How many judgments cite Ltd. v. Asstt. CIT?

58 judgments on BharatTax cite Ltd. v. Asstt. CIT (45 ITD 22), spanning 2016 to 2025.

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

It is most often cited in judgments turning on Section 115JB, Section 10(38), Section 143(3), Section 144B, Section 144C(3), Section 14A.

Ltd. v. Asstt. CIT

45 ITD 22Income Tax Appellate Tribunal1993#1966 most cited

What is Ltd. v. Asstt. CIT authority for?

Book profit for Minimum Alternate Tax (MAT) under Section 115J/115JB is confined to business profit and does not include profit from the realization of assets, such as capital gains. Specifically, amounts exempted under sections like 54E or 54EC, being capital receipts, cannot be taxed under MAT.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2025.

Also referred to as

Sutlej Cotton Mills Ltd. v. Asstt. CIT · 45 ITD 22 · Minimum Alternate Tax · MAT · book profit · Section 115J · Section 115JB · exempted capital gains · Section 54E · Section 54EC · capital receipts · business profit

Sections most often in play

Section 115JB Section 10(38)Section 143(3)Section 144B Section 144C(3)Section 14A Section 201(1A)Section 234C

Issues it is cited on

section 41(1)(a)section 54e profit split method casus omissus section 115jc section 54ec minimum alternate tax section 38 section 80ib(10)section 115ja section 32(1)(iia)functional analysis

Judgments citing Ltd. v. Asstt. CIT

Deputy Commissioner of Income Tax, Central Circle-2, Jaipur vs. Motisons Buildtech Pvt. Ltd., Jaipur

In the result, the appeal of the revenue is dismissed

ITA 1323/JPR/2018[2016-17]Status: DisposedITAT Jaipur20 Feb 2020AY 2016-17

For Appellant: Shri Vijay Goyal (CA)For Respondent: Shri Sanjog Kapoor (CIT-DR) fu/kZkfjrh dh vksj ls@

Section 10Section 11Section 115Section 115JSection 12Section 143(3)Section 2(14)Section 2(14)(iii)

…re not taxable at all under the provisions of the Act and such a provision cannot be so interpreted so as to tax any capital receipt. It is also relevant to refer the decision of a special bench in the case of Sutlej Cotton Mills vs. ACIT (Spl. Bench), (1993) 45 ITD 22, wherein it was held that particular receipt which is admittedly not an income cannot be brought to tax under the deeming provision of section 115J as it defies the basic intention behind introduction of provision of section 115J. It needs to be first determined, whether the amount of profit from sale of agricultural land which is not capital asset…

D, C, I.T, Cir-I, Kolkata vs. M/S Stewarts & Lloyds of India Ltd., Kolkata

ITA 1515/KOL/2013[2004-2005]Status: DisposedITAT Kolkata22 Mar 2019AY 2004-2005

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 1515/Kol/2013 Assessment Year: 2004-05 Dcit, Circle – 1, Kolkata...................................………………………….................................Appellant P-7, Chowringhee Square, Kolkata – 700 069. M/S. Stewarts & Lloyds Of India Ltd.....................……………………………….............Respondent 41, Chowringhee Square, Kolkata – 700 071. [Pan: Aaecs 0445 G] Appearances By: Shri C.J. Singh, Sr. Dr (Jcit) Appearing On Behalf Of The Revenue. None Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : March 18, 2019 Date Of Pronouncing The Order : March 22, 2019 Order Per P.M. Jagtapthis Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit(A) – 20, Kolkata Dated 21.02.2013. 2. At The Time Of Hearing Fixed On 18.03.2019, None Has Appeared On Behalf Of The Assessee In Spite Of The Fact That The Notice Of The Said Hearing Was Sent To The Assessee By Rpad. There Was A Similar Non- Compliance On The Part Of The Assessee Even On The Earlier Occasions When The Appeal Was Fixed Or Hearing On 12.12.2017, 03.042018, 08.11.2018, 10.01.2019 & 04.02.2019. This Appeal Of The Revenue Is, Therefore, Being Disposed Of Ex-Parte Qua The Respondent Assessee After Hearing The Arguments Of The Learned Dr & Perusing The Relevant Material Available On Record.

