PCIT v. Ankit

416 ITR 591High Court2019#823 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 366,418 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

Acc Ltd ( Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

ITA 5655/MUM/2011[2006-07]Status: DisposedITAT Mumbai28 Feb 2023AY 2006-07

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 145ASection 251Section 44A

…nature, in computing Book Profit u/s 115JB of the Act. 50. Learned representatives fairly agree that the above issues are now covered, in favour of the assessee, by Hon’ble Calcutta High Court’s judgment in the case of PCIT Vs Ankit metal & Power Ltd [(2019) 416 ITR 591 (Cal)], by Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Harinagar Sugar Mills Ltd [ITA No 1132 of 2014, dated 4th January 2017] and by a coordinate bench decision in the case of ACIT Vs JSW Steel Limited [(2019) 112 taxmann.com 55 (Mum)]. Learned Departmental Representative, however, relied upon the stand of the authorities…

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3786/MUM/2009[2005-06]Status: DisposedITAT Mumbai28 Feb 2023AY 2005-06

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 14ASection 14A(1)

…nature, in computing Book Profit u/s 115JB of the Act. 50. Learned representatives fairly agree that the above issues are now covered, in favour of the assessee, by Hon’ble Calcutta High Court’s judgment in the case of PCIT Vs Ankit metal & Power Ltd [(2019) 416 ITR 591 (Cal)], by Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Harinagar Sugar Mills Ltd [ITA No 1132 of 2014, dated 4th January 2017] and by a coordinate bench decision in the case of ACIT Vs JSW Steel Limited [(2019) 112 taxmann.com 55 (Mum)]. Learned Departmental Representative, however, relied upon the stand of the authorities…

Acc Ltd (Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3490/MUM/2009[2005-06]Status: DisposedITAT Mumbai28 Feb 2023AY 2005-06

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 14ASection 14A(1)

…nature, in computing Book Profit u/s 115JB of the Act. 50. Learned representatives fairly agree that the above issues are now covered, in favour of the assessee, by Hon’ble Calcutta High Court’s judgment in the case of PCIT Vs Ankit metal & Power Ltd [(2019) 416 ITR 591 (Cal)], by Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Harinagar Sugar Mills Ltd [ITA No 1132 of 2014, dated 4th January 2017] and by a coordinate bench decision in the case of ACIT Vs JSW Steel Limited [(2019) 112 taxmann.com 55 (Mum)]. Learned Departmental Representative, however, relied upon the stand of the authorities…

Srf Ltd., Gurgaon vs. Addl CIT, New Delhi

In the result, this ground of the assessee is allowed for statistical purposes

ITA 774/DEL/2017[2009-10]Status: DisposedITAT Delhi23 Feb 2023AY 2009-10

Bench: Sh. Anil Chaturvedi & Sh. Yogesh Kumar Ussrf Limited Vs. Acit Unitech Crest, Greenwood Range – 9, City Block – C, Sector – 45, Ltu, New Delhi Gurgaon – 122 003 Pan No. Aaacs 0206 P (Appellant) (Respondent) Assessee By Shri Pradeep Dinodia, Shri R. K. Kapoor C.A. Shri Ravi Kumar Revenue By Shri Mahesh Shah, Cit (Dr) Shri Rajesh Kumar, Cit (Dr) Date Of Hearing: 10/01/2023 Date Of Pronouncement: 23/02/2023 Order Per Anil Chaturvedi, Am: The Present Appeal Is Filed By The Assessee Directed Against The Order Dated 27.09.2016 Of The Commissioner Of Income Tax (Appeals)-44, New Delhi [For Short, Cit(A)] Under Section 143(3) R.W.S 144C Of The Income Tax Act, 1961 [For Short, 'The Act'] For Assessment Year 2009-10. 2. Brief Facts Of The Case As Culled Out From The Material On Record Are As Under:-

Section 143(2)Section 143(3)Section 144CSection 14ASection 92C

…in nature. The assessee also placed reliance upon the following judgments wherein such subsidy was held to be as a capital receipt:  CIT –vs.- Sh. Sham Lal Bansal (Hon’ble Punjab & Haryana High Court, ITA No. 472 of 2010)  PCIT v. Ankit Metal & Power Ltd. [416 ITR 591 2019] Cal High Court  CIT vs.- Ponni Sugars & Chemicals Ltd. reported in (2008) 306 ITR 392 (SC)  CIT vs.- Rasoi Ltd. [(2011) 335 ITR 438 (Cal.)]  CIT v. Chaphalkar Brothers [2017] 88 taxmann.com 178 (SC)/ (2018) 400 ITR 279 (SC)  DCIT vs.- Reliance Industries (2004) 88 ITD 273 (Mum.)(SB);  CIT vs. Birla VXL Lt d. (2013) 90 DTR 376 (Guj.)(HC…

