CIT v. Kwality Biscuits Ltd.

M/S. PATANJALI FOODS LTD (FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD),MUMBAI vs. DY COMM OF INCOME TAX- CENTRAL CIRCLE-7(2), MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

…ould not be charged under sections 234B and 234C of the Act while computing book profit. It may be mentioned that Revenue preferred appeal against the aforesaid decision of the Karnataka High Court before the Supreme Court in CIT Vs. Kwality Biscuits Limited, 284 ITR 434. The decision of the Karnataka High Court was affirmed by the Supreme Court and the appeal was dismissed. …….. ITA. No.320/Mum/2023 & CO No. 51/Mum/2023 A.Y Nos. 2010-11 & 2012-13 M/s. Patanjali Foods Ltd. 46. As noticed, in Rolta India Limited (supra) Supreme Court again examined the provisions of sections 234B and 234C and held that section 115…

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. बनाम / M/S. Patanjali Foods Ltd Vs. (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. Cross Objection No.51/Mum/2023 (Arising Out Of I.T. A. No. 1172/Mum/2023) (निर्धारण वर्ष / Assessment Year: 2010-11) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. बनाम / Dcit, Central Circle-7(2) Vs. Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. & आयकर अपील सं/ I.T. A. No. 320/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) बनाम / Vs. Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci1220M 2

…ould not be charged under sections 234B and 234C of the Act while computing book profit. It may be mentioned that Revenue preferred appeal against the aforesaid decision of the Karnataka High Court before the Supreme Court in CIT Vs. Kwality Biscuits Limited, 284 ITR 434. The decision of the Karnataka High Court was affirmed by the Supreme Court and the appeal was dismissed. 65 ITA No.1172, 1175 & 1176/M/2023 ITA. No.320/Mum/2023 & CO No. 51/Mum/2023 A.Y Nos. 2010-11 & 2012-13 M/s. Patanjali Foods Ltd. 46. As noticed, in Rolta India Limited (supra) Supreme Court again examined the provisions of sections 234B and…

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. बनाम / M/S. Patanjali Foods Ltd Vs. (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. Cross Objection No.51/Mum/2023 (Arising Out Of I.T. A. No. 1172/Mum/2023) (निर्धारण वर्ष / Assessment Year: 2010-11) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. बनाम / Dcit, Central Circle-7(2) Vs. Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. & आयकर अपील सं/ I.T. A. No. 320/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) बनाम / Vs. Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci1220M 2

…ould not be charged under sections 234B and 234C of the Act while computing book profit. It may be mentioned that Revenue preferred appeal against the aforesaid decision of the Karnataka High Court before the Supreme Court in CIT Vs. Kwality Biscuits Limited, 284 ITR 434. The decision of the Karnataka High Court was affirmed by the Supreme Court and the appeal was dismissed. 46. As noticed, in Rolta India Limited (supra) Supreme Court again examined the provisions of sections 234B and 234C and held that section 115JB is a self contained code pertaining to MAT and all companies were liable for payment of advance t…

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

…ould not be charged under sections 234B and 234C of the Act while computing book profit. It may be mentioned that Revenue preferred appeal against the aforesaid decision of the Karnataka High Court before the Supreme Court in CIT Vs. Kwality Biscuits Limited, 284 ITR 434. The decision of the Karnataka High Court was affirmed by the Supreme Court and the appeal was dismissed. …….. ITA. No.320/Mum/2023 & CO No. 51/Mum/2023 A.Y Nos. 2010-11 & 2012-13 M/s. Patanjali Foods Ltd. 46. As noticed, in Rolta India Limited (supra) Supreme Court again examined the provisions of sections 234B and 234C and held that section 115…

M/S. FDC LIMITED,MUMBAI vs. ADDLL. CIT- 8 (1), MUMBAI

Appeal stand dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No.6901/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) & 2. आयकरअपील िं./ I.T.A. No.6840/Mum/2018 (धििाारण वर्ा / Assessment Year: 2011-12) M/S Fdc Limited Acit Circle– 8(1) बिाम/ 142-48, S. V. Road {Now Acit Circle 9(3)(1)} Jogeshwari (West) R. No. 215, Aayakar Bhavan Vs. Mumbai – 400 102 Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 3. आयकरअपील िं./ I.T.A. No.7016/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) Acit Circle– 8(1) M/S Fdc Limited बिाम/ {Now Acit Circle 9(3)(1)} 142-48, S. V. Road R. No. 215, Aayakar Bhavan Jogeshwari (West) Vs. Mumbai-400 020 Mumbai – 400 102 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri S. S. Nagar, Ld. Ar Revenue By : Shri Sunil Deshpande, Ld. Cit-Dr ुनवाई की तारीख/ : 20/07/2021 Date Of Hearing घोषणा की तारीख / : 08/10/2021 Date Of Pronouncement

