Sobha Developers Ltd. v. DCIT

125 Taxmann.com 72High Court2021#2611 most cited

What is Sobha Developers Ltd. v. DCIT authority for?

Disallowance under section 14A is a notional disallowance and cannot be added back while computing Book Profits under section 115JB for Minimum Alternate Tax purposes.

44

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2021 to 2026.

Also referred to as

Sobha Developers Ltd. v. DCIT · disallowance u/s 14A · notional disallowance · section 115JB · book profits · Minimum Alternate Tax · MAT adjustment · exempt income expenses · section 10(34) · computation of book profits · Karnataka High Court · 125 Taxmann.com 72

Sections most often in play

Section 10(34)Section 115JBSection 14A

Issues it is cited on

section 80iabsection 92b(1)section 92(1)legal expensessection 10(2a)section 10(35)section 115jb(2)retrospective amendmentsection 115jacorporate guaranteesection 80hsection 139(5)

Judgments citing Sobha Developers Ltd. v. DCIT

J.K.Fenner (India) Limited, Chennai vs. JCIT, Madurai

Appeal stand dismissed whereas the assessee’s appeal stands partly allowed for statistical purposes

ITA 1059/CHNY/2016[2008-09]Status: DisposedITAT Chennai21 Jan 2022AY 2008-09

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri R. Vijayaraghavan (Advocate) – Ld. ARFor Respondent: Shri M. Murali, Ld. CIT-DR
Section 14ASection 32(2)

…t be made while computing Book Profits u/s 115JB as per the decision of Special Bench of Delhi Tribunal in ACIT V/s Vireet Investment (P) Ltd. (165 ITD 27) as well as the recent decision of Hon’ble Karnataka High Court in Sobha Developers Ltd. V/s DCIT (2021; 125 Taxmann.com 72). We order so. 24. To summarize, Ground Nos. 2.1 & 2.2 of revenue’s appeal stand dismissed. Ground Nos.2.3 & 2.4 do not require any specific adjudication since the assessee has not maintained separate books of accounts which would have facilitated computation of disallowance u/s 14A and the issue would not have arisen. In fact, for the sa…

M/S. Corporation Bank, Mangaluru vs. Deputy Commissioner of Income Tax, Circle- 2(1), Mangaluru

In the result, the appeal filed by the assessee is allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 1108/BANG/2019[2013-14]Status: DisposedITAT Bangalore17 Nov 2021AY 2013-14

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.S.Ananthan, CAFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri Chandra Poojari, AM and Shri George George K, JM ITA No.1108/Bang/2019 : Asst.Year 2013-2014 M/s.Union Bank of India The Deputy Commissioner of (Erstwhile Corporation Bank) Income-tax, Circle 2(1) v. Mangalore. Central Accounts Department 6th Floor, Union Bank Bhavan 239 Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021. PAN : AAACU0564G. (Appellant) (Respondent) ITA No.170/PAN/2019 : Asst.Year 2013-2014 The Deputy Commissioner of M/s.Union Bank of India Income-tax, Circle 2(1) (Erstwhile Corporation Bank) v. Mumbai – 400 021. Mang…

M/S. Fdc Limited, Mumbai vs. Addll. CIT- 8 (1), Mumbai

Appeal stand dismissed

ITA 6901/MUM/2018[2010-11]Status: DisposedITAT Mumbai08 Oct 2021AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No.6901/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) & 2. आयकरअपील िं./ I.T.A. No.6840/Mum/2018 (धििाारण वर्ा / Assessment Year: 2011-12) M/S Fdc Limited Acit Circle– 8(1) बिाम/ 142-48, S. V. Road {Now Acit Circle 9(3)(1)} Jogeshwari (West) R. No. 215, Aayakar Bhavan Vs. Mumbai – 400 102 Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 3. आयकरअपील िं./ I.T.A. No.7016/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) Acit Circle– 8(1) M/S Fdc Limited बिाम/ {Now Acit Circle 9(3)(1)} 142-48, S. V. Road R. No. 215, Aayakar Bhavan Jogeshwari (West) Vs. Mumbai-400 020 Mumbai – 400 102 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri S. S. Nagar, Ld. Ar Revenue By : Shri Sunil Deshpande, Ld. Cit-Dr ुनवाई की तारीख/ : 20/07/2021 Date Of Hearing घोषणा की तारीख / : 08/10/2021 Date Of Pronouncement

For Appellant: Shri S. S. Nagar, Ld. ARFor Respondent: Shri Sunil Deshpande, Ld. CIT-DR
Section 143(3)Section 154Section 92C

…adjusted in the Book-Profits computed u/s 115JB as per the decision of Special Bench of Delhi Tribunal in ACIT V/s Vireet Investment (P) Ltd. (165 ITD 27) as well as the recent decision of Hon’ble Karnataka High Court in Sobha Developers Ltd. V/s DCIT (2021; 125 Taxmann.com 72). 9.3 Upon perusal of assessee’s financial statements as placed on record, it could be gathered that the assessee has sufficient opening and closing free funds in the shape of share capital and reserves to make the investments. The free funds are way more than the investments made by the assessee and therefore, as per cited decisions, the…

Roha Dyechem P.Ltd, Mumbai vs. ACIT Cen Cir 43, Mumbai

In the result, appeal by the assessee is allowed

ITA 2742/MUM/2019[2014-15]Status: DisposedITAT Mumbai05 Mar 2021AY 2014-15

Bench: Shri Vikas Awasthyआअसं. 2742 /मुं/2019 ("न.व.2014-15) M/S. Roha Dyechem Pvt. Ltd., A44/45, Road No.2, Midc, Andheri(E), Mumbai 400 093 : अपीलाथ"/ Appellant Pan:Aaacr4974P बनाम/ Vs.

For Appellant: Shri Snehal ShahFor Respondent: Ms Smita verma
Section 115JSection 14A

…आयकर अपील"य अ"धकरण मुंबई पीठ “एस एम सी” IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं. 2742 /मुं/2019 ("न.व.2014-15) M/s. Roha Dyechem Pvt. Ltd., A44/45, Road No.2, MIDC, Andheri(E), Mumbai 400 093 : अपीलाथ"/ Appellant PAN:AAACR4974P बनाम/ Vs. Dy. Commissioner of Income Tax, Central Range – 7(4), Aaykar Bhavan, M.K.Road, Mumbai 400 020. : ""थ"/ Respondent Assessee by : Shri Snehal Shah Revenue by : Ms Smita verma सुनवाई की तारीख/ : 10/12/2020 Date of Hearing घोषणा की तारीख / : 05/03/2021 Date of Pronoun…