…f fixed assets amounting to Rs.3,11,81,581/- from the computation of book profit. The Hon’ble Tribunal in the above judgment has relied upon the judgment of the special bench of the ITAT of the Calcutta in the case of Sutlej Cotton Mills Ltd. vs. ACIT (1993) 45 ITD 22 Cal (SB). The special bench in the said case had observed that the profit on sale of shares (which were the capital assets in the hands of the appellant) by the appellant would not form part of book profits as required to be shown in the P & L A/c under the provisions of the Companies Act. Hence, it was held by the ITAT, that ‘book profit’ u/s 115J…

DCIT, New Delhi vs. M/S Railtel Corporation of India Ltd., Delhi

ITA 2743/DEL/2016[2012-13]Status: DisposedITAT Delhi28 Nov 2018AY 2012-13

Bench: Shri S.K. Yadav & Shri Anadee Nath Misshra

For Appellant: Sh. Ajay Mittal, CAFor Respondent: Sh. Sanjay Goel, CIT (DR)

Section 115Section 143(3)Section 145(1)Section 80I

…Fit for Publication (AM) (JM) IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘A’: NEW DELHI) BEFORE SHRI S.K. YADAV, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 2743/Del/2016 (Assessment Year: 2012-13) Dy. Commissioner of Income Tax, M/s Railtel Corporation of Circle-21(1), Vs. India Ltd., 6th Floor, IIIrd Block, New Delhi. Delhi Technology Park, Shastri Park, Delhi-110053. PAN No: AABCR7176C APPELLANT RESPONDENT Revenue by : Sh. Sanjay Goel, CIT (DR) Assessee by : Sh. Ajay Mittal, CA ORDER PER: ANADEE NATH MISSHRA, AM This appeal by Revenue has been directed against th…

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

…sset 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 capital gain 6 & 7 Plater (P) Ltd. 229 exempt u/s. 54EC 11 Sutlej Cotton Mills Kolkata 45 ITD 22 Capital gain resulting 19.2 19.5 Ltd. Special bench from sale of capital asset which was exempt 12 Frigsales (India) Ltd. Mumbai ITAT 4 SOT 276 Profit on sale of 3.2 12 M/s. Reliance Industries limited depreciable asset which was not taxable due to purchase of another depreciable asset as provided in Section 50 13 Mcnally Bharat Kolkata ITAT 100/…

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

…t 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 capital gain 6 & 7 Plater (P) Ltd. 229 exempt u/s. 54EC 11 Sutlej Cotton Mills Kolkata 45 ITD 22 Capital gain resulting 19.2 19.5 Ltd. Special bench from sale of capital asset which was exempt 12 Frigsales (India) Ltd. Mumbai ITAT 4 SOT 276 Profit on sale of 3.2 depreciable asset which was not taxable due to purchase of another depreciable asset as provided in Section 50 13 Mcnally Bharat Kolkata ITAT 100/Kol/2011 Retention money 41 to 43 14…

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

…it on sale of fixed assets have been excluded from the computation of book profit. T has relied upon principle laid down by the Hon'ble Tribunal in ACIT v. Northern India Theatres Ltd. (1996) 133 CTR 326 (Del) and Sutlej Cotton Mills Ltd. vs. Asst. CIT (1993) 45 ITD 22 (Cal) (SB). Further, the appellant’s AR has also placed reliance upon judgement in Oswal Agro Mills Ltd. v DCIT (1994) 51 ITD 447 (Del), it was held that short term capital gains made on sale of government securities is not required to be treated as part of book profit because only business income is required to be computed in book profit. The fact…

