DCIT v. Bombay Diamond Company Ltd.

33 DTR 59Income Tax Appellate Tribunal2010#5355 most cited

What is DCIT v. Bombay Diamond Company Ltd. authority for?

Notional income, which does not represent real profit or accrual for the company during the financial year, should be excluded when computing book profit under Section 115JB of the Income Tax Act.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2015 to 2024.

Also referred to as

DCIT v. Bombay Diamond Company Ltd · Section 115JB · notional income · book profit · MAT · real income · accrual · Syndicate Bank v. ACIT · D.P. Communication Systems

Also reported as

7 SOT 51

Sections most often in play

Section 115JBSection 143(3)Section 144BSection 144C(3)Section 201(1A)Section 234CSection 32(1)(ii)Section 37(1)

Judgments citing DCIT v. Bombay Diamond Company Ltd.

Shree Cement Limited, Beawar vs. National Faceless Assessment Centre, Delhi

In the result, the appeal of the Revenue in ITA No

ITA 500/JPR/2023[215-16]Status: DisposedITAT Jaipur21 Feb 2024

Bench: or at the time of hearing of this appeal.

For Appellant: Sh. Dilip B Desai(C.A.)For Respondent: Sh. Alka Gautam (CIT) (V.H) &
Section 115JSection 143Section 143(3)Section 144BSection 144B(1)(xvi)Section 80Section 80I

…claimed to be excluded under MAT, being notional in nature and not real income of the company. ii. Notional income being not real profit of the company needs to be excluded while computing book profit u/s 115JB of the Act:  Syndicate Bank –vs.- ACIT (2006) 7 SOT 51 (Bang. – Tri.) [MAT u/s 115JA cannot be levied on notional income and hence notional interest on zero coupon bond, credited to P&L Account was held as not to be subjected to MAT, as there was no real accrual of income during the year. Since Provisions of Sec. 115JB are same on this aspect, this decision would equally apply to taxability of notional…

Shree Cement Limited, Beawar vs. National Faceless Assessment Centre, Deputy Commissionerof Income Tax, Circle -2, Ajmer

In the result, the appeal of the Revenue in ITA No

ITA 496/JPR/2023[2016-17]Status: DisposedITAT Jaipur21 Feb 2024AY 2016-17

Bench: or at the time of hearing of this appeal.

For Appellant: Sh. Dilip B Desai(C.A.)For Respondent: Sh. Alka Gautam (CIT) (V.H) &
Section 115JSection 143Section 143(3)Section 144BSection 144B(1)(xvi)Section 80Section 80I

…claimed to be excluded under MAT, being notional in nature and not real income of the company. ii. Notional income being not real profit of the company needs to be excluded while computing book profit u/s 115JB of the Act:  Syndicate Bank –vs.- ACIT (2006) 7 SOT 51 (Bang. – Tri.) [MAT u/s 115JA cannot be levied on notional income and hence notional interest on zero coupon bond, credited to P&L Account was held as not to be subjected to MAT, as there was no real accrual of income during the year. Since Provisions of Sec. 115JB are same on this aspect, this decision would equally apply to taxability of notional…

Sabarmati Gas Limited, Ahmedabad vs. The Asstt. Commissioner of Income Tax, Gandhinagar Circle, Gandhinagar

Appeal of the Revenue is partly allowed for statistical purposes

ITA 1607/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Feb 2022AY 2010-11
For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Shri Mohd Usman, CIT DR &
Section 250(6)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH (Conducted Through Virtual Court) Before: Ms. Annapurna Gupta, Accountant Member And Ms. Madhumita Roy, Judicial Member ITA No. 1607 & 1533/Ahd/2016 Assessment Year 2010-11 Sabarmati Gas Limited ACIT Gandhinagar Plot No. 907, Sector-21, Circle, Gandhinagar Gandhinagar-382021 Vs (Respondent) PAN No: AAKCS0110N Joint Commissioner of Sabarmati Gas Limited Income Tax(OSD), Vs Plot No. 907, Sector-21, Gandhinagar Gandhinagar-382021 (Appellant) PAN No: AAKCS0110N Assessment Year 2012-13 & ITA No. 2002/Ahd/2017 Assessment Year 2013-14 Sabarmati Gas Limit…