Birla Corporation Limited, Kolkata vs. DCIT, Cir.-6(1), Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 497/KOL/2020[2014-15]Status: DisposedITAT Kolkata07 Feb 2023AY 2014-15

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…the Page 38 of 67 I.T.A. Nos.: 2142 & 2143/KOL/2018 & I.T.A. Nos.: 496 & 497/KOL/2020 Assessment Years: 2013-14 & 2014-15 Birla Corporation Limited. assessee’s favour is that of the Hon’ble Calcutta High Court in PCIT v. Ankit Metal and Power Limited, (2019) 416 ITR 591 (Cal) (Page 76 at Pp 84,86-87 of the Compilation of Case Laws). It is submitted that this ground is covered in favour of the assessee. We find that this Tribunal in assessee’s own case for AY 2010-11 dealt with this issue and decided in assessee’s favour observing as follows: “73. At time of hearing, it was agreed by the parties before us that id…

Birla Corporation Limited, Kolkata vs. DCIT Cir.-6(1), Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 496/KOL/2020[2013-14]Status: DisposedITAT Kolkata07 Feb 2023AY 2013-14

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…the Page 38 of 67 I.T.A. Nos.: 2142 & 2143/KOL/2018 & I.T.A. Nos.: 496 & 497/KOL/2020 Assessment Years: 2013-14 & 2014-15 Birla Corporation Limited. assessee’s favour is that of the Hon’ble Calcutta High Court in PCIT v. Ankit Metal and Power Limited, (2019) 416 ITR 591 (Cal) (Page 76 at Pp 84,86-87 of the Compilation of Case Laws). It is submitted that this ground is covered in favour of the assessee. We find that this Tribunal in assessee’s own case for AY 2010-11 dealt with this issue and decided in assessee’s favour observing as follows: “73. At time of hearing, it was agreed by the parties before us that id…

DCIT, Circle - 6(1), Kolkata vs. M/S. Birla Corporation Ltd., Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 2143/KOL/2018[2014-15]Status: DisposedITAT Kolkata07 Feb 2023AY 2014-15

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…the Page 38 of 67 I.T.A. Nos.: 2142 & 2143/KOL/2018 & I.T.A. Nos.: 496 & 497/KOL/2020 Assessment Years: 2013-14 & 2014-15 Birla Corporation Limited. assessee’s favour is that of the Hon’ble Calcutta High Court in PCIT v. Ankit Metal and Power Limited, (2019) 416 ITR 591 (Cal) (Page 76 at Pp 84,86-87 of the Compilation of Case Laws). It is submitted that this ground is covered in favour of the assessee. We find that this Tribunal in assessee’s own case for AY 2010-11 dealt with this issue and decided in assessee’s favour observing as follows: “73. At time of hearing, it was agreed by the parties before us that id…

DCIT, Circle - 6(1), Kolkata vs. M/S. Birla Corporation Ltd., Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 2142/KOL/2018[2013-14]Status: DisposedITAT Kolkata07 Feb 2023AY 2013-14

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…the Page 38 of 67 I.T.A. Nos.: 2142 & 2143/KOL/2018 & I.T.A. Nos.: 496 & 497/KOL/2020 Assessment Years: 2013-14 & 2014-15 Birla Corporation Limited. assessee’s favour is that of the Hon’ble Calcutta High Court in PCIT v. Ankit Metal and Power Limited, (2019) 416 ITR 591 (Cal) (Page 76 at Pp 84,86-87 of the Compilation of Case Laws). It is submitted that this ground is covered in favour of the assessee. We find that this Tribunal in assessee’s own case for AY 2010-11 dealt with this issue and decided in assessee’s favour observing as follows: “73. At time of hearing, it was agreed by the parties before us that id…

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 715/MUM/2020[2008-09]Status: DisposedITAT Mumbai31 Jan 2023AY 2008-09

