PCIT v. Ankit

416 ITR 591High Court2019#832 most cited

What is PCIT v. Ankit authority for?

Capital receipts, including interest subsidy received under schemes like TUF, are excluded when computing book profits under Section 115JB of the Income Tax Act. This principle also extends to the reduction of provisions written back from book profits for MAT purposes.

125

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2020 to 2025.

Also referred to as

PCIT v. Ankit Metal & Power Ltd. · Ankit · Section 115JB · book profits · Minimum Alternate Tax (MAT) · exclusion from book profits · capital receipts · interest subsidy · TUF scheme · provisions written back · Section 2(24)

Sections most often in play

Section 115JBSection 14ASection 143(3)Section 2(24)Section 1961Section 153ASection 132Section 143(2)

Issues it is cited on

section 41(1)(a)minimum alternate taxsection 42section 115jabook profitssection 38section 32(1)(iia)section 43(1)additional depreciationsection 115jb(2)section 80ibsection 2(24)

Judgments citing PCIT v. Ankit

SRF LIMITED,NEW DELHI vs. DCIT, CIRCLE- 1, LTU, NEW DELHI

In the result, the appeal being ITA No

ITA 4539/DEL/2017[2013-14]Status: DisposedITAT Delhi12 Dec 2025AY 2013-14

Bench: Shris.Rifaur Rahman & Shri Sudhir Pareek

For Appellant: Shri Pradeep Dinodia, CAFor Respondent: Shri S.K. Jadhav, CIT DR
Section 10ASection 143(3)Section 144C(5)Section 14ASection 92BSection 92C

…s from book profits u/s 115JB. • Binani Industries Ltd. [TS-111-ITAT-2016(Kol) • L.H. Sugar Factory Ltd. (ITA Nos 417, 418 & 339/LKW/2013) also approved by Hon'ble Allahabad High Court [2016-TIOL-1942-HC-ALL High Court-IT]. • PCIT v. Ankit Metal & Power Ltd. [416 ITR 591 2019] Cal High Court • Alok Industries Ltd. [TS-313-ITAT-2018] “40. In respect of exclusion of other items from book profits the assessee has submitted that as per Explanation 1 to section 115JB of The Income Tax Act, profit to determine book profits. It was argued that when such provision was originally made, the same was added to the book profi…

SRF LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal being ITA No

ITA 80/DEL/2016[2011-12]Status: DisposedITAT Delhi12 Dec 2025AY 2011-12

Bench: Shris.Rifaur Rahman & Shri Sudhir Pareek

For Appellant: Shri Pradeep Dinodia, CAFor Respondent: Shri S.K. Jadhav, CIT DR
Section 10ASection 143(3)Section 144C(5)Section 14ASection 92BSection 92C

…s from book profits u/s 115JB. • Binani Industries Ltd. [TS-111-ITAT-2016(Kol) • L.H. Sugar Factory Ltd. (ITA Nos 417, 418 & 339/LKW/2013) also approved by Hon'ble Allahabad High Court [2016-TIOL-1942-HC-ALL High Court-IT]. • PCIT v. Ankit Metal & Power Ltd. [416 ITR 591 2019] Cal High Court • Alok Industries Ltd. [TS-313-ITAT-2018] “40. In respect of exclusion of other items from book profits the assessee has submitted that as per Explanation 1 to section 115JB of The Income Tax Act, profit to determine book profits. It was argued that when such provision was originally made, the same was added to the book profi…

DCIT CIR-5(1), KOLKATA, KOLKATA vs. DHUNSERI VENTURES LIMITED, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 1780/KOL/2025[2014-15]Status: DisposedITAT Kolkata16 Oct 2025AY 2014-15

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2014-15 Dcit, Circle-5(1), Kolkata..……………………….……….……….……Appellant Vs. M/S Dhunseri Ventures Ltd…………………………….....……...…..…..Respondent 4A, Dhunseri House, Woodburn Park, Kol - 700020.. [Pan: Aabck1597K] Appearances By: Shri Akkal Dudhwewala, Fca, Appeared On Behalf Of The Appellant. Shri Raja Sengupta, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 08, 2025 Date Of Pronouncing The Order : October 16, 2025

