Goetze (India) Ltd. v. CIT

DCIT-3(4), Mumbai vs. M/S Idbi Bank Ltd, Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit- 3(4) V. M/S. Idbi Bank Ltd 29Th Floor, Center-1 Central Processing Unit (Tds) World Trade Center, Cuffe Parade Plot No. 82/83, Elemach Bldg Mumbai- 400005 Road No. 7, Street No. 15 Midc, Andheri (E) Mumbai- 400093 Pan: Aabci8842G (Appellant) (Respondent) M/S. Idbi Bank Ltd V. Acit/Dcit-Ltu 22Nd Floor, Idbi Tower 29Th Floor, Centre No. 1 Wtc Complex, Cuffe Parade World Trade Centre, Cuffe Parade Mumbai- 400005 Mumbai- 400005 Pan: Aabci8842G (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C”, MUMBAI BEFORE SHRI KULDIP SINGH, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER DCIT- 3(4) v. M/s. IDBI Bank Ltd 29th Floor, Center-1 Central Processing Unit (TDS) World Trade Center, Cuffe Parade Plot No. 82/83, Elemach Bldg Mumbai- 400005 Road No. 7, Street No. 15 MIDC, Andheri (E) Mumbai- 400093 PAN: AABCI8842G (Appellant) (Respondent) M/s. IDBI Bank Ltd v. ACIT/DCIT-LTU 22nd Floor, IDBI Tower 29th floor, Centre No. 1 WTC Complex, Cuffe Parade World Trade Centre, Cuffe Parade Mumbai- 400005 Mumbai- 400005 PAN: AABCI8842G (App…

Dy CIT Cent. Cir.-8(2), Mumbai vs. M/S. Raj Wespower P. Ltd., Mumbai

In the result, all the appeals of the In the result, all the appeals of the Revenue are allowed partly are allowed partly for statistical purposes

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 & Assessment Year: 2012-13 & Assessment Year: 2013-14 & Assessment Year: 2014-15 Dcit-Cc-8(3), M/S Jsw Energy (Barmer) Room No. 656, 6Th Floor, Limited, (Formerly Known Aayakar Bhavan, Vs. As M/S Raj Westpower Pvt. M.K. Road, Ltd.), Jindal Mansion, 5A, Mumbai-400020. Dr. G. Deshmukh Marg, Mumbai-400026. Pan No. Aaacr 8812 L Appellant Respondent : Revenue By Mr. T. Shankar, Cit-Dr & Smt. Mahita Nair, Dr Assessee By : Mr. Rakesh Joshi, Ar : Date Of Hearing 18/10/2022 : Date Of Pronouncement 30/12/2022

…ct. In this while computing book profit u/s. 115JB of the Act. In this connection, reliance can be placed upon connection, reliance can be placed upon the decision of ITAT Delhi the decision of ITAT Delhi Bench in the case of Goetze (India) Ltd. Vs CIT (2009) 32 SOT 101 Bench in the case of Goetze (India) Ltd. Vs CIT (2009) 32 SOT 101 Bench in the case of Goetze (India) Ltd. Vs CIT (2009) 32 SOT 101 (Del), wherein it has been held that provisions of Sub (Del), wherein it has been held that provisions of Sub (Del), wherein it has been held that provisions of Sub-Sec. (2) & (3) of Sec. 14A cannot be imported into c…

Wns Global Services P. Ltd., Mumbai vs. Addl/Jt/Dy/Asstt/CIT/ITO, Nationa Faceless Assessment Centre, Dilhi

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalwns Global Services Pvt. Ltd., Pl 10, Gate No.4, Godrej & Boyce Complex, Pirojshanagar, Lbs Marg, Vikhroli (West), Mumbai-400079. Pan: Aaacw2598L ...... Appellant Vs.. Addl./Jt/Dy./Acit/Ito/Nfac, Room No. 455, Circle-14(3)(1), Mumbai. ..... Respondent Appellant/Assessee By : Sh. Porus Kaka, Sr. Adv. & Sh. Manish Kant Respondent/Revenue By : Sh. Jasdeep Singh, Cit-Dr