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

Madhu Sarda, Mumbai vs. ITO 19(2)(4), Mumbai

In the result, the grounds of appeal raised by the

ITA 7410/MUM/2012[2006-07]Status: DisposedITAT Mumbai09 Mar 2018AY 2006-07

Bench: Shri B. R. Baskaran & Shri Pawan Singhin The Matter Of Mrs. Madhu Sarda , 38,Vikas Center, S.V. Road, Santacruz (West) Mumbai-400054 Pan: Aajps 5135R Appellant/ Assessee Versus Income Tax Officer, -19(4) Mumbai Respondent/ Revenue

For Respondent: Sh. V. Vidhyadhar (Sr.DR)

Section 143(3)Section 253Section 254(1)

…ITA No. 7410/M/2012 Madhu Sarda IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, MUMBAI BEFORE SHRI B. R. BASKARAN, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER In the matter of Mrs. Madhu Sarda , 38,Vikas Center, S.V. Road, Santacruz (West) Mumbai-400054 PAN: AAJPS 5135R Appellant/ Assessee Versus Income Tax Officer, -19(4) Mumbai Respondent/ Revenue Assessee by Sh. Harish M. Kapadia : Advocate Revenue by : Sh. V. Vidhyadhar (Sr.DR) Date of hearing : 09.03.2018 Date of Pronouncement : 09.03.2018 Order Under Section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by…

Neha Home Builders Pvt. Ltd., Mumbai vs. CIT - 13, Mumbai

In the result, appeal of the assessee is allowed

ITA 2964/MUM/2016[2011-12]Status: DisposedITAT Mumbai22 Jan 2018AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm M/S. Neha Home Builders Pvt. Vs. Cit-13, Mumbai Ltd., 801, Hubtown Solaris, N.S.Phadke Marg Off. Teli Galli, Near Andheri Flyover Andheri (E) Mumbai – 400 069 Pan/Gir No. Aaccn7092E Appellant) .. Respondent)

Section 115JSection 263Section 80Section 80I

…intended to bring all non-income items within the domain of the Act. 23. By inserting sub-sec. (4) in sec. 115JA and sub-sec. (5) in sec. 115JB, the legislature has made both these sections as part of the Act now. Further, In SUTLEJ COTTON MILLS LTD. V. ACIT 45 ITD 22 (CAL) (SB) Special Bench held that the expression book profit u/s. 115J is intended to be confined to business profit and that the term book profit is not intended to include profit in realization of any asset. It is further held that what is specifically exempted u/s. 54E could not be taxed u/s. 115J. This decision supports our contention. 24. Sup…

DCIT 5(3)(2), Mumbai vs. Tolani Shipping Co. Ltd, Mumbai

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

ITA 1251/MUM/2015[2006-07]Status: DisposedITAT Mumbai13 Nov 2017AY 2006-07

Bench: Shri P K Bansal & Shri Pawan Singhassessment Year : 2006-07 Dy Cit 5(3)(2) Tolani Shipping Co. Ltd., Mumbai 10-A, Bakhtawar, Nariman Point, Vs. Mumbai 400 021

For Appellant: Shri V JustinFor Respondent: Shri Neelkanth Khandelwal

Section 115JSection 115VSection 143(3)Section 14ASection 154Section 92C

…ng the enhancement of income u/s. 154 on account of the reduction of profit on sale of depreciable assets. We noted that there are two Special Bench decisions relating to the issue. The Special Bench of the ITAT, Kolkata, in the case of Sutlej Cotton Mills (45 ITD 22) decided the issue in favour of the assessee and the Special Bench of ITAT, Hyderabad, in the case of Rain Commodities Ltd. (ITA No.673/Hyd/2009) decided the issue in favour of the department. We noted that there are two Special Bench decisions taking different view, therefore, the issue involved is a debatable one. Since the issue is a debatabl…

DCIT Cir - 3(1), Mumbai vs. M/S. Gujarat Ambuja Cements Ltd., Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 1379/MUM/2007[2000-2001]Status: DisposedITAT Mumbai07 Apr 2017AY 2000-2001

