What is Dy. CIT v. Binani Industries Ltd. authority for?

The lower of unabsorbed depreciation or business loss is deductible from book profits under Clause (iii) of Explanation 1 to Section 115JB. Capital receipts, such as forfeiture of share warrants, which do not have the character of income, are not liable for book profits tax under Section 115JB.

How many judgments cite Dy. CIT v. Binani Industries Ltd.?

49 judgments on BharatTax cite Dy. CIT v. Binani Industries Ltd. (178 TTJ 658), spanning 2017 to 2024.

Which sections of the Income Tax Act does Dy. CIT v. Binani Industries Ltd. come up under?

It is most often cited in judgments turning on Section 115JB, Section 37(1), Section 10AA, Section 132, Section 133(6), Section 139(5).

Dy. CIT v. Binani Industries Ltd. (178 TTJ 658)

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH KOLKATA BEFORE 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) Appellant by : Dr. P. K. Srihari, CIT(DR) Respondent by : Shri Chetan Mehta, FCA, Ashish Jain, FCA & Alpesh Gupta, ACA सुनवाईक"तार"ख/ Date of Hearing : 04/11/2019 घोषण…

Tata Metaliks Limited, Kolkata vs. DCIT, Circle - 3(1), Kolkata

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

ITA 788/KOL/2018[2012-13]Status: DisposedITAT Kolkata04 Oct 2019AY 2012-13

For Appellant: Shri Ashish Agarwal &For Respondent: Shri Radhey Shyam, CIT

Section 115JSection 43B

…. 24. When a receipt is not in the character of income, can it form part of the book profits for the purpose of Sec.115JB of the Act, is the question that arises for consideration. The ITAT Kolkata Bench in the case of Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 : had to deal with a case where the question was as to whether receipts on account of forfeiture of share warrants amounting to Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v.…

DCIT, Circle - 3(1), Kolkata vs. M/S. Tata Metaliks Limited, Kolkata

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

ITA 1143/KOL/2018[2012-13]Status: DisposedITAT Kolkata04 Oct 2019AY 2012-13

For Appellant: Shri Ashish Agarwal &For Respondent: Shri Radhey Shyam, CIT

Section 115JSection 43B

…. 24. When a receipt is not in the character of income, can it form part of the book profits for the purpose of Sec.115JB of the Act, is the question that arises for consideration. The ITAT Kolkata Bench in the case of Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 : had to deal with a case where the question was as to whether receipts on account of forfeiture of share warrants amounting to Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v.…

DCIT, Cir-11(1), Kolkata vs. M/S. Emami Biotech Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1915/KOL/2017[2011-12]Status: DisposedITAT Kolkata29 Mar 2019AY 2011-12

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

…liable to be excluded even while computing the book profit under section 115JB of the Act. In support of this contention, reliance was placed by the assessee on the decision of the Kolkata Bench of the ITAT in the case of Benani Industries Limited –vs.- DIT [178 TTJ 658], wherein it was held that capital receipt in the form of sales tax incentive was required to be excluded while computing the book profit under section 115JB of the Act. Reliance was also placed on behalf of the assessee on the decision of the Mumbai Bench of ITAT in the case of ITO –vs.- Frigsales (India) Limited [4 SOT 376], wherein it was held…

Assistant Commissioner of Income Tax, Circle-2, Jaipur vs. M/S. Om Metal Infraproject Limited, Jaipur

In the result, appeals of the revenue are dismissed

ITA 1510/JPR/2018[2011-12]Status: DisposedITAT Jaipur27 Mar 2019AY 2011-12

For Appellant: Shri B.V. Maheshwari (CA)For Respondent: Shri Varinder Mehta (CIT-DR)

