Indo Rama Synthetics (I) Ltd. v. CIT

330 ITR 363Supreme Court of India2011#1539 most cited

What is Indo Rama Synthetics (I) Ltd. v. CIT authority for?

For Minimum Alternate Tax (MAT) under Section 115JB, the book profit must reflect the true working results of the company. Capital receipts that are not income cannot be included in book profit, and adjustments based on notes on accounts can be made to arrive at the real profit.

74

judgments rely on this decision, according to BharatTax’s citation analysis of 366,421 Indian tax judgments — from 2013 to 2026.

Also referred to as

Indo Rama Synthetics (I) Ltd. v. CIT · Indo Rama Synthetics · Section 115JB · Minimum Alternate Tax · MAT book profit computation · real profit · true working result · notes on accounts · capital receipts · allowances and deductions MAT · deemed total income

Also reported as

196 Taxmann 539

Sections most often in play

Section 115JBSection 14ASection 37(1)Section 143(3)Section 139(5)Section 153ASection 250Section 132
Read the full judgment

Issues it is cited on

section 41(1)(a)section 207section 54eminimum alternate taxsection 94section 115jasection 211explanation to section 37section 38section 115jb(2)section 43(1)section 35(2ab)

Judgments citing Indo Rama Synthetics (I) Ltd. v. CIT

Rahas Investment P.Ltd, Mumbai vs. DCIT 10(1), Mumbai

In the result, appeal of the assessee is dismissed and appeal of the revenue is dismissed

ITA 2752/MUM/2014[2010-11]Status: DisposedITAT Mumbai05 Feb 2020AY 2010-11

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S. Lupin Investments Vs. Deputy Commissioner Of Private Limited (Successor To Income Tax, 10(1) Rahas Investments Private Aayakar Bhavan Limited M.K.Road, 159, Cst Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 Pan/Gir No.Aaacr3202L (Appellant) .. (Respondent) Deputy Commissioner Of Vs. M/S. Lupin Investments Private Income Tax, 10(1) Limited (Successor To Rahas Aayakar Bhavan Investments Private Limited M.K.Road, 159, Cst Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 Pan/Gir No.Aaacr3202L (Appellant) .. (Respondent) Assessee By Shri Hemen Chandariya Revenue By Shri Padmapani Bora Date Of Hearing 08/11/2019 Date Of Pronouncement 05/02/2020

Section 10Section 115JSection 143(3)Section 45

…IN THE INCOME TAX APPELLATE TRIBUNAL “D”, BENCH MUMBAI BEFORE SHRI M.BALAGANESH, AM & SHRI AMARJIT SINGH, JM M/s. Lupin Investments Vs. Deputy Commissioner of Private Limited (successor to Income Tax, 10(1) Rahas Investments Private Aayakar Bhavan Limited M.K.Road, 159, CST Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 PAN/GIR No.AAACR3202L (Appellant) .. (Respondent) Deputy Commissioner of Vs. M/s. Lupin Investments Private Income Tax, 10(1) Limited (successor to Rahas Aayakar Bhavan Investments Private Limited M.K.Road, 159, CST Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 PAN/G…

DCIT, Circle- 23(2), New Delhi vs. Sicpa India Pvt. Ltd., New Delhi

ITA 7483/DEL/2017[2011-12]Status: DisposedITAT Delhi31 Jan 2020AY 2011-12

Bench: Shri Kuldip Singh & Dr. B.R.R. Kumar

For Appellant: Shri Nikhil Surana, CAFor Respondent: Shri Saras Kumar, Senior DR
Section 14A

…ure 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 vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Lucknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 ,418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2…

Sicpa India Pvt. Ltd., New Delhi vs. DCIT, Circle- 23(2), New Delhi

ITA 7048/DEL/2017[2011-12]Status: DisposedITAT Delhi31 Jan 2020AY 2011-12

Bench: Shri Kuldip Singh & Dr. B.R.R. Kumar

For Appellant: Shri Nikhil Surana, CAFor Respondent: Shri Saras Kumar, Senior DR
Section 14A

…ure 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 vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Lucknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 ,418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2…

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

…ture 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 vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Luknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 , 418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2…

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

…ture 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 vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Luknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 , 418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2…

R Systems International Ltd., New Delhi vs. DCIT, New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 690/DEL/2013[2008-09]Status: DisposedITAT Delhi30 Oct 2019AY 2008-09

