MUM/2013[2005-06]Status: DisposedITAT Mumbai24 Jan 2018AY 2005-06

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…the jurisdiction to go behind the net profit shown in the Profit & Loss Account except to the extent provided in Explanation to Section 115J. Similar view has been expressed by our jurisdictional Bombay High Court rendered in CIT Vs. JSW Energy Limited [2015 60 Taxmann.com 303], CIT v. Essar Teleholdings Ltd. [ITA No. 438 of 2012, dated 07/08/2014] & CIT Vs. Bengal Finance & Investments Pvt. Limited [ITA No. 337 of 2013 dated 10/02/2015]. Therefore, respectfully following the catena of judgment in assessee’s favour, we, at the outset, hold that adjustment of disallowance u/s 14A was not required to be made in Bo…

ACIT 16(1), Mumbai vs. Indusind Media & Communicaton Ltd, Mumbai

ITA 772/MUM/2016[2011-12]Status: DisposedITAT Mumbai17 Jan 2018AY 2011-12

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.772/Mum/2016 (िनधा"रण वष" / Assessment Year: 2011-12) Assistant Commissioner Of Income Tax- Indusind Media & Communication Ltd. बनाम/ 16(1) In Centre, 49/50,Midc,12Th Road Room No.439, Aaykar Bhavvan, M.K.Road, Andheri (E), Mumbai-400 093 Vs. Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaaci-1198-L (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.1167/Mum/2016 (िनधा"रण वष" / Assessment Year: 2011-12) Indusind Media & Communication Ltd. Assistant Commissioner Of Income Tax- बनाम/ In Centre, 49/50,Midc,12Th Road 16(1) Andheri (E), Mumbai-400 093 Room No.439, Aaykar Bhavvan, M.K.Road, Vs. Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaaci-1198-L (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: Mihir Nanavdekar,Ld.ARFor Respondent: Saurabh Kumar Rai, Ld.DR
Section 143(3)Section 32(2)

…the jurisdiction to go behind the net profit shown in the Profit & Loss Account except to the extent provided in Explanation to Section 115J. Similar view has been expressed by our jurisdictional Bombay High Court rendered in CIT Vs. JSW Energy Limited [2015 60 Taxmann.com 303], CIT v. Essar Teleholdings Ltd. [ITA No. 438 of 2012, dated 07/08/2014] & CIT Vs. Bengal Finance & Investments Pvt. Limited [ITA No. 337 of 2013 dated 10/02/2015]. Therefore, respectfully following the catena of judgment in assessee’s favour, we, at the outset, hold that adjustment of disallowance u/s 14A was not required to be made in Bo…

Indusind Media & Communications Ltd, Mumbai vs. ACIT 16(1), Mumbai

ITA 1167/MUM/2016[2011-12]Status: DisposedITAT Mumbai17 Jan 2018AY 2011-12

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.772/Mum/2016 (िनधा"रण वष" / Assessment Year: 2011-12) Assistant Commissioner Of Income Tax- Indusind Media & Communication Ltd. बनाम/ 16(1) In Centre, 49/50,Midc,12Th Road Room No.439, Aaykar Bhavvan, M.K.Road, Andheri (E), Mumbai-400 093 Vs. Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaaci-1198-L (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.1167/Mum/2016 (िनधा"रण वष" / Assessment Year: 2011-12) Indusind Media & Communication Ltd. Assistant Commissioner Of Income Tax- बनाम/ In Centre, 49/50,Midc,12Th Road 16(1) Andheri (E), Mumbai-400 093 Room No.439, Aaykar Bhavvan, M.K.Road, Vs. Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaaci-1198-L (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: Mihir Nanavdekar,Ld.ARFor Respondent: Saurabh Kumar Rai, Ld.DR
Section 143(3)Section 32(2)

…the jurisdiction to go behind the net profit shown in the Profit & Loss Account except to the extent provided in Explanation to Section 115J. Similar view has been expressed by our jurisdictional Bombay High Court rendered in CIT Vs. JSW Energy Limited [2015 60 Taxmann.com 303], CIT v. Essar Teleholdings Ltd. [ITA No. 438 of 2012, dated 07/08/2014] & CIT Vs. Bengal Finance & Investments Pvt. Limited [ITA No. 337 of 2013 dated 10/02/2015]. Therefore, respectfully following the catena of judgment in assessee’s favour, we, at the outset, hold that adjustment of disallowance u/s 14A was not required to be made in Bo…

