Neha Home Builders Pvt Ltd. v. CIT

SHREE CEMENT LIMITED,BANGUR NAGAR vs. ACIT, CENTRAL CIRCLE, AJMER

In the result, the appeal of the assessee - appellant in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…ench in appellant's own case for AY 2015-16 to AY 2018-19 in appellant’s own case wherein Bench has held as under :- “37. On the issue on hand, we observe that there is a direct decision of Hon’ble Mumbai Tribunal in Neha Home Builders Pvt Ltd vs CIT (2018) 195 TTJ 506 (Mum) on deduction u/s 80IB in the context of section 115JB. In the said case, the co-ordinate bench has categorically held that if any income is not taxable because of a specific provision of the Act, the same will not form part of Book Profit u/s 115JB unless provided otherwise. Hence, in the absence of any provision to the contrary in section…

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

…the Act. The provision of deduction u/s. 80IA incorporated in the Chapter VIA of the Act. This contention raised by the assessee is decided in the favour of the assessee by the decision of Mumbai ITAT in the case of Neha Home Builders Pvt Ltd vs CIT (2018) 195 TTJ 506 (Mum) and also by the ACIT vs. Shree Cement Ltd. decisions of Hon’ble Madras High Court in CIT vs Metal Chromium Plater (P) Limited (2016) 97 CCH 80 (Mad) and Hon’ble Karnataka High Court in Best Trading and Agencies Ltd vs DCIT (2020) 428 ITR 52 (Kar) and therefore, the decision given in the earlier year is based on the incorrection appreciat…

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -2, AJMER, AJMER

…ct. The provision of deduction u/s. 80IA \nincorporated in the Chapter VIA of the Act. This contention raised \nby the assessee is decided in the favour of the assessee by the \ndecision of Mumbai ITAT in the case of Neha Home Builders \nPvt Ltd vs CIT (2018) 195 TTJ 506 (Mum) and also by the\ndecisions of Hon’ble Madras High Court in CIT vs Metal \nChromium Plater (P) Limited (2016) 97 CCH 80 (Mad) and \nHon’ble Karnataka High Court in Best Trading and Agencies \nLtd vs DCIT (2020) 428 ITR 52 (Kar) and therefore, the decision \ngiven in the earlier year is based on the incorrection appreciation \nof the facts an…

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT ASSESSMENT CENTRE, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2, AJMER, AJMER

…of the Act. The provision of deduction u/s. 80IA incorporated in the Chapter VIA of the Act. This contention raised by the assessee is decided in the favour of the assessee by the decision of Mumbai ITAT in the case of Neha Home Builders Pvt Ltd vs CIT (2018) 195 TTJ 506 (Mum) and also by the decisions of Hon’ble Madras High Court in CIT vs Metal Chromium Plater (P) Limited (2016) 97 CCH 80 (Mad) and Hon’ble Karnataka High Court in Best Trading and Agencies Ltd vs DCIT (2020) 428 ITR 52 (Kar) and therefore, the decision given in the earlier year is based on the incorrection appreciation of the facts and therefore…

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DEPUTY COMMISSIONEROF INCOME TAX, CIRCLE -2, AJMER, AJMER

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

…the Act. The provision of deduction u/s. 80IA incorporated in the Chapter VIA of the Act. This contention raised by the assessee is decided in the favour of the assessee by the decision of Mumbai ITAT in the case of Neha Home Builders Pvt Ltd vs CIT (2018) 195 TTJ 506 (Mum) and also by the ACIT vs. Shree Cement Ltd. decisions of Hon’ble Madras High Court in CIT vs Metal Chromium Plater (P) Limited (2016) 97 CCH 80 (Mad) and Hon’ble Karnataka High Court in Best Trading and Agencies Ltd vs DCIT (2020) 428 ITR 52 (Kar) and therefore, the decision given in the earlier year is based on the incorrection appreciat…

ASSISSTANT COMMISSIONER OF INCOME TAX, AJMER vs. SHREE CEMENT LTD, BEAWAR

…of the Act. The provision of deduction u/s. 80IA incorporated in the Chapter VIA of the Act. This contention raised by the assessee is decided in the favour of the assessee by the decision of Mumbai ITAT in the case of Neha Home Builders Pvt Ltd vs CIT (2018) 195 TTJ 506 (Mum) and also by the decisions of Hon’ble Madras High Court in CIT vs Metal Chromium Plater (P) Limited (2016) 97 CCH 80 (Mad) and Hon’ble Karnataka High Court in Best Trading and Agencies Ltd vs DCIT (2020) 428 ITR 52 (Kar) and therefore, the decision given in the earlier year is based on the incorrection appreciation of the facts and therefore…

ASSISSTANT COMMISSIONER OF INCOME TAX, AJMER vs. SHREE CEMENT LTD, BEAWAR

…of the Act. The provision of deduction u/s. 80IA incorporated in the Chapter VIA of the Act. This contention raised by the assessee is decided in the favour of the assessee by the decision of Mumbai ITAT in the case of Neha Home Builders Pvt Ltd vs CIT (2018) 195 TTJ 506 (Mum) and also by the ITA Nos. 489 to 492/JP/2023 ACIT vs. Shree Cement Ltd. 21 decisions of Hon’ble Madras High Court in CIT vs Metal Chromium Plater (P) Limited (2016) 97 CCH 80 (Mad) and Hon’ble Karnataka High Court in Best Trading and Agencies Ltd vs DCIT (2020) 428 ITR 52 (Kar) and therefore, the decision given in the earlier year is based o…

SHREE CEMENT LIMITED,BEAWAR vs. DEPUTY COMMISSIONER OF INCOME TAX, AJMER

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

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…bmissions as made before the revenue authorities, are as under :- “ Issue is squarely covered on merits by the following Judicial pronouncements: Reliance is placed on the decision of Hon’ble Mumbai Tribunal in Neha Home Builders Pvt. Ltd. –vs.- CIT (2018) 195 TTJ 506 (Mum), [Pg. No. 80 to 85 of CLPB] wherein the Hon’ble Tribunal has categorically held that if any income is not taxable because of a specific provision of the Act, the same will not form part of Book Profits u/s 115JB. Hence, Deduction u/s 80-IB shall be available while computing Book Profit u/s 115JB of the Act. Relevant extract of the decision…