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

Section 10ASection 10A(4)Section 115JSection 154Section 234B

…h the provision was created was increased. This condition was met because book profit for AY 2007-08 was increased by provisions for Rs. 1,04,42,237/-, Rs.5,08,06,788/- and Rs.3,39,47,774/-. The CIT(A) by following Indo Rama Synthetics India Ltd. v. CIT12011/ 330 ITR 363 (SC) upheld the adjustment holding that in the year in which provisions were created, the same were not added back for the purposes of MAT 7 computation in the return originally filed. Only by the revised computation, provisions were added back. Therefore, book profit for AY 2007-08 has not been increased by the provision of Rs. 1,04,42,237/- &…

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

…been credited to P& L a/c, in order to work out the real profit of the company u/s 115JB said amount needs to be deducted, following the decision of the Hon'ble Supreme Court in Apollo Tyres (2002) 255 ITR 273 (SC) rw Indo Rama Synthetics (I) Ltd vs CIT(2011) 330 ITR 363(SC). The appellant has also relied upon the judgment in the case of CIT vs Veekaylal Investments CO.(P) Ltd (2001) 249 ITR 597(BOM), although the copy of judgment in this case was not furnished. The reliance on the decision by the Hon'ble Mumbai High Court by the appellant is found to be misplaced, it was observed by the Hon'ble High Court that,…

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

…been credited to P& L a/c, in order to work out the real profit of the company u/s 115JB said amount needs to be deducted, following the decision of the Hon'ble Supreme Court in Apollo Tyres (2002) 255 ITR 273 (SC) rw Indo Rama Synthetics (I) Ltd vs CIT(2011) 330 ITR 363(SC). The appellant has also relied upon the judgment in the case of CIT vs Veekaylal Investments CO.(P) Ltd (2001) 249 ITR 597(BOM), although the copy of judgment in this case was not furnished. The reliance on the decision by the Hon'ble Mumbai High Court by the appellant is found to be misplaced, it was observed by the Hon'ble High Court that,…

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

…assessee also contended that the income which is not taxable on account of being capital receipt is not to be included in the book profits under MAT. The ld AR of the assessee has relied on various decisions namely: i) Indo Rama Synthetics (I) Ltd. V/s. CIT, 330 ITR 363(SC) ii) Shivalik Venture Pvt. Ltd. V/s. Dy. CIT, 43 ITR(Trib) 187(Mum 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)…

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

…been credited to P& L a/c, in order to work out the real profit of the company u/s 115JB said amount needs to be deducted, following the decision of the Hon'ble Supreme Court in Apollo Tyres (2002) 255 ITR 273 (SC) rw Indo Rama Synthetics (I) Ltd vs CIT(2011) 330 ITR 363(SC). The appellant has also relied upon the judgment in the case of CIT vs Veekaylal Investments CO.(P) Ltd (2001) 249 ITR 597(BOM), although the copy of judgment in this case was not furnished. The reliance on the decision by the Hon'ble Mumbai High Court by the appellant is found to be misplaced, it was observed by the Hon'ble High Court that,…

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

…been credited to P& L a/c, in order to work out the real profit of the company u/s 115JB said amount needs to be deducted, following the decision of the Hon'ble Supreme Court in Apollo Tyres (2002) 255 ITR 273 (SC) rw Indo Rama Synthetics (I) Ltd vs CIT(2011) 330 ITR 363(SC). The appellant has also relied upon the judgment in the case of CIT vs Veekaylal Investments CO.(P) Ltd (2001) 249 ITR 597(BOM), although the copy of judgment in this case was not furnished. The reliance on the decision by the Hon'ble Mumbai High Court by the appellant is found to be misplaced, it was observed by the Hon'ble High Court that,…

DCIT, Cir-11(1), Kolkata vs. M/S Haldia Petrochemicals Ltd., Kolkata

In the result, the appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

ITA 168/KOL/2016[2004-05]Status: DisposedITAT Kolkata06 Jul 2018AY 2004-05

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2004-05

For Appellant: Shri Harakamal Chakravorty, ARFor Respondent: Shr P.K.Srihari, CIT
Section 115J

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH ‘A’ KOLKATA [Before Hon’ble Shri P.M.Jagtap, AM & Shri S.S.Viswanethra Ravi, JM ] Assessment Year : 2004-05 Haldia Petrochemicals Ltd. -versus- A.C.I.T., Circle-8 Kolkata Kolkata (PAN : AAACH 7360 R) (Appellant) (Respondent) Assessment Year : 2004-05 D.C.I.T., Circle-11(1) -versus- Haldia Petrochemicals Ltd. Kolkata Kolkata (PAN: AAACH 7360 R) (Appellant) (Respondent) For the Assessee : Shri Harakamal Chakravorty, AR For the Respondent: Shr P.K.Srihari, CIT Date of Hearing : 09.05.2018. Date of Pronouncement : 06.07.2018. ORDER Per S.S.Viswanethra Ravi, JM Bot…

