Rain Commodities Ltd. v. DCIT

41 DTR 449Income Tax Appellate Tribunal2010#1611 most cited

What is Rain Commodities Ltd. v. DCIT authority for?

The ITAT Special Bench in Rain Commodities Ltd. held that certain capital receipts, such as forfeited share warrants, if credited to the profit and loss account, are liable for book profits tax under Section 115JB (Minimum Alternate Tax).

71

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Also referred to as

Rain Commodities Ltd. v. DCIT · Section 115JB · book profits · Minimum Alternate Tax · MAT · capital receipt · forfeited share warrants · P&L account · taxability · Special Bench · Hyderabad ITAT

Also reported as

131 TTJ 514149 ITD 732

Sections most often in play

Section 115JBSection 143(2)Section 143(3)Section 14ASection 2(24)Section 250

Issues it is cited on

section 92f(ii)section 115jasection 92fsection 139(5)transfer of capital assetsection 119(2)domestic companysection 119(2)(b)section 234cbook profitssection 2(24)section 115j

Judgments citing Rain Commodities Ltd. v. DCIT

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

…eceipt which is not chargeable to tax under any provisions of the Act would not be liable for book profits tax u/s 115JB of the Act which was rendered after considering the decisions of Hyderabad Special Bench in Rain Commodities Rain Commodities Ltd vs DCIT, 41 DTR 449, and the decision of Hon'ble Apex Court in Apollo Tyres Ltd. vs. CIT (2002) reported in 255 ITR 273 (SC). The Hon'ble Kolkata Tribunal also in the case of Binani Industries Ltd., vs DCIT issued in favour of assessee as detailed under : The issue in the above case was raised as under : "The last issue to be decided in this appeal is as to whether,…

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)

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.177/Nag./2022 (Assessment Year : 2017–18) Economic Explosives Ltd. 11, Zade Layout, Bharat Nagar ……………. Appellant Nagpur 440 033 PAN – AAACE3871C v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–1(2), Nagpur ITA no.242/Nag./2023 (Assessment Year : 2018–19) Economic Explosives Ltd. 11, Zade Layout, Bharat Nagar ……………. Appellant Nagpur 440 033 PAN – AAACE3871C v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–1, Nagpur Assessee…

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)

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.177/Nag./2022 (Assessment Year : 2017–18) Economic Explosives Ltd. 11, Zade Layout, Bharat Nagar ……………. Appellant Nagpur 440 033 PAN – AAACE3871C v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–1(2), Nagpur ITA no.242/Nag./2023 (Assessment Year : 2018–19) Economic Explosives Ltd. 11, Zade Layout, Bharat Nagar ……………. Appellant Nagpur 440 033 PAN – AAACE3871C v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–1, Nagpur Assessee…

WEST COAST PAPER MILLS LTD,MUMBAI vs. DCIT 1(3)(2), MUMBAI

In the result, the appeal preferred by the Assessee [ITA No

ITA 547/MUM/2017[2006-07]Status: DisposedITAT Mumbai03 Mar 2023AY 2006-07
For Appellant: Shri Ashish Jhawar &For Respondent: Mrs. Smiti Samant
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 80J

…hat this issue stand decided against the Assessee by the decision of the Tribunal in the case of the Assessee for the Assessment Year 2005-06 and also by the decision of the Special Bench of the Tribunal in the case of Rain Commodity Limited vs. DCIT : [2010) 131 TTJ 514 (HYD) (SB). Accordingly, Ground No. 6 raised by the Assessee is dismissed. 7. Ground No.7 & 8 7.1. Ground No. 7 & 8 are directed against the disallowance claim of deduction aggregating to INR 6,45,143/- in respect of expenditure on repair and maintenance of plant and machinery and other assets. 7.2. The Assessee had claimed deduction for INR. 8…

