Rain Commodities Ltd. v. Dy. CIT

40 SOT 265Income Tax Appellate Tribunal2010#3386 most cited

What is Rain Commodities Ltd. v. Dy. CIT authority for?

Transfer pricing adjustments cannot be added back to book profits under section 115JB of the Income-tax Act, as they are not among the permissible adjustments listed in Explanation I to section 115JB(2). Exempt capital gains must be considered when computing book profits under section 115JB.

35

judgments rely on this decision, according to BharatTax’s citation analysis of 366,421 Indian tax judgments — from 2016 to 2025.

Also referred to as

Rain Commodities Ltd. v. Dy. CIT · 40 SOT 265 · ITAT · section 115JB · book profits · transfer pricing adjustment · Explanation I section 115JB(2) · exempt capital gain

Sections most often in play

Section 115JBSection 143(3)Section 10(38)Section 10AASection 115JSection 115JASection 132Section 133(6)

Issues it is cited on

section 92f(v)section 80hhesection 35absection 92f(ii)section 80ia(1)section 80ia(5)section 10basubstance over formsection 54esection 115jasection 35aexplanation to section 37

Judgments citing Rain Commodities Ltd. v. Dy. CIT

Innovative Textiles Limited, Delhi vs. DCIT, Circle-10(1), New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 1160/DEL/2022[2017-18]Status: DisposedITAT Delhi24 Sept 2025AY 2017-18

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.Innovative Textiles Limited, Vs. Dcit, Circle 10(1), 81, Vighyan Vihar, New Delhi. Delhi – 110 092. (Pan : Aaaci0473J) (Appellant) (Respondent) Assessee By : Shri Gautam Jain, Advocate Revenue By : Shri S.K. Jadhav, Cit Dr Date Of Hearing : 05.08.2025 Date Of Order : 24.09.2025 O R D E R Per S.Rifaur Rahman: 1. This Appeal Is Filed By The Assessee Against Assessment Order Dated 26.03.2022 Passed By The Income Tax Department/National Faceless Assessment Centre, Delhi U/S 143(3) Read With Section 144C(13)/144B Of The Income-Tax Act, 1961 (For Short ‘The Act”) For Assessment Year 2017-18 Pursuant To The Directions Of The Dispute Resolution Panel U/S 144C(5) Of The Act Raising Following Grounds Of Appeal :- “1. That The Orders Of The Learned Lower Tax Authorities Is/Are Contrary To The Law & Facts Of The Case.

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Shri S.K. Jadhav, CIT DR
Section 115JSection 143(3)Section 144BSection 144C(13)Section 144C(5)Section 234ASection 270A

…300 ITR 251 (SC) iii. DCIT v. Bisleri Sales Ltd. 151 TT] 285 (Mum) (IT AT) 35. The Ld. Sr. DR on the other hand supported the order of the AO on the strength of the decision of the Special Bench of the Tribunal in the case of Rain Commodities v. DCIT: 92010) 40 SOT 265. 36. We have considered the rival submissions and perused the material on record. It is settled law that except for adjustments provided in Explanation I Section 115JB(2) of the Act, no other adjustment can be made to book profits under section 115JB of the Act. We find that the transfer pricing adjustment is not one of the adjustments contemplate…

S.C., Johnson Pvt. Ltd., Gurgaon Haryana vs. DCIT Circle 7(1), New Delhi

ITA 1850/DEL/2019[2006-07]Status: DisposedITAT Delhi28 Aug 2025AY 2006-07

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 1Section 139(1)Section 143(3)Section 147Section 148Section 250Section 80I

…er (Point 5.2.6(iii) & (vii) and 5.2.1(i), (page no. 70-81 of the Appeal Set) the Ld. AO rejected the reliance of the Assessee in case of McDowell & Co. Ltd vs CTO, 154 ITR 148 Padamdasuna Rao vs State of Tamilnadu 255 ITR 147 Raihi Commodities Limited (2010) 40 SOT 265 (ITd SB) (refer para 18 on page 242-245 of Case Law PB 2) Based on the above, the Ld. AO finally held that if the amalgamation had not taken place, the Assessee would be liable to pay MAT and just because merger had taken place, it should not alter the payment of tax. As the Assessee has not followed the facts as the Assessee before the merger, an…