The Joint Commissioner of Income Tax(OSD), Gandhinagar vs. Sabarmati Gas Limited, Gandhinagar

Appeal of the Revenue is partly allowed for statistical purposes

ITA 1533/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Feb 2022AY 2010-11
For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Shri Mohd Usman, CIT DR &
Section 250(6)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH (Conducted Through Virtual Court) Before: Ms. Annapurna Gupta, Accountant Member And Ms. Madhumita Roy, Judicial Member ITA No. 1607 & 1533/Ahd/2016 Assessment Year 2010-11 Sabarmati Gas Limited ACIT Gandhinagar Plot No. 907, Sector-21, Circle, Gandhinagar Gandhinagar-382021 Vs (Respondent) PAN No: AAKCS0110N Joint Commissioner of Sabarmati Gas Limited Income Tax(OSD), Vs Plot No. 907, Sector-21, Gandhinagar Gandhinagar-382021 (Appellant) PAN No: AAKCS0110N Assessment Year 2012-13 & ITA No. 2002/Ahd/2017 Assessment Year 2013-14 Sabarmati Gas Limit…

Batliboi Ltd, Mumbai vs. DCIT Cir 2(1), Mumbai

In the result, appeal of the assessee is allowed in part

ITA 5428/MUM/2015[2011-12]Status: DisposedITAT Mumbai17 Feb 2021AY 2011-12

Bench: Shri M.Balaganesh, Am & Shri Pavan Kumar Gadale, Jm M/S. Batliboi Limited Vs. Dy. Cit, Circle 2(1) Bharat House, Aayakar Bhavan 5Th Floor, 104 5Th Floor, Mumbai-400001 Mumbai Samachar Marg Fort, Mumbai -400 001 Pan/Gir No. Aaacb4408L (Appellant) .. (Respondent)

Section 115JSection 143(3)Section 40A

…ance with Part II & Part III of Schedule VI to the Companies Act, 1956 because it is prerequisite for Section 115JB of the Act. The Tribunal in this case also considered two another Tribunal's orders rendered in the case of DCIT v. Bombay Diamond Company Ltd- 33 DTR 59 and Syndicate Bank v. ACIT, 7 SOT 51 Bangalore where it was held by the Tribunal after considering the decision of Hon'ble Apex Court rendered in the case of Apollo Tyres Ltd. (Supra), and after 28 explaining the same that adjustment to profit and loss account is possible to make it compliant with Schedule VI Part II and Part III of the Companies A…

DCIT, Circle - 1(1), Kolkata vs. M/S. Mcnally Bharat Engineering Company Limited, Kolkata

ITA 147/KOL/2018[2010-11]Status: DisposedITAT Kolkata22 Nov 2019AY 2010-11

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am I.T.A Nos. 147&109 & C.O Nos.35 & 36/Kol/2018 ("नधा"रण वष" / Assessment Years: 2010-11 & 2011-12) Dcit, Circle-1(1), Kolkata Vs. M/S. Mcnally Bharat Engineering Ltd. M/S Mcnally Bharat Engineering Co. Company Limited, 4, Mangoe Lane, Kolkata – 700001. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcm9443R (Appellant) .. (Respondent/Cross-Objector)

For Appellant: Dr. P. K. Srihari, CIT(DR)For Respondent: Shri Chetan Mehta, FCA, Ashish Jain, FCA &
Section 115JSection 144C(3)Section 92B

