Mountpark Creativce P.Ltd, Mumbai vs. ITO 1(2)(3), Mumbai
In the result, the appeal is allowed
ITA 3910/MUM/2016[2011-12]Status: DisposedITAT Mumbai08 Aug 2018AY 2011-12
Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2011-12 Mountpart Creative Pvt. Income Tax Officer- Ltd. Tardeo Ac Market 1(2)(3), 5Th Floor, Vs. Building, 7Th Floor, Suite 47, Aayakar Bhavan, M.K. Mumbai-400034. Road, Mumbai- 400020. Pan No. Aabcm1761G Appellant Respondent Assessee By : Mr. Biren Gabhawala, Ar Revenue By : Mr. Manoj Kumar Singh, Dr Date Of Hearing : 02/08/2018 Date Of Pronouncement : 08/08/2018. Order Per N.K. Pradhan, Am This Is An Appeal Filed By The Assessee. The Relevant Assessment Year Is 2011-12. The Appeal Is Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-2 [In Short ‘Cit(A)’], Mumbai & Arises Out Of The Assessment Order U/S 143(3) Of The Income Tax Act 1961, (The ‘Act’). 2. The Grounds Of Appeal Read As Under: 1. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred In Upholding The Action Of The Learned In Computing "Book Profit" At Rs.73,32,838/-Under Section 115Jb Of The I.T. Act
For Appellant: Mr. Biren Gabhawala, ARFor Respondent: Mr. Manoj Kumar Singh, DR
Section 10(38)Section 115JSection 143(3)Section 45Section 54Section 54E
…, the assessee filed an appeal before the Ld. CIT(A). The Ld. CIT(A), having discussed the order of the Tribunal in M/s Technicarts (P) Ltd. v. ITO (2011) 46 SOT 294 (Mum.), Growth Avenue Securities Pvt. Ltd. v. DCIT (2010) 128 TTJ 426 (Del), Rain Commodities 41 DTR 449 (Hyderabad) and the judgment of the Hon’ble Bombay High Court in Veekay Lal Investment Pvt. Ltd. 249 ITR 597 (Bom), relied on the ratio laid down in the above decisions and confirmed the order of the AO that the assessee is not entitled to claim deduction u/s 54EC, while calculating book profit u/s 115JB of the Act. 5. Before us, the Ld. counsel o…