ACIT CENT. CIR 3(3) , MUMBAI vs. M/S. AYM SYNTEX LTD, MUMBAI

ITA 2550/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

ACIT- CC -3, MUMBAI vs. AYM SYNTEX LTD., MUMBAI

ITA 2549/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

AYM SYNTEX LTD. (FORMERLY KNOWN AS M/S. WELSPUN SYNTEX LTD.),MUMBAI vs. DCIT- CC- 3(4), MUMBAI

ITA 2342/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

M/S. AYM SYNTEX LTD (FORMERLY KNOWN AS M/S. WELSPUN SYNTEX LTD,MUMBAI vs. DCIT -CENT CIR-3(4) , MUMBAI

ITA 2341/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

AYM SYNTEX LTD.(FORMERLY KNOWN AS M/S. WELSPUN SYNTEX LTD.),MUMBAI vs. DCIT- CC- 3(3), MUMBAI

ITA 2340/MUM/2021[2013-14]Status: DisposedITAT Mumbai29 Sept 2022AY 2013-14

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

DCIT 16 (1), MUMBAI vs. TV 18 BRAODCAST LIMITED , MUMBAI

In the result, the appeal filed by the Assessing Officer is dismissed in the terms indicated above

ITA 2502/MUM/2021[2012-13]Status: DisposedITAT Mumbai30 May 2022AY 2012-13
Section 143(3)Section 92F

…be the position with regard to “quasi capital”. There are several decisions of this Tribunal, including in the cases of Perot Systems TSI Vs DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd Vs ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt Ltd Vs DCIT [ (2014)149 ITD 732 (Hyd)], Prithvi Information Solutions Pvt Ltd Vs ACIT [(2014) 34 ITR (Tri) 429 (Hyd)] , which refer to the concept of „quasi capital‟ but none of these decisions throws any light on what constitutes „quasi capital‟ in the context of transfer pricing and its relevance in ascertainment of the arm‟s length price of a transaction. Lest we may also en…

ACIT -CIR 16(1), MUMBAI vs. TV 18 BRAODCAST LIMITED, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 2501/MUM/2021[2013-14]Status: DisposedITAT Mumbai30 May 2022AY 2013-14
Section 143(3)Section 92F

…be the position with regard to “quasi capital”. There are several decisions of this Tribunal, including in the cases of Perot Systems TSI Vs DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd Vs ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt Ltd Vs DCIT [ (2014)149 ITD 732 (Hyd)], Prithvi Information Solutions Pvt Ltd Vs ACIT [(2014) 34 ITR (Tri) 429 (Hyd)] , which refer to the concept of „quasi capital‟ but none of these decisions throws any light on what constitutes „quasi capital‟ in the context of transfer pricing and its relevance in ascertainment of the arm‟s length price of a transaction. Lest we may also en…

TV 18 BROADCAST LTD,MUMBAI vs. ACIT CIR 16(1), MUIMBAI

In the result, appeal of the Revenue is dismissed

ITA 1976/MUM/2021[2013-14]Status: DisposedITAT Mumbai30 May 2022AY 2013-14
Section 143(3)Section 92F

…be the position with regard to “quasi capital”. There are several decisions of this Tribunal, including in the cases of Perot Systems TSI Vs DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd Vs ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt Ltd Vs DCIT [ (2014)149 ITD 732 (Hyd)], Prithvi Information Solutions Pvt Ltd Vs ACIT [(2014) 34 ITR (Tri) 429 (Hyd)] , which refer to the concept of „quasi capital‟ but none of these decisions throws any light on what constitutes „quasi capital‟ in the context of transfer pricing and its relevance in ascertainment of the arm‟s length price of a transaction. Lest we may also en…

TV 18 BROADCAST LTD,MUMBAI vs. ACIT 16(1) , MUMBAI

In the result, the appeal filed by the Assessing Officer is dismissed in the terms indicated above

ITA 1975/MUM/2021[2012-13]Status: DisposedITAT Mumbai30 May 2022AY 2012-13
Section 143(3)Section 92F

…be the position with regard to “quasi capital”. There are several decisions of this Tribunal, including in the cases of Perot Systems TSI Vs DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd Vs ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt Ltd Vs DCIT [ (2014)149 ITD 732 (Hyd)], Prithvi Information Solutions Pvt Ltd Vs ACIT [(2014) 34 ITR (Tri) 429 (Hyd)] , which refer to the concept of „quasi capital‟ but none of these decisions throws any light on what constitutes „quasi capital‟ in the context of transfer pricing and its relevance in ascertainment of the arm‟s length price of a transaction. Lest we may also en…