Section 10Section 115Section 115JSection 86

…credited to P&L a/c and not otherwise. The reliance is placed on the cases of JSW Steel Ltd. Vs ACIT [2017] 82 taxmann.com 210 (Mumbai - Trib.); Sicpa India (P.) Ltd. Vs DCIT [2017] 80 taxmann.com 87 (Kolkata - Trib.), Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 and Hon’ble ITAT, Jaipur in the case of ACIT Vs Shree Cement Ltd. in ITA No. 614, 615 & 635/JP/2010 for AY 2004-05, 05-06 & 06-07. M/s. Om Metal Infraproject Ltd., Jaipur. (vii) In view of the above discussion and looking to the totality of facts and circumstances of the case, it is held that the Assessing Officer was not justified in not exclud…

Assistant Commissioner of Income Tax, Circle-2, Jaipur vs. M/S. Om Metal Infraproject Limited, Jaipur

In the result, appeals of the revenue are dismissed

ITA 1509/JPR/2018[2010-11]Status: DisposedITAT Jaipur27 Mar 2019AY 2010-11

For Appellant: Shri B.V. Maheshwari (CA)For Respondent: Shri Varinder Mehta (CIT-DR)

Section 10Section 115Section 115JSection 86

…credited to P&L a/c and not otherwise. The reliance is placed on the cases of JSW Steel Ltd. Vs ACIT [2017] 82 taxmann.com 210 (Mumbai - Trib.); Sicpa India (P.) Ltd. Vs DCIT [2017] 80 taxmann.com 87 (Kolkata - Trib.), Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 and Hon’ble ITAT, Jaipur in the case of ACIT Vs Shree Cement Ltd. in ITA No. 614, 615 & 635/JP/2010 for AY 2004-05, 05-06 & 06-07. M/s. Om Metal Infraproject Ltd., Jaipur. (vii) In view of the above discussion and looking to the totality of facts and circumstances of the case, it is held that the Assessing Officer was not justified in not exclud…

Karanja Terminal & Logistics P. Ltd, Mumbai vs. DCIT Cen Cir 6(3), Mumbai

The appeal of the assessee is allowed

ITA 2472/MUM/2018[2013-14]Status: DisposedITAT Mumbai20 Mar 2019AY 2013-14

Bench: Shri Rajesh Kumar, Hon'Ble Accountantmember & Shri Ramlal Negi, Hon'Ble Judicialmember

For Appellant: Shri J.P. BairagraFor Respondent: Shri B. Srinivas

Section 115JSection 147Section 148

…um Tr) iii) DCIT Circle-1 V/s. McNally Bharat Engineering Co. Ltd., ITA No.l00/Kol/2011, Dated 01/03/2017.(ITAT Kol) iv) of ACIT, Range-2, V/s. M/s. L. H. Sugar Factory Ltd., ITA NQ.417 & 418/LKW/2013(Lucknow) v) DCIT, c.c-XXVIII V/s. Binani Industries Ltd., 178 TTJ 658(Kol Tri) vi) ACIT, Circle-2 V/s. Shree Cement Ltd., ITA NO.614, 615 & 635/JP/2010,152 ITR 561(Jaipur Tri) vii) Shree Cement Ltd. V/s. Addl. Commissioner of Income Tax, 152 ITD 561(Jai Tri) viii)Veekaylal Investment Co. Pvt.Ltd. 249 ITR 597(Bom) ix) JSW Steel Ltd. Vs. ACIT, 82 Taxmann.com 210 (Mumbai Tri) x) Bisleri Sales Ltd v/s. CIT, 377 ITR 14…

