Hitkari Fibres Ltd. v. JCIT (90 Mumbai ITAT

90 ITD 654Income Tax Appellate Tribunal2004#9921 most cited

What is Hitkari Fibres Ltd. v. JCIT (90 Mumbai ITAT authority for?

Minimum Alternate Tax (MAT) is levied on the real book profit earned by an assessee, not on artificial income credited to the profit and loss account. Capital receipts should not be included in MAT computation as it would defeat the object of sections 115JA/115JB.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2017 to 2024.

Also referred to as

Hitkari Fibres Ltd. v. JCIT · 90 ITD 654 · MAT · book profit · artificial income · real profit · section 115JA · section 115JB · capital receipts

Issues it is cited on

section 41(1)(a)section 94section 38section 43(1)section 80hsection 80hhcblock of assetsadditional depreciationsection 80hhtax benefitsection 41(1)put to use

Judgments citing Hitkari Fibres Ltd. v. JCIT (90 Mumbai ITAT

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)

…the book profit. It is the real profit which is subject to tax for the purposes of MAT provisions: Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 The Mumbai Tribunal, being the Jurisdictional Tribunal, in Hitkari Fibres Pvt. Ltd v/s. DCIT (90 ITD 654) while dealing with the question as to whether the amount written back (ie. Credited to profit and loss account) can be reduced from the book profit, held that MAT is levied on the real book profit which have been earned by the assessee and not on artificial income, which have not accrued to the assessee but has been credited to profit and loss ac…

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)

…the book profit. It is the real profit which is subject to tax for the purposes of MAT provisions: Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 The Mumbai Tribunal, being the Jurisdictional Tribunal, in Hitkari Fibres Pvt. Ltd v/s. DCIT (90 ITD 654) while dealing with the question as to whether the amount written back (ie. Credited to profit and loss account) can be reduced from the book profit, held that MAT is levied on the real book profit which have been earned by the assessee and not on artificial income, which have not accrued to the assessee but has been credited to profit and loss ac…

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 720/MUM/2020[2016-17]Status: DisposedITAT Mumbai30 Jun 2023AY 2016-17

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon'ble company. The similar view was taken by the Hon'ble company. The similar view was taken by the Hon'ble Mumbai ITAT in the case of Hitkari Fibres Ltd. Vs. Mumbai ITAT in the case of Hitkari Fibres Ltd Mumbai ITAT in the case of Hitkari Fibres Ltd JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction of section 115JA/115JB would be defe…

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 719/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon'ble company. The similar view was taken by the Hon'ble company. The similar view was taken by the Hon'ble Mumbai ITAT in the case of Hitkari Fibres Ltd. Vs. Mumbai ITAT in the case of Hitkari Fibres Ltd Mumbai ITAT in the case of Hitkari Fibres Ltd JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction of section 115JA/115JB would be defe…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 652/MUM/2020[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon'ble company. The similar view was taken by the Hon'ble company. The similar view was taken by the Hon'ble Mumbai ITAT in the case of Hitkari Fibres Ltd. Vs. Mumbai ITAT in the case of Hitkari Fibres Ltd Mumbai ITAT in the case of Hitkari Fibres Ltd JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction of section 115JA/115JB would be defe…

DCIT, Circle-1, Thane vs. Everest Industries Ltd., Mumbai

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 1424/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon'ble company. The similar view was taken by the Hon'ble company. The similar view was taken by the Hon'ble Mumbai ITAT in the case of Hitkari Fibres Ltd. Vs. Mumbai ITAT in the case of Hitkari Fibres Ltd Mumbai ITAT in the case of Hitkari Fibres Ltd JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included JCIT (90 ITD 654). If the capital receipts are included in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction in the computation of MAT, the object of introduction of section 115JA/115JB would be defe…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

ITA 655/MUM/2020[2011-12]Status: DisposedITAT Mumbai20 Jan 2023AY 2011-12

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2011-12

For Appellant: Shri Yogesh Thar, A.R. &For Respondent: Shri Sanjeev Kashyap, D.R
Section 43(1)