Section 115JSection 143(2)Section 14ASection 250

…y non-developed area. Now coming to the issue relating to treatment of this subsidy while computing book profit u/s 115JB, I note that in the context of similar State Industrial Scheme, the Hon'ble Calcutta High Court in the case of Ankit Metal and Power Ltd (416 ITR 591) held that subsidies received for 5 M/s Dhunseri Ventures Ltd setting up new industry is not in the nature of income and therefore cannot be deemed as income for the purposes of computing book profit u/s 115JB of the Act. In the decided case the appellant had received interest subsidy under the WB Incentive Scheme, 2000 and power subsidy under th…

SHYAM METALICS AMD ENERGY LIMITED,KOLKATA vs. DCIT, CENTRAL CIRCLE 1(1), , KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purpose

ITA 1074/KOL/2025[2014-2015]Status: DisposedITAT Kolkata15 Sept 2025AY 2014-2015

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2014-15 Shyam Metalics & Engery Ltd…...………..............................……….……Appellant 83, Trinity Tower, 7Th Floor, Topsia, Kol-700046, [Pan: Aahcs5842A] Vs. Dcit, Central Circle-1(1), Kolkata…………………………...……...…..…..Respondent Appearances By: Shri Akkal Dudhewala, Ar, Appeared On Behalf Of The Appellant. Shri Praveen Kishore, Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : July 23, 2025 Date Of Pronouncing The Order : September 15, 2025 Order Per Rajesh Kumar: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 08.04.2025 Of The Commissioner Of Income Tax (Appeals)- 22, Kolkata [Hereinafter Referred To As The “Ld. Cit(A)”] Passed U/S 250 Of The Income Tax Act, 1961 [Hereinafter Referred To As The “Act”].

Section 250Section 68

…taxmann.com 178/[2018] 252 Taxman 360/400 ITR 279. The operative portion of the judgment reads as follows :— …. 5. Identical issue was also considered by this Court in the case of Pr. CIT v. Ankit Metal And Power Ltd. [2019] 109 taxmann.com 93/266 Taxman 237/416 ITR 591 (Cal.) wherein apart from considering the effect of the subsidy, the Court also considered as to whether when a receipt is not in the character of income as defined under section 2(24) of the Act, whether it can be said to form part of the book profit under section 115 JB. The said question was answered in favour of the revenue in the following t…

OSAKA ALLOYS & STEEL PRIVATE LIMITED,JALANDHAR vs. DCIT/ACIT, CIRCLE-1, JLD, JALANDHAR

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

ITA 60/ASR/2025[2012-13]Status: DisposedITAT Amritsar07 Aug 2025AY 2012-13

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

For Appellant: Sh. Rohit Kapoor, Adv. &
Section 115Section 115JSection 143(1)Section 154Section 154oSection 2(24)Section 250Section 250oSection 80I

…sidy and excise refund should be treated as capital receipt for purpose of computation of book profit under provisions of section 115JB-Held, yes. 9 I.T.A. No. 60/Asr/2025 Assessment Year: 2012-13 2019 (7) TMI 878-CALCUTTA HIGH COURT Other Citation: [2019] 416 ITR 591 (Cal) PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-2, KOLKATA VERSUS ANKIT METAL AND POWER LTD. MAT computation whether the aforesaid incentive subsidies received from the Government of West Bengal under the schemes in question are to be included for the purpose of computation of book profit u/s 115 JB? HELD THAT:- In this case since we have al…

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), VADODARA vs. M/S. SUN PHARMACEUTICALS INDUSTRIES LTD, VADODARA

In the result, the appeal filed by the Assessee in ITA No

ITA 1785/AHD/2019[2009-10]Status: DisposedITAT Ahmedabad15 Jul 2025AY 2009-10
For Appellant: Shri S.N. Soparkar, Sr.Advocate & Shri Parin Shah, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 115Section 115JSection 143(3)Section 14ASection 271(1)Section 271(1)(c)Section 274

…nder the provisions of section 115JB of the Act in the earlier years including in the year under consideration and in subsequent year. However, we note that recently, Hon'ble Calcutta High Court in the case of PCIT vs. M/s Ankit Metal & Power Ltd. reported in 416 ITR 591, held that items of receipt which are not income under the provision of section 2(24) of the Act cannot be made subject to tax under the provisions of MAT while calculating the profit under section 115 JB of the Act. The relevant extract of the judgment is reproduced as under:\n\n\"27. In this case since we have already held that in relevant asse…

SUN PHARMACEUTICALS INDUSTRIES LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1)(1), BARODA