Bench: Shri C.N.Prasad, Jm & Shri Rajesh Kumar, Am आयकर अपील सं/ I.T.A. No. 1379/Mum/2007 (िनधा"रण वष" / Assessment Year: 2000-01) बनाम/ Acit (Ltu) – 1 M/S. Gujarat Ambuja World Trade Centre, Cements Ltd. Vs. Centre – 1, 29Th Floor, 122, Maker Chambers-Iii, Cuffe Parade, Nariman Point, Mumbai - 400005 Mumbai - 400021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलाथ" /Appellant) (""थ" / Respondent) .. Revenue By: Shri Anand Mohan (Cit-Dr) Assessee By: Shri Soumen Adak सुनवाई की तारीख / Date Of Hearing: 12.01.2017 घोषणा की तारीख /Date Of Pronouncement: 07.04.2017 आदेश / O R D E R Per C.N.Prasad, Jm:

For Appellant: Shri Soumen AdakFor Respondent: Shri Anand Mohan (CIT-DR)

Section 115JSection 14ASection 271(1)(c)Section 80H

…order of AO and prayed that the penalty was deleted by ld. CIT(A) without any basis. Ld. AR of the assessee argued that the assesse made a claim in the return of income on the basis of decision of various Tribunal viz. Sutlej Cotton Mills Ltd. Vs. ACIT (1993) 45 ITD 22 (Cal), GKW Ltd. Vs. JCIT (2000) 74 ITD 61 (Cal) and ACIT Vs. North India Theaters P. Ltd. (1996) 133 CTR 326 (Del. TM). Ld. AR of the assessee further argued that and SLP No.29862/2011 on 03.07.2012. It is further argued that when a substantial question of law is admitted, it is certainly a debatable issue and in such circumstances penalty cannot b…

DCIT, Circle - 1, Kolkata vs. M/S. Gloster Jute Mills Limited, Kolkata

In the result, appeal by the Revenue is dismissed

ITA 95/KOL/2011[2007-08]Status: DisposedITAT Kolkata01 Mar 2017AY 2007-08

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No.95/Kol/2011 Assessment Year : 2007-08

For Appellant: Shri Ajay Vohra, Sr.AdvocateFor Respondent: Shri Sital Chandra Das, JCIT

…ture of income, the same are to excluded before making any calculation on this account. 25 26 M/s. Gloster Jute Mills Ltd. A.Yr.2007-08 The Appellant has also placed reliance on the decision of the Jurisdictional ITAT in the case of Sutlej Cotton Mills Ltd. 45 ITD 22 (Cal.)(SB) wherein it was held that the Profit & Loss Account of a company is concerned with items of income & expenditure and therefore, any profit by realisation of capital asset will not be an item of income. Hence, it was held that 'book profit' under section 115J was intended to be confined to business profit & profits from realisation of any…

Asst CIT Cir 11(5) vs. Jsw Steel Ltd

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

ITA 930/BANG/2009[2004-05]Status: DisposedITAT Mumbai13 Jan 2017AY 2004-05

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

For Appellant: S/Shri Kanchan Kaushal & Hirali Desai, A.RFor Respondent: Shri Alok Johri, CIT D.R

Section 115JSection 139(1)Section 143(3)Section 234BSection 244A

…y reserves its right to exclude such sum from Book Profits during the course of assessment/appellant proceedings. For this purpose, the assessee relies on the following decisions of the Income-tax Appellate Tribunal. • Sutlej Cotton Mills Ltd. V ACIT (1993) 45 ITD 22 (Cal) (SB) • Sipani Automobiles Ltd. V DCIT (1993) 46 ITD 280 (Bang) • NCL Industries Ltd. V JCIT (2004) 88 ITD 150 (Hyd)” ITA No.923/Bang/2009 & ITA No.930/Bang/2009 7 M/s. JSW Steel Limited, (formerly known as Jindal Vijaynagar Steel Limited) Even while filing the Auditor’s report in form no. 29B in accordance with section 115JB(4) along with…