…Act. 30. With regard to the claim of the assessee that the said sum cannot also be regarded as part of the book profits u/s 115JB of the Act. The assessee relied on the following decisions :- (i) Bangalore ITAT in the case of Syndicate Bank -vs.- ACIT (2006) 7 SOT 51 (Bang) where it has been held that the entry by way of crediting the profit and loss account in respect of zero coupon bond is of notional credit and not in respect of interest accruing during the year. Hence, even though the same has been credited to profit and loss account, it needs to be excluded while computing the book profit as per Section 115…

DCIT, Circle - 1(1), Kolkata vs. M/S. Mcnally Bharat Engineering Company Limited, Kolkata

ITA 109/KOL/2018[2011-12]Status: DisposedITAT Kolkata22 Nov 2019AY 2011-12

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am I.T.A Nos. 147&109 & C.O Nos.35 & 36/Kol/2018 ("नधा"रण वष" / Assessment Years: 2010-11 & 2011-12) Dcit, Circle-1(1), Kolkata Vs. M/S. Mcnally Bharat Engineering Ltd. M/S Mcnally Bharat Engineering Co. Company Limited, 4, Mangoe Lane, Kolkata – 700001. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcm9443R (Appellant) .. (Respondent/Cross-Objector)

For Appellant: Dr. P. K. Srihari, CIT(DR)For Respondent: Shri Chetan Mehta, FCA, Ashish Jain, FCA &
Section 115JSection 144C(3)Section 92B

…Act. 30. With regard to the claim of the assessee that the said sum cannot also be regarded as part of the book profits u/s 115JB of the Act. The assessee relied on the following decisions :- (i) Bangalore ITAT in the case of Syndicate Bank -vs.- ACIT (2006) 7 SOT 51 (Bang) where it has been held that the entry by way of crediting the profit and loss account in respect of zero coupon bond is of notional credit and not in respect of interest accruing during the year. Hence, even though the same has been credited to profit and loss account, it needs to be excluded while computing the book profit as per Section 115…

ACIT, Sangrur vs. M/S H.M.Steels Ltd, Dirba

In the result, this appeal of the Revenue is partly allowed

ITA 1101/CHANDI/2016[2011-12]Status: DisposedITAT Chandigarh05 Nov 2018AY 2011-12

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ -“ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं ITA No. 366/CHD/2013 "नधा"रण वष" / Assessment Year : 2008-09 M/s H.M. Steels Ltd., Vs. The Addl CIT. Sangrur Road, Sangrur Range, Sangrur Dibra, Distt.Sangrur PAN No. AABCH0164Q आयकर अपील सं./ ITA No. 583/CHD/2014 "नधा"रण वष" / Assessment Year : 2009-10 The DCIT, Vs. M/s H.M. Steels Ltd., Circle, Sangrur Road, Dibra, Sangrur Distt.Sangrur PAN…

H.M. Steels Ltd., Sangrur vs. ACIT, Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 590/CHANDI/2014[2010-11]Status: DisposedITAT Chandigarh05 Nov 2018AY 2010-11

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ -“ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं ITA No. 366/CHD/2013 "नधा"रण वष" / Assessment Year : 2008-09 M/s H.M. Steels Ltd., Vs. The Addl CIT. Sangrur Road, Sangrur Range, Sangrur Dibra, Distt.Sangrur PAN No. AABCH0164Q आयकर अपील सं./ ITA No. 583/CHD/2014 "नधा"रण वष" / Assessment Year : 2009-10 The DCIT, Vs. M/s H.M. Steels Ltd., Circle, Sangrur Road, Dibra, Sangrur Distt.Sangrur PAN…

H.M. Steels Ltd., Sangrur vs. ACIT, Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 589/CHANDI/2014[2009-10]Status: DisposedITAT Chandigarh05 Nov 2018AY 2009-10

