Duke Offshore Ltd. v. DCIT

45 SOT 399Income Tax Appellate Tribunal2011#9067 most cited

What is Duke Offshore Ltd. v. DCIT authority for?

Subsidies are to be excluded when computing book profits under Section 115JB of the Income Tax Act. The starting point for calculating book profits under Section 115JB is the figure after appropriations and extraordinary items, not the profit figure above the line.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2017 to 2024.

Also referred to as

Duke Offshore Ltd. v. DCIT · 45 SOT 399 · Section 115JB · book profits · subsidies · appropriations · extraordinary items · prior period expenses · MAT

Judgments citing Duke Offshore Ltd. v. DCIT

Economic Explosives Limited, Nagpur vs. National E Assessment Centre, New Delhi

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

ITA 242/NAG/2023[2018-19]Status: DisposedITAT Nagpur09 Sept 2024AY 2018-19

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Mani JainFor Respondent: Shri Kailash C. Kanojiya
Section 139Section 142(1)Section 143(2)

…idies in question should be excluded for the purpose of computing book profits u/s. 115JB of the Act. Similar view is taken by the Courts in the following decisions: Shivalik Venture (P) Ltd. v. Dy. CIT (70 SOT 92) (Mum - Trib); Duke Offshore Ltd. v. Dy. CIT (45 SOT 399) (9 taxmann.com 214) Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 (Mum.); Dy. CIT v. Garware Polyester Ltd. (IT Appeal No. 5996/Mum/2013) (Mum. ITAT); Kopran Pharmaceuticals Ltd. v. Dy. CIT (119 ITD 355) (Mum.); ACTT v. Shree Cement Ltd. (IT Appeal Nos. 614, 615 & 635 (JP) of 2010); Shree Cement Ltd. v. Addl. CIT (160 TTJ (Jp…

Economic Explosives Limited, Nagpur vs. Assistant Commissioner of Income Tax, Central Circle 1 (2), Nagpur

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

ITA 177/NAG/2022[2017-18]Status: DisposedITAT Nagpur09 Sept 2024AY 2017-18

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Mani JainFor Respondent: Shri Kailash C. Kanojiya
Section 139Section 142(1)Section 143(2)

…idies in question should be excluded for the purpose of computing book profits u/s. 115JB of the Act. Similar view is taken by the Courts in the following decisions: Shivalik Venture (P) Ltd. v. Dy. CIT (70 SOT 92) (Mum - Trib); Duke Offshore Ltd. v. Dy. CIT (45 SOT 399) (9 taxmann.com 214) Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 (Mum.); Dy. CIT v. Garware Polyester Ltd. (IT Appeal No. 5996/Mum/2013) (Mum. ITAT); Kopran Pharmaceuticals Ltd. v. Dy. CIT (119 ITD 355) (Mum.); ACTT v. Shree Cement Ltd. (IT Appeal Nos. 614, 615 & 635 (JP) of 2010); Shree Cement Ltd. v. Addl. CIT (160 TTJ (Jp…

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

…Veekaylal Investment Co. (P.) Ltd. [2001] 249 ITR 597/116 Taxman 104 (Bom.) (ii) Kopran Pharmaceuticals Ltd. v. Dy. CIT [2009] 119 ITD 355 (Mum.) (iii) Hindustan Shipyard Ltd. v. Dy. CIT [2010] 130 TTJ 213 (Vizag) (iv) Duke Offshore Ltd. v. Dy. CIT [2011] 45 SOT 399/9 taxmann.com 214 (Mum.) (v) B & B Infotech Ltd. v. ITO [2015] 155 ITD 1040/63 taxmann.com 122 (Bang. - Trib.) His strong contention was that once the amount of waiver of loan is part of profit & loss account duly credited to the P&L account and also clarified by the auditor, then neither the Assessing Officer nor the assessee can tinker with suc…

Wellknown Polyester Ltd, Mumbai vs. DCIT Cen Cir 7(4), Mumbai

ITA 5850/MUM/2016[2014-15]Status: DisposedITAT Mumbai13 Jun 2018AY 2014-15

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…the Act whereas the applicable provision in the case of the assessee is Sec. 115JB of the Act. 15. In the course of arguments, reliance has also been placed on the decision of the Mumbai Bench of the Tribunal in the case of Duke Offshore Ltd. vs DCIT, [2011] 45 SOT 399 for the proposition that the starting point of the Profit & Loss Account for Sec. 115JB of the Act is the figure after the appropriations and extraordinary items including prior period expenses, and not the profit figure arrived at above line. 16. In nutshell, the sum and substance of the stand taken by the ld. CIT- DR is that the adjustments sou…

Wellknown Polyester Ltd, Mumbai vs. DCIT Cen Cir 7(4), Mumbai

ITA 5849/MUM/2016[2013-14]Status: DisposedITAT Mumbai13 Jun 2018AY 2013-14

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…the Act whereas the applicable provision in the case of the assessee is Sec. 115JB of the Act. 15. In the course of arguments, reliance has also been placed on the decision of the Mumbai Bench of the Tribunal in the case of Duke Offshore Ltd. vs DCIT, [2011] 45 SOT 399 for the proposition that the starting point of the Profit & Loss Account for Sec. 115JB of the Act is the figure after the appropriations and extraordinary items including prior period expenses, and not the profit figure arrived at above line. 16. In nutshell, the sum and substance of the stand taken by the ld. CIT- DR is that the adjustments sou…

