Dy. CIT v. Binani Industries Ltd.

178 TTJ 658Income Tax Appellate Tribunal2016#2329 most cited

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.

49

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

Dy. CIT v. Binani Industries Ltd. · Binani Industries · Section 115JB · book profits · Minimum Alternate Tax · MAT · unabsorbed depreciation reduction · business loss deduction · capital receipt · forfeiture of share warrants · not income liable to tax

Sections most often in play

Section 115JBSection 37(1)Section 10AASection 132Section 133(6)Section 139(5)Section 153ASection 32

Issues it is cited on

icdsbook profitssection 115jsection 2(24)section 115jbliable to taxrevenue expendituresection 115cross objectionsection 154section 11section 10

Judgments citing Dy. CIT v. Binani Industries Ltd.

M/S. Vodafone Essar East Ltd., Kolkata vs. Addl. CIT, Range - 7, Kolkata

343/K/2009 04-05 Revenue dismissed

ITA 357/KOL/2009[2005-06]Status: DisposedITAT Kolkata15 Dec 2017AY 2005-06

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 115Section 115JSection 143(3)Section 80I

…ear.” Aggrieved by this, the assessee has come up in appeal before us. 14. The ld. AR reiterated the submissions that were made before the ld. CIT(A). The ld. AR relied on the order of Hon’ble ITAT in the case of DCIT Vs. Binani Industries Limited reported in 178 TTJ 658. He stated that the issue may be decided on merit. On the other hand, Ld DR before us vehemently supported the order of lower authorities. 15. We have heard the rival contentions of both the parties and perused the material available on record and the case law relied upon by the assessee. In the instant case the assessee has shown profit of Rs.8,…

M/S. Vodafone Essar East Ltd., Kolkata vs. JCIT, Range - 7, Kolkata

343/K/2009 04-05 Revenue dismissed

ITA 356/KOL/2009[2004-05]Status: DisposedITAT Kolkata15 Dec 2017AY 2004-05

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 115Section 115JSection 143(3)Section 80I

…ear.” Aggrieved by this, the assessee has come up in appeal before us. 14. The ld. AR reiterated the submissions that were made before the ld. CIT(A). The ld. AR relied on the order of Hon’ble ITAT in the case of DCIT Vs. Binani Industries Limited reported in 178 TTJ 658. He stated that the issue may be decided on merit. On the other hand, Ld DR before us vehemently supported the order of lower authorities. 15. We have heard the rival contentions of both the parties and perused the material available on record and the case law relied upon by the assessee. In the instant case the assessee has shown profit of Rs.8,…

ACIT, Circle - 7, Kolkata vs. Hutchison Telecom East Limited, Kolkata

343/K/2009 04-05 Revenue dismissed

ITA 343/KOL/2009[2004-05]Status: DisposedITAT Kolkata15 Dec 2017AY 2004-05

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 115Section 115JSection 143(3)Section 80I

…ear.” Aggrieved by this, the assessee has come up in appeal before us. 14. The ld. AR reiterated the submissions that were made before the ld. CIT(A). The ld. AR relied on the order of Hon’ble ITAT in the case of DCIT Vs. Binani Industries Limited reported in 178 TTJ 658. He stated that the issue may be decided on merit. On the other hand, Ld DR before us vehemently supported the order of lower authorities. 15. We have heard the rival contentions of both the parties and perused the material available on record and the case law relied upon by the assessee. In the instant case the assessee has shown profit of Rs.8,…

ACIT, Cir-40, Kolkata vs. M/S Assam Bengal Carriers, Kolkata

In the result, the appeals of the revenue are partly allowed

ITA 2385/KOL/2016[2013-14]Status: DisposedITAT Kolkata07 Jul 2017AY 2013-14

Bench: Hon’Ble Sri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 2384 & 2385/Kol/2016 Assessment Years : 2012-13 & 2013-14 A.C.I.T., Circle-40, -Vs.- M/S. Assam Bengal Carriers Kolkata Kolkata [Pan : Aaffa 0462 R] (Respondent) (Appellant) For The Appellant : Shri D.C.Mondal, Jcit For The Respondent : Shri V.N.Purohit, Fca Date Of Hearing : 09.06.2017. Date Of Pronouncement : 07.07.2017 Order

For Appellant: Shri D.C.Mondal, JCITFor Respondent: Shri V.N.Purohit, FCA
Section 143(3)Section 14A

…read 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 2.3.2016 ; 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 Tribunal), 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 any…

ACIT, Cir-40, Kolkata vs. M/S Assam Bengal Carriers, Kolkata

In the result, the appeals of the revenue are partly allowed

ITA 2384/KOL/2016[2012-13]Status: DisposedITAT Kolkata07 Jul 2017AY 2012-13

Bench: Hon’Ble Sri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 2384 & 2385/Kol/2016 Assessment Years : 2012-13 & 2013-14 A.C.I.T., Circle-40, -Vs.- M/S. Assam Bengal Carriers Kolkata Kolkata [Pan : Aaffa 0462 R] (Respondent) (Appellant) For The Appellant : Shri D.C.Mondal, Jcit For The Respondent : Shri V.N.Purohit, Fca Date Of Hearing : 09.06.2017. Date Of Pronouncement : 07.07.2017 Order

For Appellant: Shri D.C.Mondal, JCITFor Respondent: Shri V.N.Purohit, FCA
Section 143(3)Section 14A

…read 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 2.3.2016 ; 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 Tribunal), 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 any…