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…le VI of Companies Act, 1956. The VI of Companies Act, 1956. The Ld. counsel of the assessee of the assessee, on the other hand, submitted submitted that identical issue in the case of that identical issue in the case of PCIT Vs Ankit Metal & Power Ltd (2019) 416 ITR 591 Ankit Metal & Power Ltd (2019) 416 ITR 591 has been dec has been decided in favour of the assessee favour of the assessee by Hon’ble Calcutta High Court by Hon’ble Calcutta High Court. He also relied on the decision of the relied on the decision of the Coordinate bench of the Bombay oordinate bench of the Bombay Tribunal in the case of case of Am…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 654/MUM/2020[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…le VI of Companies Act, 1956. The VI of Companies Act, 1956. The Ld. counsel of the assessee of the assessee, on the other hand, submitted submitted that identical issue in the case of that identical issue in the case of PCIT Vs Ankit Metal & Power Ltd (2019) 416 ITR 591 Ankit Metal & Power Ltd (2019) 416 ITR 591 has been dec has been decided in favour of the assessee favour of the assessee by Hon’ble Calcutta High Court by Hon’ble Calcutta High Court. He also relied on the decision of the relied on the decision of the Coordinate bench of the Bombay oordinate bench of the Bombay Tribunal in the case of case of Am…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 653/MUM/2020[2013-14]Status: DisposedITAT Mumbai31 Jan 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…le VI of Companies Act, 1956. The VI of Companies Act, 1956. The Ld. counsel of the assessee of the assessee, on the other hand, submitted submitted that identical issue in the case of that identical issue in the case of PCIT Vs Ankit Metal & Power Ltd (2019) 416 ITR 591 Ankit Metal & Power Ltd (2019) 416 ITR 591 has been dec has been decided in favour of the assessee favour of the assessee by Hon’ble Calcutta High Court by Hon’ble Calcutta High Court. He also relied on the decision of the relied on the decision of the Coordinate bench of the Bombay oordinate bench of the Bombay Tribunal in the case of case of Am…

DCIT, Circle-1, Thane vs. Everest Industries Ltd., Mumbai

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 1423/MUM/2020[2008-09]Status: DisposedITAT Mumbai31 Jan 2023AY 2008-09

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…le VI of Companies Act, 1956. The VI of Companies Act, 1956. The Ld. counsel of the assessee of the assessee, on the other hand, submitted submitted that identical issue in the case of that identical issue in the case of PCIT Vs Ankit Metal & Power Ltd (2019) 416 ITR 591 Ankit Metal & Power Ltd (2019) 416 ITR 591 has been dec has been decided in favour of the assessee favour of the assessee by Hon’ble Calcutta High Court by Hon’ble Calcutta High Court. He also relied on the decision of the relied on the decision of the Coordinate bench of the Bombay oordinate bench of the Bombay Tribunal in the case of case of Am…

Everest Industries Ltd, Noida vs. Dy CIT Cirlce-1, Thane

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 7794/MUM/2019[2013-14]Status: DisposedITAT Mumbai31 Jan 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…le VI of Companies Act, 1956. The VI of Companies Act, 1956. The Ld. counsel of the assessee of the assessee, on the other hand, submitted submitted that identical issue in the case of that identical issue in the case of PCIT Vs Ankit Metal & Power Ltd (2019) 416 ITR 591 Ankit Metal & Power Ltd (2019) 416 ITR 591 has been dec has been decided in favour of the assessee favour of the assessee by Hon’ble Calcutta High Court by Hon’ble Calcutta High Court. He also relied on the decision of the relied on the decision of the Coordinate bench of the Bombay oordinate bench of the Bombay Tribunal in the case of case of Am…

Everest Industries Ltd, Noida vs. Dy CIT Cirlce-1, Thane

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 7793/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…le VI of Companies Act, 1956. The VI of Companies Act, 1956. The Ld. counsel of the assessee of the assessee, on the other hand, submitted submitted that identical issue in the case of that identical issue in the case of PCIT Vs Ankit Metal & Power Ltd (2019) 416 ITR 591 Ankit Metal & Power Ltd (2019) 416 ITR 591 has been dec has been decided in favour of the assessee favour of the assessee by Hon’ble Calcutta High Court by Hon’ble Calcutta High Court. He also relied on the decision of the relied on the decision of the Coordinate bench of the Bombay oordinate bench of the Bombay Tribunal in the case of case of Am…

ACIT 3(1)(2), Mumbai vs. Hikal Ltd, Mumbai

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

ITA 3517/MUM/2017[2008-09]Status: DisposedITAT Mumbai25 Jan 2023AY 2008-09

Bench: Shri Prashant Maharish & Pavan Kumar Gadaleacit – 3(1)(2), Vs. M/S Hikal Ltd Room No. 607, 6Th Floor 717/718, Maker Aayakar Bhavan, Chambers V, Mumbai – 400020. Nariman Point, Mumbai – 400021. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach0383A Appellant .. Respondent Appellant By : Smt .Madhumalti Gosh.Cit Dr Respondent By : Sri.Sanjay Parikh.Ar Date Of Hearing 16.11.2022 Date Of Pronouncement 25.01.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-8, Mumbai, Passed U/S 154 & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

For Appellant: Smt .Madhumalti Gosh.CIT DRFor Respondent: Sri.Sanjay Parikh.AR
Section 10(34)Section 115JSection 143(1)Section 143(2)Section 14ASection 154