Asst CIT (Ltu) 2, Mumbai vs. Reliance Industries Ltd, Mumbai

ITA 1547/MUM/2016[2010-11]Status: DisposedITAT Mumbai28 Sept 2018AY 2010-11

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

Section 43B

…4 to 26 (exemption) 5 JSW Steel Ltd. Mumbai ITAT 923/Bang/2009 Waiver of loan taken 21, 23 from acquisition of a capital asset 6 L.H. Sugar Factory Lucknow 46 CCH 354 Sales of carbon credit 50 ITAT being a capital receipt 7 Binani Industries Ltd. Kolkata ITAT 178 TTJ 658 Forfeiture of share 4.3.1, .3.2, warrants 4.4, 4.5 & 4.6 8 Nilgiri Tea Estate Cochin ITAT 65 SOT 14 Profit on sale of 7&8 Ltd. agricultural land which is not a capital asset 9 Shivalik Venture Pvt. Mumbai ITAT 173 TTJ 238 Profit arising on transfer 26 to 28 Ltd. of development rights 10 Metal & Chromium Madras ITAT 76 taxmann.com Long-term capita…

DCIT, Circle - 3(1), Kolkata vs. M/S. Tata Metaliks Limited, Kolkata

ITA 1481/KOL/2017[2011-12]Status: DisposedITAT Kolkata12 Sept 2018AY 2011-12

Bench: Shri S.S.Godara & Dr. A.L. Saini

Section 115JSection 143(3)Section 43B

…. 24. When a receipt is not in the character of income, can it form part of the book profits for the purpose of Sec.115JB of the Act, is the question that arises for consideration. The ITAT Kolkata Bench in the case of Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 : had to deal with a case where the question was as to whether receipts on account of forfeiture of share warrants amounting to Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v.…

M/S Tata Metaliks Ltd., Kolkata vs. DCIT, Cir-3(1), Kolkata

ITA 1153/KOL/2017[2011-12]Status: DisposedITAT Kolkata12 Sept 2018AY 2011-12

Bench: Shri S.S.Godara & Dr. A.L. Saini

Section 115JSection 143(3)Section 43B

…. 24. When a receipt is not in the character of income, can it form part of the book profits for the purpose of Sec.115JB of the Act, is the question that arises for consideration. The ITAT Kolkata Bench in the case of Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 : had to deal with a case where the question was as to whether receipts on account of forfeiture of share warrants amounting to Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v.…

Assistant Commissioner of Income Tax, Circle-2, Jaipur vs. M/S. Om Metal Infraproject Limited, Jaipur

In the result, appeal of the revenue is dismissed

ITA 759/JPR/2018[2014-15]Status: DisposedITAT Jaipur15 Aug 2018AY 2014-15

Bench: The Hon’Ble Apex Court In Cit V/S M/S Sbbj In Slp (C) No. 16249/2014? (Ii) Whether On The Facts & Circumstances Of The Case & In Law The Ld. Cit(A) Was Justified In Deleting The Disallowance Of Rs. 44,02,000/- U/S 14A R.W.R 8D Of The I.T. Act When The Assessee Has

For Appellant: Shri B.V. Maheshwari (CA)For Respondent: Shri Varinder Mehta (CIT-DR) fu/kZkfjrh dh vksj ls@

Section 115JSection 14A

…credited to P&L a/c and not otherwise. The reliance is placed on the cases of JSW Steel Ltd. Vs ACIT [2017] 82 taxmann.com 210 (Mumbai - Trib.); Sicpa India (P.) Ltd. Vs DCIT [2017] 80 taxmann.com 87 (Kolkata - Trib.), Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 and Hon’ble ITAT, Jaipur in the case of ACIT Vs Shree Cement Ltd. in ITA No. 614, 615 & 635/JP/2010 for AY 2004-05, 05-06 & 06-07. ITA 759/JP/2018_ 16 (vii) In view of the above discussion and looking to the totality of facts and circumstances of the case, it is held that the Assessing Officer was not justified in not excluding profit of share o…

DCIT 4(1)(2), Mumbai vs. Deegee Orchards P.Ltd, Mumbai

In the result, the appeal of the revenue is dismissed and the cross objection of the assessee is allowed