Wellknown Polyester Ltd, Mumbai vs. DCIT Cen Cir 7(4), Mumbai

ITA 5848/MUM/2016[2012-13]Status: DisposedITAT Mumbai13 Jun 2018AY 2012-13

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…the Act whereas the applicable provision in the case of the assessee is Sec. 115JB of the Act. 15. In the course of arguments, reliance has also been placed on the decision of the Mumbai Bench of the Tribunal in the case of Duke Offshore Ltd. vs DCIT, [2011] 45 SOT 399 for the proposition that the starting point of the Profit & Loss Account for Sec. 115JB of the Act is the figure after the appropriations and extraordinary items including prior period expenses, and not the profit figure arrived at above line. 16. In nutshell, the sum and substance of the stand taken by the ld. CIT- DR is that the adjustments sou…

DCIT CC 7(4), Mumbai vs. Well Known Polysters P.Ltd, Mumbai

ITA 5498/MUM/2016[2009-10]Status: DisposedITAT Mumbai13 Jun 2018AY 2009-10

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…the Act whereas the applicable provision in the case of the assessee is Sec. 115JB of the Act. 15. In the course of arguments, reliance has also been placed on the decision of the Mumbai Bench of the Tribunal in the case of Duke Offshore Ltd. vs DCIT, [2011] 45 SOT 399 for the proposition that the starting point of the Profit & Loss Account for Sec. 115JB of the Act is the figure after the appropriations and extraordinary items including prior period expenses, and not the profit figure arrived at above line. 16. In nutshell, the sum and substance of the stand taken by the ld. CIT- DR is that the adjustments sou…

DCIT CC 7(4), Mumbai vs. Well Known Polysters P.Ltd, Mumbai

ITA 5497/MUM/2016[2010-11]Status: DisposedITAT Mumbai13 Jun 2018AY 2010-11

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…the Act whereas the applicable provision in the case of the assessee is Sec. 115JB of the Act. 15. In the course of arguments, reliance has also been placed on the decision of the Mumbai Bench of the Tribunal in the case of Duke Offshore Ltd. vs DCIT, [2011] 45 SOT 399 for the proposition that the starting point of the Profit & Loss Account for Sec. 115JB of the Act is the figure after the appropriations and extraordinary items including prior period expenses, and not the profit figure arrived at above line. 16. In nutshell, the sum and substance of the stand taken by the ld. CIT- DR is that the adjustments sou…

DCIT CC 7(4), Mumbai vs. Well Known Polysters P.Ltd, Mumbai

ITA 5496/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jun 2018AY 2008-09

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…the Act whereas the applicable provision in the case of the assessee is Sec. 115JB of the Act. 15. In the course of arguments, reliance has also been placed on the decision of the Mumbai Bench of the Tribunal in the case of Duke Offshore Ltd. vs DCIT, [2011] 45 SOT 399 for the proposition that the starting point of the Profit & Loss Account for Sec. 115JB of the Act is the figure after the appropriations and extraordinary items including prior period expenses, and not the profit figure arrived at above line. 16. In nutshell, the sum and substance of the stand taken by the ld. CIT- DR is that the adjustments sou…

Lmj International Ltd., Kolkata vs. D.C.I.T Cir - 8, Kolkata

In the result, the appeal of the Revenue is dismissed, while the appeal of the assessee is treated as partly allowed for statistical purposes

ITA 230/KOL/2013[2009-10]Status: DisposedITAT Kolkata21 Mar 2018AY 2009-10

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 80I

…riation account is required to be taken into consideration for the purpose of computing book profit under section 115JB. In support of this contention, he relied on the decision of Mumbai Bench of this Tribunal in the case of Duke Offshore Limited –vs.- DCIT [45 SOT 399] as well as the decision of the Hyderabad Bench of this Tribunal in the case of Gulf Oil Corporation Limited –vs.- ACIT [111 ITD 124]. He also contended that the nature of loan redemption reserve is similar to the debenture redemption reserve and the same, therefore, is allowable as deduction while computing book profit under section 115JB as per…

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

…lowing decisions: i) CIT vs. Veekaylal Investment Co. (P) Ltd. (2001) 249 ITR 597 (Bom) ii) Kopran Pharmaceuticals Ltd. vs. DCIT (2009) 121 TTJ 77(Mum) iii) Hindustan Shipyard Ltd. vs. DCIT (2010) 130 TTJ 213 (Vizag) iv) Duke Offshore Ltd. vs. DCIT (2011) 45 SOT 399 (Mum) v) B & B Infotech Ltd. vs. ITO (ITA No.726/Bang/2014) His strong contention was that once the amount of waiver of loan is part of profit & loss account duly credited to the P&L account and also clarified by the auditor, then neither the Assessing Officer nor the assessee can tinker with such profit & loss account while computing the book…

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

…lowing decisions: i) CIT vs. Veekaylal Investment Co. (P) Ltd. (2001) 249 ITR 597 (Bom) ii) Kopran Pharmaceuticals Ltd. vs. DCIT (2009) 121 TTJ 77(Mum) iii) Hindustan Shipyard Ltd. vs. DCIT (2010) 130 TTJ 213 (Vizag) iv) Duke Offshore Ltd. vs. DCIT (2011) 45 SOT 399 (Mum) v) B & B Infotech Ltd. vs. ITO (ITA No.726/Bang/2014) His strong contention was that once the amount of waiver of loan is part of profit & loss account duly credited to the P&L account and also clarified by the auditor, then neither the Assessing Officer nor the assessee can tinker with such profit & loss account while computing the book…

Duke Offshore Ltd. v. DCIT (45 SOT 399) — Cited in 12 Judgments | BharatTax