…has been held by the AO as not being "income", the same Hikal Ltd.Mumbai. cannot even form part of "book profits" for the purposes of section 115JB. Reliance in this regard is placed on the following decisions: a) Pr. CIT v. Ankit Metal and Power Ltd. (2019) 416 ITR 591 (Cal)- decision of hon'ble Supreme Court in Apollo Tyres Ltd. v. CIT (2002) 255 ITR 273 (SC) has been considered in this decision. b) M/s. Batliboi Limited v. DCIT [ITA No. 6228/M/2017; Order dated 21/5/2021] Accordingly, even on this count, the order u/s. 154 is bad in law. 12) Without prejudice, as per Board Circular no. 14(XL-6) dated 12-5-19…

ACIT Circle-2(1)(1), Mumbai vs. M/S Bombay Dyeing & Manufacturing Co. Ltd., Mumbai

ITA 4485/MUM/2019[2015-16]Status: DisposedITAT Mumbai24 Jan 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

For Appellant: Shri Yogesh Thar / ChaitanyaFor Respondent: Revenue by Shri Ashok Kumar Kardam
Section 115JSection 14A

…assessee relied on the Counsel of the assessee relied on the decision of Hon’ble Calcutta High Court in the case of PCIT vs decision of Hon’ble Calcutta High Court in the case of decision of Hon’ble Calcutta High Court in the case of Ankit Metal & Power Ltd (416 ITR 591)(Cal) Ankit Metal & Power Ltd (416 ITR 591)(Cal) wherein it is held wherein it is held that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while computing book profit under section 115JB of the Act. The relevant co…

ACIT Circle-2(1)(1), Mumbai vs. M/S Bombay Dyeing & Manufacturing Co. Ltd., Mumbai

ITA 4484/MUM/2019[2014-15]Status: DisposedITAT Mumbai24 Jan 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

For Appellant: Shri Yogesh Thar / ChaitanyaFor Respondent: Revenue by Shri Ashok Kumar Kardam
Section 115JSection 14A

…assessee relied on the Counsel of the assessee relied on the decision of Hon’ble Calcutta High Court in the case of PCIT vs decision of Hon’ble Calcutta High Court in the case of decision of Hon’ble Calcutta High Court in the case of Ankit Metal & Power Ltd (416 ITR 591)(Cal) Ankit Metal & Power Ltd (416 ITR 591)(Cal) wherein it is held wherein it is held that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while computing book profit under section 115JB of the Act. The relevant co…

The Bombay Dyeing & Manufacturing Company Ltd., Mumbai vs. DCIT, C--2(1), Mumbai

ITA 4293/MUM/2019[2015-16]Status: DisposedITAT Mumbai24 Jan 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

For Appellant: Shri Yogesh Thar / ChaitanyaFor Respondent: Revenue by Shri Ashok Kumar Kardam
Section 115JSection 14A

…assessee relied on the Counsel of the assessee relied on the decision of Hon’ble Calcutta High Court in the case of PCIT vs decision of Hon’ble Calcutta High Court in the case of decision of Hon’ble Calcutta High Court in the case of Ankit Metal & Power Ltd (416 ITR 591)(Cal) Ankit Metal & Power Ltd (416 ITR 591)(Cal) wherein it is held wherein it is held that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while computing book profit under section 115JB of the Act. The relevant co…

The Bombay Dyeing & Manufacturing Company Ltd., Mumbai vs. DCIT, C--2(1), Mumbai

ITA 4291/MUM/2019[2014-15]Status: DisposedITAT Mumbai24 Jan 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

For Appellant: Shri Yogesh Thar / ChaitanyaFor Respondent: Revenue by Shri Ashok Kumar Kardam
Section 115JSection 14A

…assessee relied on the Counsel of the assessee relied on the decision of Hon’ble Calcutta High Court in the case of PCIT vs decision of Hon’ble Calcutta High Court in the case of decision of Hon’ble Calcutta High Court in the case of Ankit Metal & Power Ltd (416 ITR 591)(Cal) Ankit Metal & Power Ltd (416 ITR 591)(Cal) wherein it is held wherein it is held that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while that interest and power subsidy would have to be excluded while computing book profit under section 115JB of the Act. The relevant co…

Greenlam Industries Limited, Tinsukia vs. Assistant Commissioner of Income Tax, Circle-Tinsukia, Tinsukia

In the result, appeal filed by the assessee is allowed as per the terms indicated above

ITA 402/GTY/2019[2015-16]Status: DisposedITAT Guwahati19 Dec 2022AY 2015-16

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 115JSection 143(2)Section 143(3)Section 244ASection 25Section 250Section 251(1)(a)Section 31(3)(a)

…ture, deserves to be excluded from the computation of book profit u/s 115JB of the Act. 46. It is noted that in the context of similar State Industrial Scheme, the Jurisdictional Hon’ble Calcutta High Court in the case of Pr. CIT Vs Ankit Metal and Power Ltd (416 ITR 591) held that subsidies received for 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 assessee had received interest subsidy under the WB Incentive Scheme, 2000 and power subsidy under the Power Intensive Industries…