ITA 4613/MUM/2016[2010-11]Status: DisposedITAT Mumbai08 Aug 2018AY 2010-11

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

Section 115J

…o 26 87 (exemption) 5 JSW Steel Ltd. Mumbai ITAT 923/Bang/2009 Waiver of loan taken 21, 23 from acquisition of a capital asset 6 L.H. Sugar Factory Lucknow 46 CCH 354 Sales of carbon credit 50 ITAT being a capital receipt 7 Binani Industries Ltd. Kolkata ITAT 178 TTJ 658 Forfeiture of share 4.3.1, .3.2, warrants 4.4, 4.5 & 4.6 8 M/s. Deegee Orchards Pvt. Ltd. 8 Nilgiri Tea Estate Cochin ITAT 65 SOT 14 Profit on sale of 7&8 Ltd. agricultural land which is not a capital asset 9 Shivalik Venture Pvt. Mumbai ITAT 173 TTJ 238 Profit arising on transfer 26 to 28 Ltd. of development rights 10 Metal & Chromium Madras…

ACIT, Circle - 40, Kolkata vs. Assam Bengal Carriers, Kolkata

In the result, the appeal of the revenue is treated as allowed

ITA 25/KOL/2018[2014-15]Status: DisposedITAT Kolkata24 May 2018AY 2014-15

Bench: Shri P.M. Jagtap, Am] I.T.A. No. 25/Kol/2018 Assessment Year: 2014-15 A.C.I.T. Circle 40, Kolkata..............................…………………………...........................Appellant 2Nd Floor, 3, Govt. Place (West), Kolkata – 700 001 Assam Bengal Carriers....................…………………………………………….................Respondent P-10, New Cit Road, Kolkata – 700 073 [Pan: Aaffa 0462 R] Appearances By: Md. Ghyas Uddin, Addl. Cit Appearing On Behalf Of The Revenue. Shri Harsh Vardhan Bharadwaj, Fca & Shri V.N. Purohit, Fca Appearing On Behalf Of The Assessee Date Of Concluding The Hearing : March 22, 2018 Date Of Pronouncing The Order : May 24, 2018 Order

Section 14A

…ad with Rule 8D of the Rules. We find that the issue of exclusion of strategic investments for the purpose of disallowance u/s 14A of the Act has been decided by the co-ordinate bench of this tribunal in the case of DCIT vs. Binani Industries Ltd. reported in 178 TTJ 658 (Kol) dated 02.03.2016; DCIT vs Selvel Advertising P. Ltd. reported in 37 ITR (Trib) 611 (Kol Trib) and Harbanslal Malhotra & Sons P. Ltd. vs DCIT in ITA No. 5/Kol/2014 (Kolkata Trib), wherein it has been categorically held that the strategic investments are made by an assessee only in order to gain controlling interest in the said company and an…

DCIT, Cir-3(1), Kolkata vs. M/S Tata Metaliks Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 478/KOL/2016[2010-2011]Status: DisposedITAT Kolkata27 Apr 2018AY 2010-2011

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 139(1)Section 143(3)Section 234C

…. 24. When a receipt is not in the character of income, can it form part of the book profits for the purpose of Sec.115JB of the Act, is the question that arises for consideration. The ITAT Kolkata Bench in the case of Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 : had to deal with a case where the question was as to whether receipts on account of forfeiture of share warrants amounting to Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v.…

Tata Metaliks Ltd., Kolkata vs. ITO, WD-3(2), Kolkata

In the result, Revenue’s appeal is dismissed

ITA 439/KOL/2016[2010-11]Status: DisposedITAT Kolkata27 Apr 2018AY 2010-11

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 139(1)Section 143(3)Section 234C

…. 24. When a receipt is not in the character of income, can it form part of the book profits for the purpose of Sec.115JB of the Act, is the question that arises for consideration. The ITAT Kolkata Bench in the case of Dy. CIT v. Binani Industries Ltd. [2016] 178 TTJ 658 : had to deal with a case where the question was as to whether receipts on account of forfeiture of share warrants amounting to Rs. 12,65,75,000/-, being a capital receipt, would be liable for taxation u/s 115JB. The tribunal after referring to several decisions on the issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v.…