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

…Ltd 304 ITR 401 (Bom), and also CIT vs Veekaylal Investment Co. (P.) Ltd [2001] 249 ITR 597 (Bom.), where it was held that book profits cannot be tinkered with and in the case of the Special Bench of Hyderabad Tribunal in Rain Commodities Ltd. v. DCIT [2010] 40 SOT 265 that exempt capital gain has to be considered for computing the book profits. On the other hand, the ld. CIT(A) deleted the impugned addition by relying on the decision of the Hon'ble Calcutta High Court in the case of Ankit Metal and Power Ltd. (supra) and Hon'ble Madras High Court in the case of Best Cooperation Ltd. (supra) and held that since…

ACIT-6(1)(1), 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

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

Section 115JSection 143(3)Section 250

…Ltd 304 ITR 401 (Bom), and also CIT vs Veekaylal Investment Co. (P.) Ltd [2001] 249 ITR 597 (Bom.), where it was held that book profits cannot be tinkered with and in the case of the Special Bench of Hyderabad Tribunal in Rain Commodities Ltd. v. DCIT [2010] 40 SOT 265 that exempt capital gain has to be considered for computing the book profits. On the other hand, the ld. CIT(A) deleted the impugned addition by relying on the decision of the Hon'ble Calcutta High Court in the case of Ankit Metal and Power Ltd. (supra) and Hon'ble Madras High Court in the case of Best Cooperation Ltd. (supra) and held that since…

ACIT-6(1)(1), 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

…Ltd 304 ITR 401 (Bom), and also CIT vs Veekaylal Investment Co. (P.) Ltd [2001] 249 ITR 597 (Bom.), where it was held that book profits cannot be tinkered with and in the case of the Special Bench of Hyderabad Tribunal in Rain Commodities Ltd. v. DCIT [2010] 40 SOT 265 that exempt capital gain has to be considered for computing the book profits. On the other hand, the ld. CIT(A) deleted the impugned addition by relying on the decision of the Hon’ble Calcutta High Court in the case of Ankit Metal and Power Ltd. (supra) and Hon'ble Madras High Court in the case of Best Cooperation Ltd. (supra) and held that since…

DCIT, Circle - 11(1), Kolkata vs. M/S. Graphite India Ltd., Kolkata

In the result, considering the discussions made above, the appeal filed by the Revenue is partly allowed and the cross objection filed by the assessee are dismissed

ITA 473/KOL/2018[2007-08]Status: DisposedITAT Kolkata13 Sept 2024AY 2007-08

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

Section 143(3)Section 144C(3)Section 62Section 801ASection 80I

…s. Veekaylal Investment Co. (P.) Ltd. Page 21 of 23 I.T.A. No.: 473/KOL/2018 C.O. No.: 65/KOL/2018 Assessment Year: 2007-08 M/s. Graphite India Ltd. reported in [2001] 116 Taxman 104 (Bombay) and the case of Rain Commodities Ltd. vs. DCIT reported in [2010] 40 SOT 265 (Hyderabad) (SB) and disallowed the claim of the assessee. The ld. CIT(A) confirmed the action of ld. AO relying on the same authorities as was done by the ld. AO. During the course of arguments, the ld. A/R fairly mentioned that the case of Rain Commodities Ltd. (supra) still holds the fort and on that basis the issue is against the appellant. It…

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)

…issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (1) Ltd. v. CIT [2011] 330 ITB 336/9 taxmann.com 25. Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. v. Dy. CIT [20101 40 SOT 265 (Hyd.) (SB). ITAT Luknow Bench in the case of ACIT v. L.H. Sugar Factory Ltd. and vice versa [ITA Nos. 417, 418 & 339/LKW/2013, dated 9-2-2016) and decision of Mumbai ITAT in the case of Shivalik Venture (P.) Ltd. v. Dy. CIT [2015]70 SOT 92/60 taxmann.com 314, came to the conclusions (1) the object of Minimum Alternate Tax (MAT) provisions incorpo…

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)

…issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (1) Ltd. v. CIT [2011] 330 ITB 336/9 taxmann.com 25. Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. v. Dy. CIT [20101 40 SOT 265 (Hyd.) (SB). ITAT Luknow Bench in the case of ACIT v. L.H. Sugar Factory Ltd. and vice versa [ITA Nos. 417, 418 & 339/LKW/2013, dated 9-2-2016) and decision of Mumbai ITAT in the case of Shivalik Venture (P.) Ltd. v. Dy. CIT [2015]70 SOT 92/60 taxmann.com 314, came to the conclusions (1) the object of Minimum Alternate Tax (MAT) provisions incorpo…

Guruvastu Properties P.Ltd, Mumbai vs. DCIT 1(1)(4), Mumbai

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

ITA 5850/MUM/2015[2011-12]Status: DisposedITAT Mumbai21 Jun 2024AY 2011-12

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Guruvastu Properties P. Ltd. Dcit – 1(1)(4) 47, 7Th Floor, Tardeo Ac Market 5Th Floor, Aayakar Bhavan, Vs. Tardeo, Mumbai – 400 034 M K Road, Mumbai-400 020

For Appellant: Shri Hiten M. VasantFor Respondent: Shri H. M. Bhatt
Section 10Section 10(38)Section 115JSection 143(2)Section 143(3)Section 15JSection 250Section 45Section 54E

…an 104 (Bom), wherein it was held that while the computing book profit u/s. 115J of the Act, the capital gain u/s. 45 should also be included. The ld. DR also relied on the Special Bench decision of the Tribunal in the case of Rain Commodities Ltd. vs. DCIT 40 SOT 265 (Hyd) (SB) and also the decision of the Tribunal in the case of Growth Avenue Securities Pvt. Limited vs. DCIT 5 Guruvastu Properties P. Ltd. vs. DCIT [2010] 128 ITJ 426 (Del), Chheda Electricals and Electronics (P.) Ltd vs. Dy. CIT [2022] 138 taxmann.com 221 (Pune-Trib) in support of the Revenue’s contention. 10. We have heard the rival submis…

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

…issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v. CIT [2011] 330 ITR 336/9 taxmann.com 25, Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. v. Dy. CIT [2010] 40 SOT 265 (Hyd.) (SB), ITAT Luknow Bench in the case of ACIT v. L.H. Sugar Factory Ltd. and vice versa [ITA Nos. 417 , 418 & 339/LKW/2013, dated 9-2-2016] and decision of Mumbai ITAT in the case of Shivalik Venture (P.) Ltd. v. Dy. CIT [2015] 70 SOT 92/60 taxmann.com 314, came to the conclusions (i) the object of Minimum Alternate Tax (MAT) provisions inco…

Ipca Laboratories Ltd., Mumbai vs. Dy CIT -CC-5(2), Mumbai

In the result, both the appeals of the assessee as well as the

ITA 880/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. 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

…issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v. CIT [2011] 330 ITR 336/9 taxmann.com 25, Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. v. Dy. CIT [2010] 40 SOT 265 (Hyd.) (SB), ITAT Luknow Bench in the case of ACIT v. L.H. Sugar Factory Ltd. and vice versa [ITA Nos. 417 , 418 & 339/LKW/2013, dated 9-2-2016] and decision of Mumbai ITAT in the case of Shivalik Venture (P.) Ltd. v. Dy. CIT [2015] 70 SOT 92/60 taxmann.com 314, came to the conclusions (i) the object of Minimum Alternate Tax (MAT) provisions incor…

Dy.CIT CC -5(2) Cent. RG. -5, Mumbai vs. M/S. Ipca Laboratories Ltd, Mumbai

In the result, both the appeals of the assessee as well as the

ITA 2571/MUM/2021[2014-15]Status: DisposedITAT Mumbai08 Apr 2024AY 2014-15

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. बिधम/ 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

…issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v. CIT [2011] 330 ITR 336/9 taxmann.com 25, Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. v. Dy. CIT [2010] 40 SOT 265 (Hyd.) (SB), ITAT Luknow Bench in the case of ACIT v. L.H. Sugar Factory Ltd. and vice versa [ITA Nos. 417, 418 & 339/LKW/2013, dated 9-2-2016] and decision of Mumbai ITAT in the case of Shivalik Venture (P.) Ltd. v. Dy. CIT [2015] 70 SOT 92/60 taxmann.com 314, came to the conclusions (i) the object of Minimum Alternate Tax (MAT) provisions incorp…

