Jmw India Pvt. Ltd., Delhi vs. DCIT, Circle- 13(2), New Delhi
In the result, the appeal filed by the assessee is allowed
ITA 4056/DEL/2018[2013-14]Status: DisposedITAT Delhi24 Sept 2021AY 2013-14
Bench: Shri R.K. Panda & Shri Vijay Pal Raoassessment Year: 2013-14 Jmw India Pvt. Ltd., Vs Dcit, C-498, 1St Floor, Jojna Vihar, Circle-13(2), Delhi. New Delhi. Pan: Aaacj3260C (Appellant) (Respondent) Assessee By : Shri C.S. Anand, Advocate & Shri Sankalp Anand, Advocate Revenue By : Ms Anima Barnwal, Sr. Dr Date Of Hearing : 26.08.2021 Date Of Pronouncement : 24.09.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 8Th March, 2018 Of The Cit(A)-5, Delhi Relating To Assessment Year 2013-14. 2. The Grounds Raised By The Assessee Are As Under:- “1. That On The Facts & In The Circumstances Of The Case , The Ld Cit(A) Had Erred In Not Allowing Exclusion Of Interest Subsidy Amounting To Rs. 30,01,143/- & Of Excise Duty Refund Amounting To Rs. 4,98,49,144/-, Being Capital In Nature, In Computing Book Profit U/S 115Jb . 2. That On The Facts & In The Circumstances Of The Case ,The Book Profit U/S 115Jb Ought To Had Been Computed At A Negative Figure, As Per The Revised Computation Of Income Filed By The Assessee.”
For Appellant: Shri C.S. Anand, Advocate &For Respondent: Ms Anima Barnwal, Sr. DR
Section 115JSection 2(24)
…is in appeal before the Tribunal. 6. The ld. counsel for the assessee submitted that the issue stands squarely covered in favour of the assessee by the decision of the Hon’ble Calcutta High Court in the case of PCIT vs. Ankit Metal & Power Ltd., reported in 416 ITR 591 where it has been held that where receipt was not in the nature of income it could not be included in the book profits for the purpose of computation u/s 115JB. Therefore, the interest and the power subsidies received by the assessee under the 3 Government schemes would have to be excluded while computing the book profits u/s 115JB since these we…