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ -“ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं ITA No. 366/CHD/2013 "नधा"रण वष" / Assessment Year : 2008-09 M/s H.M. Steels Ltd., Vs. The Addl CIT. Sangrur Road, Sangrur Range, Sangrur Dibra, Distt.Sangrur PAN No. AABCH0164Q आयकर अपील सं./ ITA No. 583/CHD/2014 "नधा"रण वष" / Assessment Year : 2009-10 The DCIT, Vs. M/s H.M. Steels Ltd., Circle, Sangrur Road, Dibra, Sangrur Distt.Sangrur PAN…

DCIT, Sangrur vs. M/S H.M. Steel Ltd., Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 584/CHANDI/2014[2010-11]Status: DisposedITAT Chandigarh05 Nov 2018AY 2010-11

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ -“ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं ITA No. 366/CHD/2013 "नधा"रण वष" / Assessment Year : 2008-09 M/s H.M. Steels Ltd., Vs. The Addl CIT. Sangrur Road, Sangrur Range, Sangrur Dibra, Distt.Sangrur PAN No. AABCH0164Q आयकर अपील सं./ ITA No. 583/CHD/2014 "नधा"रण वष" / Assessment Year : 2009-10 The DCIT, Vs. M/s H.M. Steels Ltd., Circle, Sangrur Road, Dibra, Sangrur Distt.Sangrur PAN…

DCIT, Sangrur vs. M/S H.M. Steel Ltd., Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 583/CHANDI/2014[2009-10]Status: DisposedITAT Chandigarh05 Nov 2018AY 2009-10

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ -“ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं ITA No. 366/CHD/2013 "नधा"रण वष" / Assessment Year : 2008-09 M/s H.M. Steels Ltd., Vs. The Addl CIT. Sangrur Road, Sangrur Range, Sangrur Dibra, Distt.Sangrur PAN No. AABCH0164Q आयकर अपील सं./ ITA No. 583/CHD/2014 "नधा"रण वष" / Assessment Year : 2009-10 The DCIT, Vs. M/s H.M. Steels Ltd., Circle, Sangrur Road, Dibra, Sangrur Distt.Sangrur PAN…

DCIT, Sangrur vs. M/S H.M. Steel Ltd., Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 585/CHANDI/2013[2008-09]Status: DisposedITAT Chandigarh05 Nov 2018AY 2008-09

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ -“ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं ITA No. 366/CHD/2013 "नधा"रण वष" / Assessment Year : 2008-09 M/s H.M. Steels Ltd., Vs. The Addl CIT. Sangrur Road, Sangrur Range, Sangrur Dibra, Distt.Sangrur PAN No. AABCH0164Q आयकर अपील सं./ ITA No. 583/CHD/2014 "नधा"रण वष" / Assessment Year : 2009-10 The DCIT, Vs. M/s H.M. Steels Ltd., Circle, Sangrur Road, Dibra, Sangrur Distt.Sangrur PAN…

M/S H.M. Steel Ltd., Sangrur vs. Addl. CIT, Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 366/CHANDI/2013[2008-09]Status: DisposedITAT Chandigarh05 Nov 2018AY 2008-09

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ -“ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं ITA No. 366/CHD/2013 "नधा"रण वष" / Assessment Year : 2008-09 M/s H.M. Steels Ltd., Vs. The Addl CIT. Sangrur Road, Sangrur Range, Sangrur Dibra, Distt.Sangrur PAN No. AABCH0164Q आयकर अपील सं./ ITA No. 583/CHD/2014 "नधा"रण वष" / Assessment Year : 2009-10 The DCIT, Vs. M/s H.M. Steels Ltd., Circle, Sangrur Road, Dibra, Sangrur Distt.Sangrur PAN…