ORIENTAL AROMATICS LTD,MUMBI,MUMBAI vs. DCIT CC 1(2)(2), MUMBAI , MUMBAI

In the result, the appeal is partly allowed for statistical purposes

ITA 6331/MUM/2019[2014-15]Status: DisposedITAT Mumbai10 Mar 2022AY 2014-15
Section 143(3)Section 4Section 92(1)

…t and the rules", the same seems to be the position with regard to "quasi capital". There are several decisions of this Tribunal, including in the cases of Perot Systems TSI (India) Ltd. (supra ), Micro Inks Ltd (supra ), Four Soft (P.) Ltd. v. Dy. CIT [2014] 149 ITD 732/44 taxmann.com 479 (Hyd.), Prithvi Information Solutions (P.) Ltd. v. Asstt. CIT [2014] 49 taxmann.com 176 (Hyd.), which refer to the concept of 'quasi capital' but none of these decisions throws any light on what constitutes 'quasi capital' in the context of transfer pricing and its relevance in ascertainment of the arm's length price of a trans…

CADILA HEALTHCARE LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD

In the result, the appeal for the assessment year 2013-14 is also partly allowed in the terms indicated above

ITA 213/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad17 Aug 2021AY 2013-14
Section 143(3)

…the position with regard to "quasi capitals" There are several decisions of this Tribunal, including in the cases of Perot Systems TSI v. DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd. v. ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt. Ltd. v. DCIT [(2014) 149 ITD 732 (Hyd.)], Prithvi Information Solutions Pvt. Ltd. v. ACIT [(2014) 34 ITR (Tri) 429 Hyd.] , which refer to the concept of 'quasi capital' but none of these decisions throws any light on what constitutes 'quasi capital' in the context of transfer pricing and its relevance in ascertainment of the arm's length price of a transaction. Lest we may also…

CADILA HEALTHCARE LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD

In the result, the appeal for the assessment year 2013-14 is also partly allowed in the terms indicated above

ITA 954/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad17 Aug 2021AY 2012-13
Section 143(3)

…the position with regard to "quasi capitals" There are several decisions of this Tribunal, including in the cases of Perot Systems TSI v. DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd. v. ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt. Ltd. v. DCIT [(2014) 149 ITD 732 (Hyd.)], Prithvi Information Solutions Pvt. Ltd. v. ACIT [(2014) 34 ITR (Tri) 429 Hyd.] , which refer to the concept of 'quasi capital' but none of these decisions throws any light on what constitutes 'quasi capital' in the context of transfer pricing and its relevance in ascertainment of the arm's length price of a transaction. Lest we may also…

A.C.I.T.,CIRCLE-2(1), KOLKATA vs. M/S INDIA POWER CORPORATION LTD., KOLKATA

In the result, the appeal of revenue stands dismissed and the Cross Objection of assessee are partly allowed

ITA 1390/KOL/2019[2013-14]Status: DisposedITAT Kolkata11 Aug 2021AY 2013-14

Bench: Shri A. T. Varkey, Hon’Ble & Dr. M. L. Meena, Hon’Ble]

Section 36(1)(iii)

…rofit on sale of assets and investments amounting to Rs.1,73,66,796/-. In this context we CO No. 20/Kol/2020 M/s. India Power Corporation Ltd., AY: 2013-14 also note that the Special bench of Hyderabad ITAT in the case of Rain Commodities ltd. Vs. DCIT (2010) 131 TTJ 514 has taken a similar view in favour of the revenue and held as under: “Considering the totality of the facts and circumstances of the case as discussed above and in view of the above reasons, we upheld the order of learned CIT in holding that the long-term capital gain is to be included in the net profit prepared under the Companies Act and the sa…

ASST CIT CIRCLE-11 (2)(1), MUMBAI vs. M/S SHREE PUSHKAR CHEMICALS AND FERTILIZERS LTD., MUMBAI

In the result, Revenue’s appeal is dismissed

ITA 7008/MUM/2019[2015-16]Status: DisposedITAT Mumbai09 Aug 2021AY 2015-16

Bench: Shri S. Rifaur Rahman & Shri Ravish Sood

For Appellant: Shri S.S. NagarFor Respondent: Shri Manoj Mishra
Section 115JSection 40