In the result, the appeal filed by the Assessee in ITA No

ITA 1750/AHD/2019[2009-10]Status: DisposedITAT Ahmedabad15 Jul 2025AY 2009-10

Bench: Dr. Brr Kumar & Shri T.R.Senthil Kumar

For Appellant: Shri S.N. Soparkar, Sr.Advocate &For Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 115Section 115JSection 143(3)Section 14ASection 271(1)Section 271(1)(c)Section 274

…nder the provisions of section 115JB of the Act in the earlier years including in the year under consideration and in subsequent year. However, we note that recently, Hon'ble Calcutta High Court in the case of PCIT vs. M/s Ankit Metal & Power Ltd. reported in 416 ITR 591, held that items of receipt which are not income under the provision of section 2(24) of the Act cannot be made subject to tax under the provisions of MAT while calculating the profit under section 115 JB of the Act. The relevant extract of the judgment is reproduced as under: "27. In this case since we have already held that in relevant assessme…

SUN PHARMACEUTICALS INDUSTRIES LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1)(1), BARODA

In the result, the appeal filed by the Assessee in ITA No

ITA 1741/AHD/2019[2009-10]Status: DisposedITAT Ahmedabad15 Jul 2025AY 2009-10

Bench: Dr. Brr Kumar & Shri T.R.Senthil Kumar

For Appellant: Shri S.N. Soparkar, Sr.Advocate &For Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 115Section 115JSection 143(3)Section 14ASection 271(1)Section 271(1)(c)Section 274

…nder the provisions of section 115JB of the Act in the earlier years including in the year under consideration and in subsequent year. However, we note that recently, Hon'ble Calcutta High Court in the case of PCIT vs. M/s Ankit Metal & Power Ltd. reported in 416 ITR 591, held that items of receipt which are not income under the provision of section 2(24) of the Act cannot be made subject to tax under the provisions of MAT while calculating the profit under section 115 JB of the Act. The relevant extract of the judgment is reproduced as under: "27. In this case since we have already held that in relevant assessme…

ACIT-6(1)(1), MUMBI, MUMBAI vs. ALOK INDUSTRIES LTD., MUMBAI

ITA 727/MUM/2025[2008-09]Status: DisposedITAT Mumbai30 May 2025AY 2008-09

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

Section 115JSection 143(3)Section 250

…er dated 18.11.2024, deleted the addition on interest subsidy received under TUF scheme for computing the book profit u/s.115JB of the Act by relying on the decisions of the Hon'ble Calcutta High Court in the case of PCIT vs. Ankit Metal and Power Ltd. [2019] 416 ITR 591 (Cal. HC) and the Hon'ble High Court of Madras in the case of CIT vs. Best Corporation Ltd. [2022] 446 ITR 211 (Mad.) (HC). 8. Aggrieved the revenue is in appeal before us, challenging the order of the ld. CIT(A). 9. We have heard the rival submissions and perused the materials available on record. It is observed that the assessee has received in…

ACIT-6(1)(1), MUMBAI, MUMBAI vs. ALOK INDUSTRIES LTD., MUMBAI

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

ITA 726/MUM/2025[2006-07]Status: DisposedITAT Mumbai30 May 2025AY 2006-07
Section 115JSection 250

…dated 18.11.2024, deleted the addition on interest subsidy received\nunder TUF scheme for computing the book profit u/s.115JB of the Act by relying on\nthe decisions of the Hon'ble Calcutta High Court in the case of PCIT vs. Ankit Metal\nand Power Ltd. [2019] 416 ITR 591 (Cal. HC) and the Hon'ble High Court of Madras\nin the case of CIT vs. Best Corporation Ltd. [2022] 446 ITR 211 (Mad.) (HC).\n8. Aggrieved the revenue is in appeal before us, challenging the order of the ld. CIT(A).\n9. We have heard the rival submissions and perused the materials available on record. It\nis observed that the assessee has receive…

ACIT-6(1)(1), MUMBAI, MUMBAI vs. ALOK INDUSTRIES LTD., MUMBAI

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

ITA 725/MUM/2025[2007-08]Status: DisposedITAT Mumbai30 May 2025AY 2007-08

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Nimesh VoraFor Respondent: MS. Deepa Hiray (Addl. CIT)
Section 115JSection 143(3)Section 250

…6, 725 & 727/Mum/20258 (A.Y. 2006-07 to 2008-09) Alok Industries Ltd. under TUF scheme for computing the book profit u/s. 115JB of the Act by relying on the decisions of the Hon'ble Calcutta High Court in the case of PCIT vs. Ankit Metal and Power Ltd. [2019] 416 ITR 591 (Cal. HC) and the Hon'ble High Court of Madras in the case of CIT vs. Best Corporation Ltd. [2022] 446 ITR 211 (Mad.) (HC). 8. Aggrieved the revenue is in appeal before us, challenging the order of the ld. CIT(A). 9. We have heard the rival submissions and perused the materials available on record. It is observed that the assessee has received in…