Haldia Petrochemicals Ltd., Kolkata vs. ACIT, Cir-8, Kolkata

In the result, the appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

ITA 1533/KOL/2015[2003-2004]Status: DisposedITAT Kolkata06 Jul 2018AY 2003-2004

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2004-05

For Appellant: Shri Harakamal Chakravorty, ARFor Respondent: Shr P.K.Srihari, CIT
Section 115J

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH ‘A’ KOLKATA [Before Hon’ble Shri P.M.Jagtap, AM & Shri S.S.Viswanethra Ravi, JM ] Assessment Year : 2004-05 Haldia Petrochemicals Ltd. -versus- A.C.I.T., Circle-8 Kolkata Kolkata (PAN : AAACH 7360 R) (Appellant) (Respondent) Assessment Year : 2004-05 D.C.I.T., Circle-11(1) -versus- Haldia Petrochemicals Ltd. Kolkata Kolkata (PAN: AAACH 7360 R) (Appellant) (Respondent) For the Assessee : Shri Harakamal Chakravorty, AR For the Respondent: Shr P.K.Srihari, CIT Date of Hearing : 09.05.2018. Date of Pronouncement : 06.07.2018. ORDER Per S.S.Viswanethra Ravi, JM Bot…

DCIT Cir 7(1)(1), Mumbai vs. Geetanjali Trading & Investments P. Ltd, Mumbai

ITA 1903/MUM/2016[2012-13]Status: DisposedITAT Mumbai09 May 2018AY 2012-13

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2012-13 Dcit, Circle 7(1)(1), M/S Geetanjali Trading Room No. 23, Ground & Investment Pvt. Ltd. Vs. Floor, Aayakarbhavan, 3A, Barodawala M.K. Road, Mansion, 81, Dr. Annie Mumbai-400020. Besant Road, Worli, Mumbai-400018 Pan No. Aaacg3265A Appellant Respondent C.O. No. 281/Mum/2017 Assessment Year: 2012-13 M/S Geetanjali Trading Dcit, Circle 7(1)(1) & Investment Pvt. Ltd. Room No. 23, Ground Vs. 3A, Barodawala Floor, Aayakar Bhavan, Mansion, 81, Dr. Annie M.K. Road, Besant Road, Worli, Mumbai-400020 Mumbai-400018 Pan No. Aaacg3265A Appellant Respondent

For Appellant: Mr. H.N.Motiwalla,ARFor Respondent: Mr. Rajeshwar Yadav, DR
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2012-13 DCIT, Circle 7(1)(1), M/s Geetanjali Trading Room No. 23, Ground & Investment Pvt. Ltd. Vs. Floor, AayakarBhavan, 3A, Barodawala M.K. Road, Mansion, 81, Dr. Annie Mumbai-400020. Besant Road, Worli, Mumbai-400018 PAN No. AAACG3265A Appellant Respondent C.O. No. 281/MUM/2017 Assessment Year: 2012-13 M/s Geetanjali Trading DCIT, Circle 7(1)(1), & Investment Pvt. Ltd. Room No. 23, Ground Vs. 3A, Barodawala Floor, Aayakar Bhavan, Mansion, 81, Dr. A…

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

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member ITA No.439 & 478/Kol/2016 Assessment Year :2010-11 Tata Metaliks Ltd. V/s. Income Tax Officer, Tata Centre, 10th Floor, Ward-3(2), P-7, 43, Chowringhee Road, Chowringhee Square, 4th Floor, Kolkata-69 Kolkata-71 [PAN No.AABCT 1389 B] DCIT, Circle-3(1), Tata Metaliks Ltd. Tat Centre, 10th Floor, P-7, Chowringhee V/s. Square, Aayakar 43, Chowringhee Bhawan, 4th Floor, Room Road, Kolkata-71 No.19, Kolkata-69 .. अपीलाथ" /Appellant…

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

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member ITA No.439 & 478/Kol/2016 Assessment Year :2010-11 Tata Metaliks Ltd. V/s. Income Tax Officer, Tata Centre, 10th Floor, Ward-3(2), P-7, 43, Chowringhee Road, Chowringhee Square, 4th Floor, Kolkata-69 Kolkata-71 [PAN No.AABCT 1389 B] DCIT, Circle-3(1), Tata Metaliks Ltd. Tat Centre, 10th Floor, P-7, Chowringhee V/s. Square, Aayakar 43, Chowringhee Bhawan, 4th Floor, Room Road, Kolkata-71 No.19, Kolkata-69 .. अपीलाथ" /Appellant…

DCIT, CC-Xvi, Kolkata vs. South Asian Petrochem Ltd, Kolkata

In the result, appeals of Revenue stand dismissed

ITA 1222/KOL/2014[2006-2007]Status: DisposedITAT Kolkata03 May 2017AY 2006-2007

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2006-07

Section 143(3)