…gard to the book profit without any reference to Section14A (2) of the Act read with Rule 8D of the Rules. In this regard, reliance is placed on the following judgments: Essar Technholdings Ltd v. DCIT (ITA no. 3850/Mum/2010) Goetze (India) Ltd. v. CIT (2009) 32 SOT 101 (Del) M/s National Commodity & Derivatives Exchange Ltd. (ITA no. 2923/Mum/2010) In the absence of the expenses, computed as per Section 14A of the Act read with Rule 8D of the Rules, being debited to the profit and loss account, the learned AO erred in disallowing expenses while computing the 'book profit' under Section 115JB of the Act.” 22. In…

Jt. CIT (OSD)-CC-7(4), Mumbai vs. Wellknown Polyster Ltd., Mumbai

In the result, we hereby allow the stand of the assessee following the precedent in assessee's own case dated 22

…he profit & loss account which can be added back to the book profit while computing book profit under section 115JB of the Act. In this connection, reliance can be placed upon the decision of ITAT Delhi Bench, in the case of Goetze (India) Ltd. vs. CIT [2009] 32 SOT 101 (Delhi), wherein it has been held that provisions of sub-sec. (2) & (3) of section 14A cannot be imported into clause (f) of the Explanation to sec. 115JB of the Act. In this view of the matter, we therefore, delete the disallowance of expenses confirmed by the CIT(A) while computing book profit under sec. 115JB of the Act” 6.4. Respectfully follo…

DCIT (Ltu-2), Mumbai vs. Idbi Bank Ltd., Mumbai

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2015-16

…ther on the facts and in the circumstances of the case, and in law the ITAT is justified in deleting the addition of Rs.78,84,387/- under clause (f) of Explanation 1 to Section 115JB relying upon the decision in the case of Goetze (India) Ltd. v/s. CIT (2009) 32 SOT 101 (Dei), which has been followed by ITAT, Mumbai in the cases referred to in para 5 of the impugned order without appreciating that the above decision in the case of Goetze (India) Ltd. was rendered by the ITAT, Delhi Bench on completely distinguishable set of facts, peculiar to the said case?” The Hon’ble High Court held that : “4 So far as Quest…

Idbi Bank Ltd., Mumbai vs. DCIT (Ltu)-2, Mumbai

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2015-16

…ther on the facts and in the circumstances of the case, and in law the ITAT is justified in deleting the addition of Rs.78,84,387/- under clause (f) of Explanation 1 to Section 115JB relying upon the decision in the case of Goetze (India) Ltd. v/s. CIT (2009) 32 SOT 101 (Dei), which has been followed by ITAT, Mumbai in the cases referred to in para 5 of the impugned order without appreciating that the above decision in the case of Goetze (India) Ltd. was rendered by the ITAT, Delhi Bench on completely distinguishable set of facts, peculiar to the said case?” The Hon’ble High Court held that : “4 So far as Quest…

Wockhardt Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result this ground of appeal is partly allowed

Bench: Shri Pramod Kumar & Shri Pawan Singhm/S Wockhardt Ltd, Vs Additional Commissioner Of Wockhardt Towers, Bandra Income Tax Range -10(1), Kurla Complex Bandra(E), Aayakar Bhawan, Mumbai-400051 M.K. Road, Mumbai -20 Pan:Aaacw2472M Appellant Respondednt

…sallowance of section 14A without discussion or issuing show cause notice to the assessee. During the first appellate stage the assessee filed its detail submissions and relied on various decisions including in Apollo Tyres (supra) and Goetze India Ltd Vs CIT(32 SOT 101). The ld CIT(A) after considering the submissions of the assessee observed the provision of section 14A cannot be imported to clause (f) of Explanation 1 to section 115JA. The Special bench of Delhi Tribunal recently in ACIT vs. Vireet Investment (P) Ltd (supra) held the computation under clause (f) of Explanation 1 to section 115JB(2), is to be…