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)

…of subsidy while computing book profit under section 115JB of the Act irrespective of exclusion provision under Explanation 1 to sub-section (2) of section 115JB of the Act: The Kolkata High Court in its recent decision in PCIT V/s. Ankit Metal & Power Ltd. (416 ITR 591) while dealing with the question as to whether the incentive received by the assesse on account of “interest subsidy” under the West Bengal Incentive Scheme, 2000 and “power subsidy” under the West Bengal Incentive to Power Intensive Industries Scheme, 2005 as capital receipt and not revenue receipt and whether the same shall be excluded in compu…

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)

…of subsidy while computing book profit under section 115JB of the Act irrespective of exclusion provision under Explanation 1 to sub-section (2) of section 115JB of the Act: The Kolkata High Court in its recent decision in PCIT V/s. Ankit Metal & Power Ltd. (416 ITR 591) while dealing with the question as to whether the incentive received by the assesse on account of “interest subsidy” under the West Bengal Incentive Scheme, 2000 and “power subsidy” under the West Bengal Incentive to Power Intensive Industries Scheme, 2005 as capital receipt and not revenue receipt and whether the same shall be excluded in compu…

IPCA LABORATORIES LTD.,MUMBAI vs. DY CIT -CC-5(2), MUMBAI

In the result, both the appeals of the assessee as well as the revenue for AYs 2009-10, 2010-11, 2011-12, 2012-13 & 2014-15 are partly allowed

ITA 881/MUM/2021[2012-13]Status: DisposedITAT Mumbai08 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T. A. No. 880/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2009-10) & आयकर अपील सं/ I.T. A. No. 879/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 882/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2011-12) & आयकर अपील सं/ I.T. A. No. 881/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 883/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15)

For Appellant: Shri Madhur Agrawal (Adv)For Respondent: Shri K. C Selvamani (DR)
Section 115JSection 132Section 143(3)Section 153ASection 35Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकर अपील सं/ I.T. A. No. 880/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2009-10) & आयकर अपील सं/ I.T. A. No. 879/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 882/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2011-12) & आयकर अपील सं/ I.T. A. No. 881/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 883/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) IPCA Laboratories Ltd बिधम/ DCIT, Central Circle-5(2) 19th Floor, Air India 48 Kandivli I…

DCIT -CC5(2) CENTRAL RG., -5,, MUMBAI vs. M/S. IPCA LABORATORIES LTD, MUMBAI

ITA 2563/MUM/2021[2009-10]Status: DisposedITAT Mumbai08 Apr 2024AY 2009-10

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T. A. No. 880/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2009-10) & आयकर अपील सं/ I.T. A. No. 879/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 882/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2011-12) & आयकर अपील सं/ I.T. A. No. 881/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 883/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2014-15) Ipca Laboratories Ltd 48 Kandivli Industries Estate, Charkop Kandivli West, Mumbai-400067. बनाम/ Vs. Dcit, Central Circle-5(2) 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. आयकर अपील सं/ I.T. A. No. 2563/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2009-10) & आयकर अपील सं/ I.T. A. No. 2565/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 2567/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2011-12) & आयकर अपील सं/ I.T. A. No. 2569/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 2571/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2014-15)

Section 115JSection 132Section 143(3)Section 153ASection 35Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकर अपील सं/ I.T. A. No. 880/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2009-10) & आयकर अपील सं/ I.T. A. No. 879/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 882/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2011-12) & आयकर अपील सं/ I.T. A. No. 881/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 883/Mum/2021 (निर्धारण वर्ा/ Assessment Year: 2014-15) IPCA Laboratories Ltd 48 Kandivli Industries Estate, Charkop Kandivli West, Mumbai-400067. बन…

M/S. PATANJALI FOODS LTD (FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD),MUMBAI vs. DY COMM OF INCOME TAX- CENTRAL CIRCLE-7(2), MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 320/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