DCIT- CC5(2), Mumbai vs. Ipca Laboratories Ltd., Mumbai

In the result, both the appeals of the assessee as well as the

ITA 2569/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) Ipca Laboratories Ltd 48 Kandivli Industries Estate, Charkop Kandivli West, Mumbai-400067. बिधम/ 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

…ue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v. CIT [2011] 330 ITR 336/9 taxmann.com 25, Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. v. Dy. CIT [2010] 40 SOT 265 (Hyd.) (SB), ITAT Luknow Bench in the case of ACIT v. L.H. Sugar Factory Ltd. and vice versa [ITA Nos. 417 , 418 & 339/LKW/2013, dated 9-2-2016] and decision of Mumbai ITAT in the case of Shivalik Venture (P.) Ltd. v. Dy. CIT [2015] 70 SOT 92/60 taxmann.com 314, came to the conclusions (i) the object of Minimum Alternate Tax (MAT) provisions…

CIT -CC5(2) Central RG., -5, Mumbai vs. M/S. Ipca Laboratories Ltd, Mumbai

ITA 2565/MUM/2021[2010-11]Status: DisposedITAT Mumbai08 Apr 2024AY 2010-11

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. बिधम/ 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) 2

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

…issue viz., the Hon'ble Apex Court in case of Indo Rama Synthetics (I) Ltd. v. CIT [2011] 330 ITR 336/9 taxmann.com 25, Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/122 Taxman 562 (SC), Special Bench ITAT in the case of Rain Commodities Ltd. v. Dy. CIT [2010] 40 SOT 265 (Hyd.) (SB), ITAT Luknow Bench in the case of ACIT v. L.H. Sugar Factory Ltd. and vice versa [ITA Nos. 417 , 418 & 339/LKW/2013, dated 9-2-2016] and decision of Mumbai ITAT in the case of Shivalik Venture (P.) Ltd. v. Dy. CIT [2015] 70 SOT 92/60 taxmann.com 314, came to the conclusions (i) the object of Minimum Alternate Tax (MAT) provisions incor…

Forbes Campbell Finance Limited, Chennai vs. DCIT, Chennai

The appeal stand dismissed in terms of our above order

ITA 1275/CHNY/2017[2010-11]Status: DisposedITAT Chennai24 May 2022AY 2010-11

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Anikesh Banerjee, Jm

For Appellant: Shri S.P. Chidambaram (Advocate) – Ld. ARFor Respondent: Shri Guru Bashyam (CIT) – Ld. DR
Section 100Section 115JSection 143(3)

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी मनोज कुमार अ1वाल ,लेखा सद6 एवं माननीय -ी अिनकेश बनज:, "ाियक सद6 के सम;। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI ANIKESH BANERJEE, JM आयकरअपीलसं./ ITA No. 1275/Chny/2017 (िनधाCरणवषC / Assessment Year: 2010-11) Forbes Campbell Finance Limited DCIT बनाम/ Catholic Center, 108, Armenian Street, Company Circle – II(3), Vs. Chennai – 600 001. Chennai – 34. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACL-0532-H (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant by : Shri S.P. Chidamb…

Deputy Commissioner of Income Tax, Circle- 6(1)(2), Bangalore vs. M/S. Subhash Kabini Power Corporation Limited, Bangalore

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

ITA 350/BANG/2020[2011-12]Status: DisposedITAT Bangalore18 Mar 2022AY 2011-12

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranassessment Year :2011-12 The Deputy Commissioner Of Vs. M/S. Subhash Kabini Power Corporation Ltd., Wing South Portion, Cristu Complex, 5Th Income Tax, Circle – 6(1)(2), Floor, No.41/7, Lavelle Road, Bengaluru. Bengaluru–560 001. Pan : Aaccs 0881 J Appellant Respondent Assessee By : Shri. Ravi Tulsiyan, Ca Revenue By : Shri. Sankar Ganesh K, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 14.03.2022 Date Of Pronouncement : .03.2022 O R D E R

For Appellant: Shri. Ravi Tulsiyan, CAFor Respondent: Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru
Section 115JSection 143(3)Section 80