…as submitted that the assessee has paid taxes under MAT provisions and accordingly, it has paid interest u/s 234C for Rs.20.64 Lacs. However, no interest is leviable in such a case as per the decision of Hon’ble Supreme Court in CIT V/s Kwality Biscuits Ltd. (284 ITR 434; 26/04/2006) as well as the decisions of Hon’ble Bombay High Court in Snowcem India Ltd V/s DCIT (313 ITR 170; 05/01/2009) and CIT V/s Natural Gems Ltd (327 ITR 269; 24/03/2009) which were holding the field at that point of time. However, in the subsequent 43 M/s FDC Limited Assessment Years: 2010-11 & 2011-12 decision, Hon’ble Supreme Court in…

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

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

…ct. In this regard, reliance is placed on the following decisions, prevailing at that point of time, wherein it has been held that no interest under section 234B or 234C is leviable if tax is determined under section 115JB of the Act:- • Kwality Biscuits Ltd (284 ITR 434) (SC) • Snowcem India Ltd (313 ITR 170) (Bom) • Natural Gems Ltd (327 ITR 269) (Bom) Subsequently the Hon'ble Supreme Court in case of Rolta India Ltd (330 ITR 470) (SC) dated 7 January 2011, contrary to the above decisions, has held that interest is leviable even if income tax is payable under MAT provisions. The Hon'ble Tribunal in following ca…

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

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

…ct. In this regard, reliance is placed on the following decisions, prevailing at that point of time, wherein it has been held that no interest under section 234B or 234C is leviable if tax is determined under section 115JB of the Act:- • Kwality Biscuits Ltd (284 ITR 434) (SC) • Snowcem India Ltd (313 ITR 170) (Bom) • Natural Gems Ltd (327 ITR 269) (Bom) Subsequently the Hon'ble Supreme Court in case of Rolta India Ltd (330 ITR 470) (SC) dated 7 January 2011, contrary to the above decisions, has held that interest is leviable even if income tax is payable under MAT provisions. The Hon'ble Tribunal in following ca…

CHARBHUJA INDUSTRIES P. LTD,MUMBAI vs. DCIT 2(1), MUMBAI

In the result appeal of the assessee is allowed

Bench: Shri G.S. Pannu & Shri Pawan Singhm/S Charbhuja Industries Pvt. Dcit-(2)(1) 5Th Floor, Aayakar Bhavan, Ltd. C/O D. C. Jain & Co. 75, Bombay Mutual Building, Vs. Mumbai-400020. 293, Dr. D.N. Road, Fort, Mumbai-400001. Pan: Aabcc7512P Appellant Respondent Appellant By : Shri D.C. Jain (Ar) Respondent By : Shri R. A. Dhyoni (Dr)

…IN THE INCOME-TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER M/s Charbhuja Industries Pvt. DCIT-(2)(1) 5th Floor, Aayakar Bhavan, Ltd. C/o D. C. JAIN & Co. 75, Bombay Mutual Building, Vs. Mumbai-400020. 293, Dr. D.N. Road, Fort, Mumbai-400001. PAN: AABCC7512P Appellant Respondent Appellant by : Shri D.C. Jain (AR) Respondent by : Shri R. A. Dhyoni (DR) Date of Hearing : 11.09.2018 Date of Pronouncement : 26.09.2018 ORDERUNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by assessee under Section…

RELIANCE INFRASTRUCTURE LTD,MUMBAI vs. ADDL CIT RG 10(1) NOW DCIT CIR 14(3)(1), MUMBAI

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

…of the present case because it is not possible to prepare the accounts under the Companies Act because the assessee is preparing the accounts as per the policies of Electricity Supply Act. 26.1 The Hon'ble Supreme Court in the case of Kwality Biscuits Ltd in 284 ITR 434 has held that provisions of sec. 23413 & 234C are not applicable in respect to computation of deduction u/s 1153 M/s Reliance Infrastructure Ltd. because the computation of profit under the provisions of sec. 1 15J has to be made on the basis of book profit and since the entire exercise of computing the income under section 1 15J can only be don…

DCIT 14(3)(1), MUMBAI vs. RELIANCE INFRSTRUCTURE LTD, MUMBAI

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

…of the present case because it is not possible to prepare the accounts under the Companies Act because the assessee is preparing the accounts as per the policies of Electricity Supply Act. 26.1 The Hon'ble Supreme Court in the case of Kwality Biscuits Ltd in 284 ITR 434 has held that provisions of sec. 23413 & 234C are not applicable in respect to computation of deduction u/s 1153 M/s Reliance Infrastructure Ltd. because the computation of profit under the provisions of sec. 1 15J has to be made on the basis of book profit and since the entire exercise of computing the income under section 1 15J can only be don…