Pr. CIT-3 vs. Eastern Powertech Ltd. Earlier Know As Dlf Power Ltd

ITA/664/2016HC Delhi02 Sept 2016

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MS. JUSTICE DEEPA SHARMA

Section 234B

…eing payable. It was brought to the notice of the Court that the applicability of Section 234B in these very circumstances has been ruled out by three other High Courts i.e. Bombay High Court [Commissioner of Income-tax, Mumbai vs. JSW Energy Ltd. (2015) 379 ITR 36], Calcutta High Court [Emami Ltd. vs. CIT (2011) 337 ITR 470/200 Taxmann 326/12 taxxmann.com 64(Cal.)] and Karnataka High Court [Commissioner of Income Tax vs. Jupiter Bio Science Ltd. (2013) 352 ITR 113]. This court is of the opinion that the decision of the ITAT, in the circumstances, was justified and therefore no question of law arises.…

Pr CIT -3 vs. Eastern India Powertech Ltd (Earlier Known As Dlf Power Ltd

ITA/667/2016HC Delhi02 Sept 2016

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MS. JUSTICE DEEPA SHARMA

Section 234B

…eing payable. It was brought to the notice of the Court that the applicability of Section 234B in these very circumstances has been ruled out by three other High Courts i.e. Bombay High Court [Commissioner of Income-tax, Mumbai vs. JSW Energy Ltd. (2015) 379 ITR 36], Calcutta High Court [Emami Ltd. vs. CIT (2011) 337 ITR 470/200 Taxmann 326/12 taxxmann.com 64(Cal.)] and Karnataka High Court [Commissioner of Income Tax vs. Jupiter Bio Science Ltd. (2013) 352 ITR 113]. This court is of the opinion that the decision of the ITAT, in the circumstances, was justified and therefore no question of law arises.…

M/S Dell International Services India Private Limited, Bangalore vs. JCIT, Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 3/BANG/2013[2008-09]Status: DisposedITAT Bangalore20 Jul 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri Sharath Rao, C.AFor Respondent: Shri P. Chandrashekar, CIT (D.R)
Section 10ASection 115JSection 143(3)Section 144CSection 14A

…As regards the adjustment of the amount disallowed under section 14A while computing the book profit under section 115JB our intention IT(TP)A No.3/Bang/2013 was invited to the judgment of Hon'ble Bombay High Court in case of CIT versus JSW Energy Limited 379 ITR 36, wherein the Honourable High Court while dealing with an identical issue has observed in paras 9 and 10 as under : “9. However, the tribunal also noted that by way of additional ground the assessee challenged disallowance under section 14A in calculation of book profit under section 115JB. The tribunal therefore heard both sides on additional gro…

Steriplate Pvt. Ltd., New Delhi vs. ACIT, Faridabad

In the result, assessee’s appeal is allowed

ITA 2808/DEL/2014[2004-05]Status: DisposedITAT Delhi21 Jun 2016AY 2004-05

Bench: Shri S.V. Mehrotra :

For Appellant: Shri Rupesh Jain Adv. &For Respondent: Shri N.J. Singh Sr. DR
Section 115JSection 154Section 234BSection 244A

…12 in ITA no. 4491/Del/2011, has allowed the assessee’s claim following Hon’ble Calcutta High Court’s decision in the case of Emami Ltd. Vs. CIT 337 ITR 470 (Cal.). He further submitted that the Hon’ble Bombay High Court in the case of CIT Vs. JSW Energy Ltd. 379 ITR 36 has also taken the same view observing in para 17 as under: “17. In the present case, what the assessee has pointed out is that some of the amounts included in the book profits as per Explanation (h) to section 115JB were brought in by the Finance Act, 2008 with retrospective effect from 1st April, 2001. The assessee cannot be held to be liable fo…

Nhpc Ltd., Faridabad vs. ACIT, Faridabad

In the result, appeals of the assessee in ITA Nos

ITA 433/DEL/2013[2004-05]Status: DisposedITAT Delhi08 Feb 2016AY 2004-05

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

Section 115JSection 154Section 234B

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: „E‟: NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIALMEMBER AND SH. PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA Nos. 433, 434 & 435/Del/2013 Assessment Years: 2004-05, 2005-06 &2006-07 M/s. NHPC Ltd., Vs. Asstt. Commissioner of Income Tax, NHPC Complex, Circle-II, Faridabad Sector-33, Faridabad (PAN: AAACN0149C) (Appellant) (Respondent) And ITA Nos. 422 & 423/Del/2013 Assessment Years: 2004-05 & 2005-06 Asstt. Commissioner of Income Tax, Vs. M/s. NHPC Ltd., Circle-II, Block –B, New CGO Complex, NHPC Complex, Faridabad Sector-33, Faridabad (PAN: AAACN0149C) (Appellant) (Re…