DCIT Cir 7(1)(1), Mumbai vs. Geetanjali Trading & Investments P. Ltd, Mumbai

ITA 1903/MUM/2016[2012-13]Status: DisposedITAT Mumbai09 May 2018AY 2012-13

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2012-13 Dcit, Circle 7(1)(1), M/S Geetanjali Trading Room No. 23, Ground & Investment Pvt. Ltd. Vs. Floor, Aayakarbhavan, 3A, Barodawala M.K. Road, Mansion, 81, Dr. Annie Mumbai-400020. Besant Road, Worli, Mumbai-400018 Pan No. Aaacg3265A Appellant Respondent C.O. No. 281/Mum/2017 Assessment Year: 2012-13 M/S Geetanjali Trading Dcit, Circle 7(1)(1) & Investment Pvt. Ltd. Room No. 23, Ground Vs. 3A, Barodawala Floor, Aayakar Bhavan, Mansion, 81, Dr. Annie M.K. Road, Besant Road, Worli, Mumbai-400020 Mumbai-400018 Pan No. Aaacg3265A Appellant Respondent

For Appellant: Mr. H.N.Motiwalla,ARFor Respondent: Mr. Rajeshwar Yadav, DR
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2012-13 DCIT, Circle 7(1)(1), M/s Geetanjali Trading Room No. 23, Ground & Investment Pvt. Ltd. Vs. Floor, AayakarBhavan, 3A, Barodawala M.K. Road, Mansion, 81, Dr. Annie Mumbai-400020. Besant Road, Worli, Mumbai-400018 PAN No. AAACG3265A Appellant Respondent C.O. No. 281/MUM/2017 Assessment Year: 2012-13 M/s Geetanjali Trading DCIT, Circle 7(1)(1), & Investment Pvt. Ltd. Room No. 23, Ground Vs. 3A, Barodawala Floor, Aayakar Bhavan, Mansion, 81, Dr. A…

DCIT, Circle-1, Kolkata vs. M/S Mcnally Bharati Engineering Co.Ltd., Kolkata

In the result the appeal by the assessee is partly allowed

ITA 532/KOL/2012[2007-2008]Status: DisposedITAT Kolkata01 Mar 2017AY 2007-2008

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No.100/Kol/2011 Assessment Year : 2006-07

For Appellant: Shri Soumen Adak, FCAFor Respondent: Shri Vijayendra Kumar, JCIT
Section 115JSection 43B

…Act. 30. With regard to the claim of the assessee that the said sum cannot also be regarded as part of the book profits u/s 115JB of the Act. The assessee relied on the following decisions :- (i) Bangalore ITAT in the case of Syndicate Bank -vs.- ACIT (2006) 7 SOT 51 (Bang) where it has been held that the entry by way of crediting the profit and loss account in respect of zero coupon bond is of notional credit and not in respect of interest accruing during the year. Hence, even though the same has been credited to profit and loss account, it needs to be excluded while computing the book profit as per Section 115…

Asst CIT Cir 11(5) vs. Jsw Steel Ltd

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

ITA 930/BANG/2009[2004-05]Status: DisposedITAT Mumbai13 Jan 2017AY 2004-05

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

For Appellant: S/Shri Kanchan Kaushal & Hirali Desai, A.RFor Respondent: Shri Alok Johri, CIT D.R
Section 115JSection 139(1)Section 143(3)Section 234BSection 244A

…52 M/s. JSW Steel Limited, (formerly known as Jindal Vijaynagar Steel Limited) it is prerequisite for Section 115JB of the Act. The Tribunal in this case also considered two another Tribunal's orders rendered in the case of DCIT Vs. Bombay Diamond Company Ltd-33 DTR 59 and Syndicate Bank Vs. ACIT, 7 SOT 51 Bangalore where it was held by the Tribunal after considering the decision of Hon'ble Apex Court rendered in the case of Apollo Tyres Ltd. (Supra), and after 28 explaining the same that adjustment to profit and loss account is possible to make it compliant with Schedule VI Part II and Part III of the Companies…

Jsw Steel Ltd vs. Asst CIT Cir 11(5)

