Mukand Ltd. v. ITO

174 ITD 605Income Tax Appellate Tribunal#16993 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,356 Indian tax judgments — from 2020 to 2022.

Issues it is cited on

section 50(1)section 23(5)waiver of loansafe harboursection 211section 50c(1)section 50c(2)annual letting valuesection 43csection 43caannual valuecircle rate

Judgments citing Mukand Ltd. v. ITO

Dy CIT Dd-4(2), Mumbai vs. M/S Sheth Developers P. Ltd., Mumbai

In the result, appeal of the Revenue in ITA No

ITA 12/MUM/2021[2017-18]Status: DisposedITAT Mumbai27 Jun 2022AY 2017-18
Section 143(3)Section 23(5)

…id audit qualification is also to be considered while computing the book profits u/s.115JB of the Act ? We find that this issue is no longer res integra in view of the Co-ordinate Bench decision of this Tribunal in the case of Mukand Ltd., vs. ITO reported in 174 ITD 605 wherein it was held as under:- “15. We find that in the case of the assessee before us the auditors had by way of notes' at Para 3(vi)(9) and Para 3(vi)(11) of Auditors Report qualified the financial statements and had specifically mentioned that the benefit of waiver of loan on OTS with the lenders had been credited to the profit & loss account…

Dy CIT Dd-4(2), Mumbai vs. M/S Sheth Developers P. Ltd., Mumbai

In the result, appeal of the Revenue in ITA No

ITA 11/MUM/2021[2015-16]Status: DisposedITAT Mumbai27 Jun 2022AY 2015-16
Section 143(3)Section 23(5)

…id audit qualification is also to be considered while computing the book profits u/s.115JB of the Act ? We find that this issue is no longer res integra in view of the Co-ordinate Bench decision of this Tribunal in the case of Mukand Ltd., vs. ITO reported in 174 ITD 605 wherein it was held as under:- “15. We find that in the case of the assessee before us the auditors had by way of notes' at Para 3(vi)(9) and Para 3(vi)(11) of Auditors Report qualified the financial statements and had specifically mentioned that the benefit of waiver of loan on OTS with the lenders had been credited to the profit & loss account…

Sheth Developers P. Ltd., Mumbai vs. ACIT Central Ciecle-4(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1954/MUM/2020[2017-18]Status: DisposedITAT Mumbai27 Jun 2022AY 2017-18
Section 143(3)Section 23(5)

…id audit qualification is also to be considered while computing the book profits u/s.115JB of the Act ? We find that this issue is no longer res integra in view of the Co-ordinate Bench decision of this Tribunal in the case of Mukand Ltd., vs. ITO reported in 174 ITD 605 wherein it was held as under:- “15. We find that in the case of the assessee before us the auditors had by way of notes' at Para 3(vi)(9) and Para 3(vi)(11) of Auditors Report qualified the financial statements and had specifically mentioned that the benefit of waiver of loan on OTS with the lenders had been credited to the profit & loss account…

M/S Sheth Developers P. Ltd., Mumbai vs. Dy CIT Central Circle- 4(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1953/MUM/2020[2015-16]Status: DisposedITAT Mumbai27 Jun 2022AY 2015-16
Section 143(3)Section 23(5)

…id audit qualification is also to be considered while computing the book profits u/s.115JB of the Act ? We find that this issue is no longer res integra in view of the Co-ordinate Bench decision of this Tribunal in the case of Mukand Ltd., vs. ITO reported in 174 ITD 605 wherein it was held as under:- “15. We find that in the case of the assessee before us the auditors had by way of notes' at Para 3(vi)(9) and Para 3(vi)(11) of Auditors Report qualified the financial statements and had specifically mentioned that the benefit of waiver of loan on OTS with the lenders had been credited to the profit & loss account…

Lexicon Commercial Enterprises Limited, Kolkata vs. D.C.I.T, Circle-1(1), Kolkata

In the result, the appeal of the assessee is partly allowed

ITA 719/KOL/2019[2015-16]Status: DisposedITAT Kolkata13 Mar 2020AY 2015-16

Bench: Shri P.M. Jagtap(Kz) & Shri Aby T. Varkey, Jm] I.T.A. No. 719/Kol/2019 Assessment Year: 2015-16 Lexicon Commercial Enterprise Ltd........................................………………………..........Appellant C/O. V.N. Purohit & Co., Chartered Accountants, Diamond Chambers, Unit-Iii, 4Th Floor, Suite No. 4G, 4, Chowringhee Lane, Kolkata – 700 016. [Pan: Aaacl 5025 H] Vs Dcit, Circle – 1(1), Kolkata...................…………………………………………………..........Respondent Aayakar Bhawan, 7Th Floor, R. No. 20, Kolkata – 700 069. Appearances By: Shri H.V. Bhardwaj, Fca Appearing On Behalf Of The Assessee. Smt. Dhrubajyoti Roy, Jcit Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : January 23, 2020 Date Of Pronouncing The Order : March 13, 2020 Order Per P.M. Jagtap, Vice-(Kz)

Section 14ASection 37(1)Section 43B

…dition made by the AO and confirmed by the ld. CIT(A) amounting to Rs. 14,405/- on account of interest paid by the assessee on TDS is squarely covered in favour of the assessee by the decision of Mumbai Bench of this Tribunal in the case of Mukand Ltd. vs ITO 174 ITD 605 (Mum) wherein it was held that interest paid on delayed payment of TDS is allowable as deduction u/s 37(1) of the Act. Respectfully following the said decision of the coordinate bench of this Tribunal, we delete the disallowance made by the AO and confirmed by the Ld. CIT(A) on account of interest paid by the assessee on TDS and allow Ground No.…

Mukand Ltd. v. ITO (174 ITD 605) — Cited in 5 Judgments | BharatTax