Jsw Steel Ltd vs. Asst CIT Cir 11(5)

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

ITA 923/BANG/2009[2004-05]Status: DisposedITAT Mumbai13 Jan 2017AY 2004-05

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

For Appellant: S/Shri Kanchan Kaushal & Hirali Desai, A.RFor Respondent: Shri Alok Johri, CIT D.R

Section 115JSection 139(1)Section 143(3)Section 234BSection 244A

DCIT Cir - 3(1), Mumbai vs. M/S. Gujarat Ambuja Cements Ltd., Mumbai

In the result, ITA No. 4373/Mum/2005 is partly allowed

ITA 570/MUM/2007[1998-1999]Status: DisposedITAT Mumbai21 Oct 2016AY 1998-1999

Bench: Shri R.C Sharma & Shri Pawan Singh

Section 115Section 253Section 254(1)Section 80

…rder of AO and prayed that the penalty was deleted by ld. CIT(A) without any basis. Ld. AR of the assessee argued that the assessee made a claim in the return of income on the basis of decision of various Tribunal viz. Sutlej Cotton Mills Ltd. vs. ACIT (1993) 45 ITD 22 (Cal), GKW Ltd. vs. JCIT (2000) 74 ITD 61(Cal) & ACIT vs. North India Theaters P. Ltd. (1996) 133 CTR 326 (Del. TM). Ld. AR of the assessee further argued that and SLP has been admitted in the Supreme Court in GWK Ltd. vs. CIT in SLP No. 29862/2011 on 03.07.2012. It was further argued that when a substantial question of law is admitted, it is certa…

The DCIT 3(1) vs. M/S. Gujarat Ambuja Cements Ltd

ITA 2654/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

Bench: Shri B.R. Baskaran, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner Of 122, Maker Chambers Iii, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaapj 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri P.R. Ghosh

…unt under the provisions of Parts II & III of Schedule VI to the Companies Act, 1956. Reliance was placed among others on the decisions of Asst. CIT -vs- Northern India Theaters (P) Ltd. (1996) 133 CTR 326 (Del), Sutlej Cotton Mills Ltd. -vs- Asst. CIT (1993) 45 ITD 22 (Cal.)(SB), Oswal Agro Mills Ltd. -vs.- Dy. CIT (1994) 51 ITD 447 (Del), CIT -vs.- India Discount Company Ltd. [1970] 75 ITR 191(SC), CIT -vs.- Mis Shoorji Vallabhdas & Co. (1962) 46 ITR 144 (SC) and Sutlej Cotton Mills Ltd. -vs.- CIT (1979} 116 ITR 1 (SC). As regards the decision relied upon by the A.O., the appellant submitted that the said decis…

M/S. Gujarat Ambuja Cements Ltd vs. The Dy CIT RG3(1)

ITA 2524/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

For Appellant: Shri P.R. Ghosh

D.C.I.T.CC - Xxviii, Kol., Kolkata vs. M/S Binani Industries Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 144/KOL/2013[2009-10]Status: DisposedITAT Kolkata02 Mar 2016AY 2009-10

Bench: : Shri N.V.Vasudevan & Shri M. Balaganesh

For Appellant: S/ Shri K.V. Beswal, FCAFor Respondent: Shri Rajat Subhra Biswas, CIT, ld.DR

Section 115JSection 139(5)Section 143(3)Section 14A

…rovisions of this Act, then the same would not be taxable under book profits u/s 115JB of the Act. 4.4.1. The Learned AR also referred to the decision of the Special Bench of Calcutta Tribunal in the case of Sutlej Cotton Mills Ltd vs ACIT reported in (1993) 45 ITD 22 (Cal) (SB) dated 26.10.1992 wherein it was held that a particular receipt which is ITA No.144/Kol/2013-A-AM M/s. Binani Industries Ltd 20 admittedly not an income cannot be brought to tax under the deeming provisions of section 115J of the Act as it defies the basic intention behind introduction of provisions of section 115J of the Act. Further i…