…Court has held in the case of Indo Rama Synthetics (I) Ltd. Vs. CIT (330 ITR 363) that object of MAT provisions is to bring out the real profits of the company. The similar view was taken by the Hon'ble Mumbai ITAT in the case of Hitkari Fibres Ltd. Vs. JCIT (90 ITD 654). If the capital receipts are included in the computation of MAT, the object of introduction of section 115JA/115JB would be defeated. The above exclusion is also permissible in view of decision of Hon'ble Apex Court in the case of Apollo Tyres (255 ITR 273) wherein it was held that the AO has no powers to rework the book profits if the same have…

Everest Industrial Ltd., Noida vs. Dy CIT Circle-1, Thane

ITA 7792/MUM/2019[2011-12]Status: DisposedITAT Mumbai20 Jan 2023AY 2011-12

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2011-12

For Appellant: Shri Yogesh Thar, A.R. &For Respondent: Shri Sanjeev Kashyap, D.R
Section 43(1)

…Court has held in the case of Indo Rama Synthetics (I) Ltd. Vs. CIT (330 ITR 363) that object of MAT provisions is to bring out the real profits of the company. The similar view was taken by the Hon'ble Mumbai ITAT in the case of Hitkari Fibres Ltd. Vs. JCIT (90 ITD 654). If the capital receipts are included in the computation of MAT, the object of introduction of section 115JA/115JB would be defeated. The above exclusion is also permissible in view of decision of Hon'ble Apex Court in the case of Apollo Tyres (255 ITR 273) wherein it was held that the AO has no powers to rework the book profits if the same have…

DCIT, Circle - 1(1), Kolkata vs. M/S. Mcnally Bharat Engineering Company Limited, Kolkata

ITA 147/KOL/2018[2010-11]Status: DisposedITAT Kolkata22 Nov 2019AY 2010-11

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

…ot be considered as "to disclose the result of working of the company during the financial year as provided under Part-I and Part- II of Schedule VI to the Companies Act, 1956." (ii) Hon'ble Mumbai Tribunal in the case of Hitkari Fibres Ltd. -vs.- JCIT (2004) 90 ITD 654 (Mum) after referring to the case of Bangalore Tribunal, wherein it was held that MAT has to be levied on the real book profits which have been earned by the companies during the relevant assessment years and not on artificial income which has not accrued to the companies but has been credited to the profit and loss account. (iii) Hon'ble Mumbai T…

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

…ot be considered as "to disclose the result of working of the company during the financial year as provided under Part-I and Part- II of Schedule VI to the Companies Act, 1956." (ii) Hon'ble Mumbai Tribunal in the case of Hitkari Fibres Ltd. -vs.- JCIT (2004) 90 ITD 654 (Mum) after referring to the case of Bangalore Tribunal, wherein it was held that MAT has to be levied on the real book profits which have been earned by the companies during the relevant assessment years and not on artificial income which has not accrued to the companies but has been credited to the profit and loss account. (iii) Hon'ble Mumbai T…

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

…t be considered as "to disclose the result of working of the company during the financial year as provided under Part-I and Part- II of Schedule VI to the Companies Act, 1956." (ii) Hon'ble Mumbai Tribunal in the case of Hitkari Fibres Ltd. -vs.- JCIT (2004) 90 ITD 654 (Mum) after referring to the case of Bangalore Tribunal, wherein it 13 14 ITA No.100/Kol/2011& C.O.No.13/Kol/2011 532&217,533&218/Kol/2012 M/s. Mcnally Bharat Engg.Co.Ltd A.Yr.2006-07 was held that MAT has to be levied on the real book profits which have been earned by the companies during the relevant assessment years and not on artificial incom…

Hitkari Fibres Ltd. v. JCIT (90 Mumbai ITAT (90 ITD 654) — Cited in 11 Judgments | BharatTax