…ls and Fertilizers Ltd. question of law. Thus, it can be concluded that this issue is now being settled by a judgment of the Rajas than High Court. It also distinguished the decision of Apollo Tyres Ltd. vs. CIT 255 ITR 273 and Rain Commodities Ltd. vs. DCIT 41 DTR 449. Also very recently, Madras HC in the case of Metal & Chromium Plater (P) Ltd. (ITA No. 359 of 2008) has also decided the said issue in the favour of the assessee. The case of Krishi Rasayan Exports Put. Ltd. us. ACIT (ITA No. 883 /Kol./2014 is on the similar interest subsidy which was required to be excluded from Book profit. We accordingly direc…

BILAKHIA HOLDING P LTD,VAPI vs. THE ACIT,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 182/SRT/2017[2010-11]Status: DisposedITAT Surat19 May 2021AY 2010-11

Bench: Shri Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A’S No.181 & 182/Srt/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner Of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [Pan: Aadcs 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Gopalakrishnan Aiyer – Ar राज"वक"ओर से /Revenue By Smt. Usha Shrote – Sr.Dr सुनवाई की तारीख/ Date Of Hearing: 13.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 19.05.2021 आदेश /O R D E R Per Dr.Arjun Lal Saini, Accountant Memeber: 1. Captioned Two Appeals Filed By Assessee Pertaining To Assessment Year 2009-10 & 2010-11, Are Directed Against The Separate Orders Passed By The Ld.Cit(A), Which In Turn Arise Out Of Separate Orders Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Here In After Referred To As The ‘Act’).

Section 143(3)Section 271Section 271(1)Section 271(1)(C)Section 271(1)(c)Section 274Section 92C

…the position with regard to "quasi capitals" There are several decisions of this Tribunal, including in the cases of Perot Systems TSI v. DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd. v. ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt. Ltd. v. DCIT [(2014)149 ITD 732 (Hyd.)], Prithvi Information Solutions Pvt. Ltd. v. ACIT [(2014) 34 ITR (Tri) 429 Hyd.] , which refer to the concept of 'quasi capital' but none of these decisions throws any light on what constitutes 'quasi capital' in the context of transfer pricing and its relevance in ascertainment of the arm's length price of a transaction. Lest we may also…

BILAKHIA HOLDING P LTD,VAPI vs. THE ACIT,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 181/SRT/2017[2009-10]Status: DisposedITAT Surat19 May 2021AY 2009-10

Bench: Shri Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A’S No.181 & 182/Srt/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner Of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [Pan: Aadcs 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Gopalakrishnan Aiyer – Ar राज"वक"ओर से /Revenue By Smt. Usha Shrote – Sr.Dr सुनवाई की तारीख/ Date Of Hearing: 13.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 19.05.2021 आदेश /O R D E R Per Dr.Arjun Lal Saini, Accountant Memeber: 1. Captioned Two Appeals Filed By Assessee Pertaining To Assessment Year 2009-10 & 2010-11, Are Directed Against The Separate Orders Passed By The Ld.Cit(A), Which In Turn Arise Out Of Separate Orders Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Here In After Referred To As The ‘Act’).

Section 143(3)Section 271Section 271(1)Section 271(1)(C)Section 271(1)(c)Section 274Section 92C

…the position with regard to "quasi capitals" There are several decisions of this Tribunal, including in the cases of Perot Systems TSI v. DCIT [(2010) 130 TTJ 685 (Del)]., Micro Inks Ltd. v. ACIT [(2013) 157 TTJ 289 (Ahd)], Four Soft Pvt. Ltd. v. DCIT [(2014)149 ITD 732 (Hyd.)], Prithvi Information Solutions Pvt. Ltd. v. ACIT [(2014) 34 ITR (Tri) 429 Hyd.] , which refer to the concept of 'quasi capital' but none of these decisions throws any light on what constitutes 'quasi capital' in the context of transfer pricing and its relevance in ascertainment of the arm's length price of a transaction. Lest we may also…

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