…and III of Schedule VI of Companies Act 1956, includes notes on accounts thereon and accordingly in order to determine the real profit of the assessee as laid down by the Hon'ble Apex Court in the case of Indo Rama Synthetics (I) Ltd vs CIT reported in (2011) 330 ITR 363 (SC), adjustment need to be made to the disclosures made in the notes on accounts forming part of the profit and loss account of the assessee and the profits arrived after such adjustment , should be considered for the purpose of computation of book profits u/s 115JB of the Act and thereafter, the Learned AO has to make adjustments for additions…

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

…to various deductions available under the Income Tax Act. There was never any intention of the legislature to tax what is not income at all. In a recent decision, the Hon'ble Apex Court in the case of Indo Rama Synthetics 0) 8 A.Yr.2007-08 Ltd -vs- CIT (2011) 330 ITR 363 (SC) has held that the object of MAT provisions is to bring out the real profit of the companies. The thrust is to find out the real working results of the company. Thus, inclusion of capital receipt in the computation of MAT would defeat two fundamental principles. Firstly it would levy tax on receipt which is not in the nature of income at all…

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)

…eipt, would be liable for taxation u/s 115JB. The ITA Nos.883 & 1018/Kol/2014-Krishi Rasayan Exports Pvt.Ltd A.Y.2010-11 16 tribunal after referring to several decisions on the issue viz., the Hon’ble Apex Court in case of Indo Rama Synthetics (I) Ltd vs CIT 330 ITR 336 (SC), Apollo Tyres Ltd. 255 ITR 273 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. Vs. DCIT (2010) 131 TTJ (Hyd)(SB) 514, ITAT Luknow Bench in the case of ACIT vs. L.H.Sugar Factory Ltd and vice versa in ITA Nos. 417 , 418 & 339/LKW/2013 dated 9.2.2016 and decision of Mumbai ITAT in the case of Shivalik Venture (P) Ltd. Vs. DCIT (2…

M/S Medi Drips Carries Pvt. Ltd., Kolkata vs. ITO, WD-12(4), Kolkata

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

ITA 471/KOL/2014[2008-2009]Status: DisposedITAT Kolkata08 Mar 2017AY 2008-2009

Bench: Shri N.V.Vasudevan, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.471/Kol/2014 ("नधा"रण वष" /Assessment Year:2008-2009) M/S Medi Drips Carries Pvt. Ltd Vs. Ito, Ward-12(4), 8Th Floor, R.No.818, P-7, Chowringhee Square, 4, Synagogue Street, Aayakar Bhawan, Kolkata-700001 Kolkata-700069 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.: Aabcm 8139 Q .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Assessee By : Shri Ashish Rustogi, Aca Revenue By : Shri Saurav Kumar, Jcit सुनवाई क" तार"ख / Date Of Hearing : 01/03/2017 घोषणा क" तार"ख/Date Of Pronouncement 08/03/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee Pertaining To Assessment Year 2008-09, Is Directed Against The Order Passed By Ld. Cit(A)-Xii, Kolkata, In Appeal No.490/Xii/12(4)/10-11, Dated 11.11.2013, Which In Turn Arises Out Of An Order Passed By The Assessing Officer (Ao) Under Section 143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 28.12.2010. 2. The Said Captioned Appeal Filed By The Assessee Is Time Barred By Four Days. The Assessee Filed The Petition For Condonation Of Delay & Expressed The Reasons Of Delay. After Verification Of Petition We Found That There Was A Reasonable Cause For Four Days Delay In Filing The Appeal. Even Ld Dr Did Not Object To Condone The Delay. Therefore, We Condone The Delay & Admit The Appeal For Hearing. 3. Brief Facts Of The Case Qua The Assessee Are That The Assessee Company Filed Its Return Of Income On 30.09.2008. Subsequently The 2 M/S Medi Drips Carries Pvt. Ltd. Assessee Company Filed Its Revised Return Of Income On 9-12-2008

For Appellant: Shri Ashish Rustogi, ACAFor Respondent: Shri Saurav Kumar, JCIT
Section 115Section 115JSection 143(3)

…rawn from the revaluation reserve and credited to P&L Account is to be included while computing book profit in case the amount of such reserve was not added back by the assessee in the year when it increases the revaluation reserve. In the same case in (2011) 330 ITR 363(SC), the Hon'ble Supreme Court held that where the assessee had revalued its fixed assets in the earlier year and in the relevant year and amount representing differential depreciation was transferred out of the said revaluation reserve and 6 M/s Medi Drips Carries Pvt. Ltd. credited to the P&L Account, the amount transferred from the revaluation…