…ITA. No.320/Mum/2023 & CO No. 51/Mum/2023 A.Y Nos. 2010-11 & 2012-13 M/s. Patanjali Foods Ltd. Court in the case of CIT vs Harinagar Sugar Mills Ltd. (Appeal No. 1132 of 2014) and Hon’ble Calcutta High court in the case of PCIT vs Ankit Metal and Power Ltd. (416 ITR 591). Per contra, the Ld. CIT, DR argued that this claim was not admissible at this stage. 8.3 We have considered the rival submissions of both the parties. From the facts as already discussed in the foregoing, it is noted that the FPS and VKGUY Schemes, in terms of which the subsidy was granted, was with the object to enhance the Indian export pote…

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are

ITA 1176/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. बनाम / M/S. Patanjali Foods Ltd Vs. (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. Cross Objection No.51/Mum/2023 (Arising Out Of I.T. A. No. 1172/Mum/2023) (निर्धारण वर्ष / Assessment Year: 2010-11) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. बनाम / Dcit, Central Circle-7(2) Vs. Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. & आयकर अपील सं/ I.T. A. No. 320/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) बनाम / Vs. Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci1220M 2

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

…ITA. No.320/Mum/2023 & CO No. 51/Mum/2023 A.Y Nos. 2010-11 & 2012-13 M/s. Patanjali Foods Ltd. Court in the case of CIT vs Harinagar Sugar Mills Ltd. (Appeal No. 1132 of 2014) and Hon'ble Calcutta High court in the case of PCIT vs Ankit Metal and Power Ltd. (416 ITR 591). Per contra, the Ld. CIT, DR argued that this claim was not admissible at this stage. 8.3 We have considered the rival submissions of both the parties. From the facts as already discussed in the foregoing, it is noted that the FPS and VKGUY Schemes, in terms of which the subsidy was granted, was with the object to enhance the Indian export poten…

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

ITA 1175/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. बनाम / M/S. Patanjali Foods Ltd Vs. (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. Cross Objection No.51/Mum/2023 (Arising Out Of I.T. A. No. 1172/Mum/2023) (निर्धारण वर्ष / Assessment Year: 2010-11) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. बनाम / Dcit, Central Circle-7(2) Vs. Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. & आयकर अपील सं/ I.T. A. No. 320/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) बनाम / Vs. Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci1220M 2

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

…f the Act as well. In this regard, he relied on the decision of the Hon'ble jurisdictional High Court in the case of CIT vs Harinagar Sugar Mills Ltd. (Appeal No. 1132 of 2014) and Hon'ble Calcutta High court in the case of PCIT vs Ankit Metal and Power Ltd. (416 ITR 591). Per contra, the Ld. CIT, DR argued that this claim was not admissible at this stage. 8.3 We have considered the rival submissions of both the parties. From the facts as already discussed in the foregoing, it is noted that the FPS and VKGUY Schemes, in terms of which the subsidy was granted, was with the object to enhance the Indian export poten…

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 1172/MUM/2023[2010-11]Status: DisposedITAT Mumbai05 Apr 2024AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

…ITA. No.320/Mum/2023 & CO No. 51/Mum/2023 A.Y Nos. 2010-11 & 2012-13 M/s. Patanjali Foods Ltd. Court in the case of CIT vs Harinagar Sugar Mills Ltd. (Appeal No. 1132 of 2014) and Hon’ble Calcutta High court in the case of PCIT vs Ankit Metal and Power Ltd. (416 ITR 591). Per contra, the Ld. CIT, DR argued that this claim was not admissible at this stage. 8.3 We have considered the rival submissions of both the parties. From the facts as already discussed in the foregoing, it is noted that the FPS and VKGUY Schemes, in terms of which the subsidy was granted, was with the object to enhance the Indian export pote…

ACIT, CENTRAL CIRCLE- 27, NEW DELHI vs. UFLEX LTD., NEW DELHI

In the result, appeals of the assessee for AY 2011-12 and subsequent

ITA 2200/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Jan 2024AY 2014-15

Bench: N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri T. James Singson, CIT,DR
Section 115JSection 14ASection 801BSection 80I

…Before us the parties have consented that the issue is covered by the decision of the Tribunal in assessee’s own case for AY 2010-11 in ITA No. 1329/Del/2015 as also by the decision of Hon’ble Calcutta High Court in PCIT vs. Ankit Metal and Power Ltd. (2019) 416 ITR 591(Cal.). Uflex Ltd. Vs ACIT & ACIT vs. Uflex Ltd. 12 24. We have perused the decision (supra) of the Tribunal which held in para 14 and 15 thereof as under:- “14. Regarding issue raised vide Ground No. 7, that the aforesaid subsidy being capital in nature it will also not form part of the book profit u/s 115JB. Before us the Ld. Counsel for the…

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