DCIT v. Viraj Profiles Ltd.

ACIT, Mumbai vs. Reliance Power Ltd, Mumbai

Bench: Shri Amit Shukla, Jm & Shri Arun Khodpia, Am Acit-15(3)(1), Aayakar Bhavan, Room No. 460, 4Th Floor, M.K. Road, Mumbai-400020. Vs. Revenue-अपीलार्थी / Appellant Assessee By Revenue By Date Of Hearing Date Of Pronouncement

…Hon'ble ITAT 'D' Bench in the case of ITO vs. RBK Share Broking Pvt. Ltd. taxman 128(2013) and the decision of the Hon'ble ITAT 'F' Bench in the case of D.C.L.T. Cen. Cir. 18 & 19, Mumbai us. Viraj Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai -Trib.)/2016, 156 ITD 72 (Mumbai - Trib.), wherein it has been held that the provisions of section14A r.w.r. 8D is applicable for computation of......”. 2. Brief stated, the assessee company had filed its return of income on 29.11.2016 declaring business loss of Rs.89,56,67,127/- under the normal provisions of Act and the book loss of Rs.5,08,80,699/- under the provisions…

DCIT 3(3)(1), Mumbai vs. Sp Port Maintenance Private Limited, Mumbai

Bench: Ms. Padmavathy S. & Shri. Raj Kumar Chauhan

…added back to the book profit u/s.115JB of the Act. Reliance in this regard is placed on the decision of the Mumbai ITAT F Bench decision in the case of Dy. CIT Cen. Cir. 18 & 19, Mumbai Vs. Viraj Profiles Ltd., [2015] 64 taxmann.com 52 (Mumbai Trib.)/[2016] 156 ITD 72 (Mumbai - Trib.), wherein the Tribunal had held that in terms of clause (f) to Explanation 1 to section 115JB(2), disallowance made by Assessing Officer under section 14A, read with rule 8D of Income-tax Rules 1962, has to be added back for purpose of arriving at figure of book profit. Subject to the above discussion, the total income of the asses…

DCIT 3(3)(1), Mumbai vs. Sp Port Maintenance Private Limited, Mumbai

In the result, appeal filed by the revenue are dismissed in the above terms

Bench: Ms. Padmavathy S. & Shri. Raj Kumar Chauhan & Dcit 3(3)1 Vs. Sp Port Maintenance Private Room No. 522, Aaykar Bhavan, M. Limited K. Road, Churchgate, Mumbai – 41/44, Shapoorji Pallonji 400 020. Centre Mumbai, Colaba S.O, Pan: Aaxcs6219B Mumbai – 400 005. (Appellant) (Respondent)

…dded back to the book profit u/s.115JB of the Act. Reliance in this regard is placed on the decision of the Mumbai ITAT F Bench decision in the case of Dy. CIT Cen. Cir. 18 & 19, Mumbai Vs. Viraj Profiles Ltd., [2015] 64 taxmann.com 52 (Mumbai - Trib.)/[2016] 156 ITD 72 (Mumbai - Trib.), wherein the Tribunal had held that in terms of clause (f) to Explanation 1 to section 115JB(2), disallowance made by Assessing Officer under section 14A, read with rule 8D of Income-tax Rules 1962, has to be added back for purpose of arriving at figure of book profit. 5. Subject to the above discussion, the total income of the as…

Smita Conductors Private Limited, Mumbai vs. Circle 3(3)(1), Mumbai

The appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2018-19 M/S. Smita Conductors Circle 3(3)(1) Private Limited Aayakar Bhavan, 1402/03, 1402/3, Maharshi Karve Rd, Vs. Raheja Centre, New Marine Lines, Free Press Road, Churchgate- 400020. Nariman Point- 400021. Pan: Aaacs5379K (Appellant) (Respondent) Present For: Assessee By : Shri Sunil Hirawat, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit), Sr. D.R. Date Of Hearing : 27 . 05 . 2024 Date Of Pronouncement : 30 . 05 . 2024 O R D E R Per: Ratnesh Nandan Sahay: 1. This Appeal Has Been Filed By The Appellant Against The Order Of The Ld. Cit Appeal Passed U/S 250 Of The Income Tax Act (Act In Short) Vide Its Order No. Itba/ Nfac/S/250/2023- 24/1058749394(1) Dated 14/12/2023 For Assessment Year 2018- 19. 2. Following Grounds Of Appeal Have Been Raised:

…2,74,326/-) to the book profit u/s. 115JB of the act by placing reliance on the decision of the Hon'ble ITAT (Mumbai) ‘F’ Bench decision in the case of Dy. CIT Cen. Cir. 18 & 19, Mumbai Vs. Viraj Profiles Ltd., [2015] 64 taxmann.com 52 (Mumbai- Trib.)/[2016] 156 ITD 72 (Mumbai - Trib.), wherein the Hon’ble Tribunal has held that in terms of clause (f) to Explanation 1 to section 115JB(2), disallowance made by Assessing Officer under section 14A, read with rule 8D of Income-tax Rules 1962, has to be added back for purpose of arriving at figure of book profit. 9. Aggrieved by the order of the Ld. Assessing Officer…

DCIT-5(2)(1), Mumbai vs. Jsw Investments Pvt Ltd., Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

…w, the Ld. CIT(A) erred in holding that the sum disallowed u/s 14A cannot be added to the net profit while computing book profit u/s 115JB of the Act while not placing reliance on decision of Hon'ble ITAT Mumbai in the case of DCIT v Viraj Profiles Ltd (2016) 156 ITD 72 (Mumbai Trib.), and Dabur India Ltd v ACIT (2013) 145 ITD 175 (Mumbai- Trib.). The appellant prays that the order of the Ld. CIT (A) be set aside and the order of the be restored. The appellant craves leave to add, alter, modify or amend any ground(s) of appeal which may be necessary.” 2. Fact in brief is that return of income declaring total loss…

DCIT-5(2)(1), Mumbai vs. Jsw Investments Pvt Ltd., Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

…w, the Ld. CIT(A) erred in holding that the sum disallowed u/s 14A cannot be added to the net profit while computing book profit u/s 115JB of the Act while not placing reliance on decision of Hon'ble ITAT Mumbai in the case of DCIT v Viraj Profiles Ltd (2016) 156 ITD 72 (Mumbai Trib.), and Dabur India Ltd v ACIT (2013) 145 ITD 175 (Mumbai- Trib.). The appellant prays that the order of the Ld. CIT (A) be set aside and the order of the be restored. The appellant craves leave to add, alter, modify or amend any ground(s) of appeal which may be necessary.” 2. Fact in brief is that return of income declaring total loss…