…na Power Company and Others, ITA No.2281/Del/2013, order dated 27.04.2018. The Revenue has challenged the order of the CIT(A) in ground No.3. 10. Learned DR relied on the order of the ITAT, Hyderabad Bench in the case of Rain Commodities Ltd., Vs. DCIT (2010) 40 SOT 265 (Hyderabad – SB) wherein the question was whether long term capital gain which was exempted under section 47(i)(v) of the Act under the normal provisions can be excluded while computing book profits under section 115JB of the Act. The Tribunal held that it is only those items of income which are included in the P & L A/c and those that are exclude…

Reliance Industries Ltd, Mumbai vs. Deputy Commissioner of Income Tax Large Taxpayer Unit-2, Mumbai

In the result, the ITA No

ITA 2876/MUM/2019[2015-16]Status: DisposedITAT Mumbai08 Mar 2022AY 2015-16
Section 143(3)Section 28

…& 2015-16 Page 26 of 105 and reduce items as provided in Explanation to sec. 115JB of the Act. In support of this proposition, the Ld D.R placed his reliance on the decision rendered by the Special bench of Tribunal in the case of Rain Commodities Ltd (2010) (40 SOT 265). We notice that an identical issue was considered by the co-ordinate bench in the case of M/s. Alok Industries Ltd (ITA No.1017/Mun/2017 dated 21.05.2018) and has been held that the Capital receipts cannot be included in the Book Profit u/s.115JB of the Act. We notice that an identical view has been expressed in several other cases also by the co…

DCIT (Ltu)-2, Mumbai vs. M/S Reliance Industries Ltd., Mumbai

In the result, the ITA No

ITA 2344/MUM/2019[2014-15]Status: DisposedITAT Mumbai08 Mar 2022AY 2014-15
Section 143(3)Section 28

…& 2015-16 Page 26 of 105 and reduce items as provided in Explanation to sec. 115JB of the Act. In support of this proposition, the Ld D.R placed his reliance on the decision rendered by the Special bench of Tribunal in the case of Rain Commodities Ltd (2010) (40 SOT 265). We notice that an identical issue was considered by the co-ordinate bench in the case of M/s. Alok Industries Ltd (ITA No.1017/Mun/2017 dated 21.05.2018) and has been held that the Capital receipts cannot be included in the Book Profit u/s.115JB of the Act. We notice that an identical view has been expressed in several other cases also by the co…

Reliance Industries Limited, Mumbai vs. ACIT, Mumbai

In the result, the ITA No

ITA 1645/MUM/2019[2014-15]Status: DisposedITAT Mumbai08 Mar 2022AY 2014-15
Section 143(3)Section 28

…& 2015-16 Page 26 of 105 and reduce items as provided in Explanation to sec. 115JB of the Act. In support of this proposition, the Ld D.R placed his reliance on the decision rendered by the Special bench of Tribunal in the case of Rain Commodities Ltd (2010) (40 SOT 265). We notice that an identical issue was considered by the co-ordinate bench in the case of M/s. Alok Industries Ltd (ITA No.1017/Mun/2017 dated 21.05.2018) and has been held that the Capital receipts cannot be included in the Book Profit u/s.115JB of the Act. We notice that an identical view has been expressed in several other cases also by the co…

Synchem Chemicals (India) P.Ltd, Mumbai vs. DCIT 10(1), Mumbai

In the result, the appeal of the revenue is dismissed and appeal of the assessee is allowed

ITA 2753/MUM/2014[2010-11]Status: DisposedITAT Mumbai21 Apr 2021AY 2010-11
Section 10Section 115JSection 143(3)Section 2(47)Section 45

…ope of inclusion as book profits u/s.115JB of the Act. 13.6. The ld. DR also placed reliance on the following decisions in support of his proposition:- a. Decision of Special Bench of Hyderabad Tribunal in the case of Rain Commodities Ltd vs. DCIT reported in 40 SOT 265. b. Decision of Chennai Tribunal in the case of DCIT vs. Western India Cashew Co. Pvt. Ltd. reported in 155 ITD 356 13.7. In view of the elaborate observations, the aforesaid decisions relied upon by the ld. DR would not come to the rescue of the revenue. We also find that all these decisions were subsequently considered by various decisions of th…