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

ITA 923/BANG/2009[2004-05]Status: DisposedITAT Mumbai13 Jan 2017AY 2004-05

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

For Appellant: S/Shri Kanchan Kaushal & Hirali Desai, A.RFor Respondent: Shri Alok Johri, CIT D.R
Section 115JSection 139(1)Section 143(3)Section 234BSection 244A

…52 M/s. JSW Steel Limited, (formerly known as Jindal Vijaynagar Steel Limited) it is prerequisite for Section 115JB of the Act. The Tribunal in this case also considered two another Tribunal's orders rendered in the case of DCIT Vs. Bombay Diamond Company Ltd-33 DTR 59 and Syndicate Bank Vs. ACIT, 7 SOT 51 Bangalore where it was held by the Tribunal after considering the decision of Hon'ble Apex Court rendered in the case of Apollo Tyres Ltd. (Supra), and after 28 explaining the same that adjustment to profit and loss account is possible to make it compliant with Schedule VI Part II and Part III of the Companies…

Abhayam Trading Limited, Chennai vs. DCIT, Chennai

In the result, both the appeals of the assessee are allowed

ITA 411/CHNY/2016[2008-09]Status: DisposedITAT Chennai15 Jul 2016AY 2008-09

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita Nos.410 & 411/Mds/2016 "नधा"रण वष" / Assessment Years : 2007-08 & 2008-09 M/S Abhayam Trading Limited (Formerly Known As Apple Credit The Deputy Commissioner Of Corporation Limited), V. Income Tax, No.2, Gokul Arcade, 1St Floor, Corporate Circle 1(1), Sardar Patel Road, Adyar, Chennai - 600 034. Chennai - 600 020. Pan : Aacca 2996 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Sh. T. Banusekar, CAFor Respondent: Sh. B. Koteswara Rao, CIT
Section 115JSection 147

…as per the provisions of Companies Act, the Assessing Officer has rightly recomputed the book profit in accordance with the provisions of the Act. 9. Placing reliance on the decision of Mumbai Bench of this Tribunal in DCIT v. Bombay Diamond Co. Ltd. (2010) 33 DTR 59, the Ld. Departmental Representative, submitted that when the accounts were not prepared in accordance with Parts Ii and III of Schedule VI to the Companies Act, merely because the auditor has certified the account, it cannot be said that the Assessing Officer cannot recompute the book profit. In view of this decision of Mumbai Bench of this Tribun…

Abhayam Trading Limited, Chennai vs. DCIT, Chennai

In the result, both the appeals of the assessee are allowed

ITA 410/CHNY/2016[2007-08]Status: DisposedITAT Chennai15 Jul 2016AY 2007-08

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita Nos.410 & 411/Mds/2016 "नधा"रण वष" / Assessment Years : 2007-08 & 2008-09 M/S Abhayam Trading Limited (Formerly Known As Apple Credit The Deputy Commissioner Of Corporation Limited), V. Income Tax, No.2, Gokul Arcade, 1St Floor, Corporate Circle 1(1), Sardar Patel Road, Adyar, Chennai - 600 034. Chennai - 600 020. Pan : Aacca 2996 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Sh. T. Banusekar, CAFor Respondent: Sh. B. Koteswara Rao, CIT
Section 115JSection 147

…as per the provisions of Companies Act, the Assessing Officer has rightly recomputed the book profit in accordance with the provisions of the Act. 9. Placing reliance on the decision of Mumbai Bench of this Tribunal in DCIT v. Bombay Diamond Co. Ltd. (2010) 33 DTR 59, the Ld. Departmental Representative, submitted that when the accounts were not prepared in accordance with Parts Ii and III of Schedule VI to the Companies Act, merely because the auditor has certified the account, it cannot be said that the Assessing Officer cannot recompute the book profit. In view of this decision of Mumbai Bench of this Tribun…

DCIT v. Bombay Diamond Company Ltd. (33 DTR 59) — Cited in 22 Judgments | BharatTax