Sicpa India Private Limited (Formerly Known As Sicpa India Ltd.), Kolkata vs. DCIT, Circle -8, Kolkata

In the result appeal by the Assessee is partly allowed for statistical purpose while appeal by the revenue is dismissed

ITA 885/KOL/2012[2007-08]Status: DisposedITAT Kolkata22 Mar 2017AY 2007-08

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.A No. 885/Kol/2012 Assessment Year : 2007-08 Sicpa India Private Limited -Vs.- D.C.I.T., Circle-8, (Formerly Known As Kolkata Sicpa India Ltd. ), Kolkata [Pan : Aadcs 6121 L] (Respondent) (Appellant) I.T.A No. 933/Kol/2012 Assessment Year : 2007-08 D.C.I.T., Circle-8, Sicpa India Private Limited Kolkata (Formerly Known As Sicpa India Ltd. ), Kolkata [Pan : Aadcs 6121 L] (Respondent) (Appellant) For The Assessee : Shri Prashant Jaiswal, Ar For The Department : Shri Rajat Kumar Kureel, Jcit.Sr.Dr Date Of Hearing : 07.03.2017. Date Of Pronouncement : 22.03.2017. Order Per N.V.Vasudevan, Jm

For Appellant: Shri Prashant Jaiswal, ARFor Respondent: Shri Rajat Kumar Kureel, JCIT.Sr.DR
Section 10(35)Section 14ASection 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Dr.Arjun Lal Saini, AM] I.T.A No. 885/Kol/2012 Assessment Year : 2007-08 Sicpa India Private Limited -vs.- D.C.I.T., Circle-8, (Formerly known as Kolkata Sicpa India Ltd. ), Kolkata [PAN : AADCS 6121 L] (Respondent) (Appellant) I.T.A No. 933/Kol/2012 Assessment Year : 2007-08 D.C.I.T., Circle-8, Sicpa India Private Limited Kolkata (Formerly known as Sicpa India Ltd. ), Kolkata [PAN : AADCS 6121 L] (Respondent) (Appellant) For the Assessee : Shri Prashant Jaiswal, AR For the Department : Shri Rajat Kumar Kureel…

Krishi Rasayan Exports Pvt. Ltd., Kolkata vs. ACIT, RG-12, Kolkata

In the result, appeal by the Assessee is partly allowed and appeal by the revenue is dismissed

ITA 883/KOL/2014[2010-2011]Status: DisposedITAT Kolkata08 Mar 2017AY 2010-2011

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

For Appellant: Shri S.D.Verma, Advocate and Shri Sanjeev Kadel, FCAFor Respondent: None
Section 139(5)

…ITA Nos.883 & 1018/Kol/2014-Krishi Rasayan Exports Pvt.Ltd A.Y.2010-11 1 IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Dr.Arjun Lal Saini, AM] I.T.A No. 883/Kol/2014 Assessment Year : 2010-11 Krishi Rasayan Exports Pvt. Ltd. -vs.- A.C.I.T., Range-12, Kolkata Kolkata [PAN : AACCK 4124 G] (Appellant) (Respondent) I.T.A No. 1018/Kol/2014 Assessment Year : 2010-11 D.C.I.T., Circle-12, -vs.- Krishi Rasayan Exports Pvt.Ltd. Kolkata Kolkata [PAN : AACCK 4124 G] (Appellant) (Respondent) For the Assessee : Shri S.D.Verma, Advocate and Shri Sanjeev Kadel, FC…

DCIT, Cir-12, Kolkata vs. M/S Krishi Rasayan Exports Pvt. Ltd., Kolkata

In the result, appeal by the Assessee is partly allowed and appeal by the revenue is dismissed

ITA 1018/KOL/2014[2010-2011]Status: DisposedITAT Kolkata08 Mar 2017AY 2010-2011

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

For Appellant: Shri S.D.Verma, Advocate and Shri Sanjeev Kadel, FCAFor Respondent: None
Section 139(5)

…ITA Nos.883 & 1018/Kol/2014-Krishi Rasayan Exports Pvt.Ltd A.Y.2010-11 1 IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Dr.Arjun Lal Saini, AM] I.T.A No. 883/Kol/2014 Assessment Year : 2010-11 Krishi Rasayan Exports Pvt. Ltd. -vs.- A.C.I.T., Range-12, Kolkata Kolkata [PAN : AACCK 4124 G] (Appellant) (Respondent) I.T.A No. 1018/Kol/2014 Assessment Year : 2010-11 D.C.I.T., Circle-12, -vs.- Krishi Rasayan Exports Pvt.Ltd. Kolkata Kolkata [PAN : AACCK 4124 G] (Appellant) (Respondent) For the Assessee : Shri S.D.Verma, Advocate and Shri Sanjeev Kadel, FC…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Shri Waseem Ahmed, AM] I.T.A No.100/Kol/2011 Assessment Year : 2006-07 D.C.I.T-Circle-1, -vs.- M/s. McNally Bharat Engineering Co.Ltd. Kolkata Kolkata [PAN : AABCM 9443 R] (Appellant) (Respondent) C.O.No.13/Kol/2011 (A/o I.T.A No.100/Kol/2011) Assessment Year : 2006-07 M/s. McNally Bharat Engineering Co.Ltd., -vs- D.C.I.T., Circle-1, Kolkata Kolkata [PAN : AABCM 9443 R] (Cross Objector) (Respondent) I.T.A No.532/Kol/2012 Assessment Year : 2007-08 D.C.I.T-Circle-1, -vs.- M/s. McNally Bharat Engineering…