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“book profits”

Special Rate ProvisionsSection 115JBSection 115JB1,713 judgments

The decision most relied on for book profits is Godrej & Boyce Mfg. Co. Ltd. v. DCIT (328 ITR 81), cited in 1,183 judgments on BharatTax.

Leading authorities on book profits

Godrej & Boyce Mfg. Co. Ltd. v. DCIT
328 ITR 81 · 2010 · High Court
1,183
citing judgments

Rule 8D, for computing disallowance under Section 14A for expenses related to exempt income, applies from Assessment Year 2008-09 onwards; for prior years, a reasonable disallowance must be made. The disallowance under Section 14A cannot exceed the actual exempt income earned.

ACIT v. Vireet Investment Pvt. Ltd.
165 ITD 27 · 2017 · ITAT
882
citing judgments

No disallowance under section 14A can be made while computing book profits under section 115JB unless the expenditure is debited to the profit and loss account and satisfies clause (f) of Explanation 1 to section 115JB(2).

Joint Investments Pvt. Ltd. v. CIT
372 ITR 694 · 2015 · High Court
803
citing judgments

Disallowance under section 14A of the Income Tax Act cannot exceed the actual amount of exempt income earned by the assessee. This principle also applies when computing book profits under section 115JB.

ACIT v. Vireet Investment Pvt. Ltd.
82 Taxmann.com 415 · 2017 · High Court
789
citing judgments

Disallowance computed under Section 14A, read with Rule 8D, cannot be added to book profits under Section 115JB for Minimum Alternate Tax (MAT) purposes. Additionally, for Section 14A disallowance, only investments that yielded exempt income during the year are considered for calculating their average value.

Apollo Tyres Ltd. v. CIT
255 ITR 273 · 2002 · Supreme Court
657
citing judgments

For the purpose of computing book profits under Section 115J, arrears of depreciation, including those arising from assets working extra shifts, are a necessary charge on profits if debited to the profit and loss account and are allowable as such.

Kedarnath Jute Mfg. Co. Ltd. v. CIT
82 ITR 363 · 1971 · Supreme Court
654
citing judgments

Tax liability for an item of income or expenditure is determined solely by the provisions of the Income-tax Act. Entries in an assessee's books of account are not conclusive and do not govern the taxability or deductibility of an item, as the legal rights and obligations under the Act prevail.

CIT v. President Industries
258 ITR 654 · 2002 · High Court
471
citing judgments

When books of account are rejected and unaccounted sales or receipts are discovered, the income addition is restricted to the net profit element embedded in these undisclosed transactions, not the entire sale proceeds or receipts, especially if corresponding purchases are not proven to be outside the books.

CIT v. Yokogawa India Ltd.
341 ITR 385 · 2012 · High Court
270
citing judgments

A provision for doubtful debts cannot be added back while computing book profits under Section 115JB of the Income-tax Act for Minimum Alternate Tax (MAT) purposes.

Judgments citing book profits

JCIT(OSD), Cir-3(1)(2), Ahmedabad vs. Reckitt Benckiser Healthcare (India) Ltd, Haryana

In the result, appeal of the Revenue is dismissed

ITA 1225/AHD/2018[2011-12]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2011-12

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

For Appellant: Shri Dhinal Shah, ARFor Respondent: Shri V. Nand Kumar, CIT-DR
Section 115JSection 143(3)Section 2Section 250Section 391Section 45

year under consideration on 18.11.2011 declaring a total income of Rs.27,56,70,614/- under the normal provisions of the Act and book profit u/s 115JB of the Act of Rs.1,28,80,47,039/-. The case of assessee was selected for scrutiny assessment and the assessment was subsequently framed ... making various additions/disallowances of Rs.13,19,12,485/- as capital gains under normal provisions of the Act and Rs.129,12,24,408/- as book profits u/s 115JB of the Act. 3. Aggrieved by the order of the Assessing Officer, the assessee has filed appeal before

Reckitt Benckiser Healthcare India Pvt. Ltd., ( Formerly Known As Reckitt Benckiser Healthcare India Ltd., Haryana vs. DCIT, Circle-3(1)(2), Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 1184/AHD/2018[2011-12]Status: FixedITAT Ahmedabad18 Feb 2025AY 2011-12

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

For Appellant: Shri Dhinal Shah, ARFor Respondent: Shri V. Nand Kumar, CIT-DR
Section 115JSection 143(3)Section 2Section 250Section 391Section 45

year under consideration on 18.11.2011 declaring a total income of Rs.27,56,70,614/- under the normal provisions of the Act and book profit u/s 115JB of the Act of Rs.1,28,80,47,039/-. The case of assessee was selected for scrutiny assessment and the assessment was subsequently framed ... making various additions/disallowances of Rs.13,19,12,485/- as capital gains under normal provisions of the Act and Rs.129,12,24,408/- as book profits u/s 115JB of the Act. 3. Aggrieved by the order of the Assessing Officer, the assessee has filed appeal before

Vodafone Idea Limited (Earlier Known As Vodafone India Ltd. Which Stands Merged With Idea Cellular Ltd. and Consequently Known As Idea Ltd.), Mumbai vs. ACIT - Circle- 5 (3)(2), Mumbai

Appeal are allowed for statistical purposes

ITA 316/MUM/2019[2014-15]Status: DisposedITAT Mumbai18 Feb 2025AY 2014-15

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Ketan Ved; Shri Ninad PatadeFor Respondent: Date
Section 115JSection 143(3)Section 144CSection 144C(13)Section 144C(5)Section 14ASection 194HSection 32(1)Section 40Section 92C

under section 14A of the Act under normal provisions of the Act, as well as special provision of computing book profit section 115JB of the Act. 1.2. Without prejudice to ground 1.1. above, on the facts and in the circumstances of the case and in law, the learned DRP/AO ... Rules. In addition the Assessing Officer also concluded that addition made under Section 14A of the Act was also to be made to the ‘Book Profits’ (computed as per Section 115JB of the Act.) 4.3. Being aggrieved, the Appellant has carried the issue in appeal before this Tribunal

Cle Private Limited, Mumbai vs. DCIT Central Circle -3(4), Mumbai

In the result, appeal of the Revenue is dismissed and cross objection of the assessee is allowed

ITA 6270/MUM/2024[2017-18]Status: DisposedITAT Mumbai17 Feb 2025AY 2017-18

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

For Appellant: Shri Niraj Sheth a/w Jitendra SanghviFor Respondent: Shri R.A. Dhyani, CIT/DR &
Section 115JSection 133(6)Section 143(3)Section 147Section 68

called unexplained cash credit of Rs. 39,75,00,000 is wrongly made and the same ought to be deleted. D. COMPUTATION OF BOOK PROFITS U/S. 115JB 8. On the facts and in the circumstances of the case and in law, the Learned CIT(A) erred in dismissing the ground ... appeal raised with respect to computation of book profits u/s. 115JB as arising out of the Order u/s. 154 dated 19.10.2023 and not from the Order u/s. 147 rws 144B dated 11.05.2023 in respect of which the appeal was filed. The Appellant submits that the Assessing Officer had not discussed

Cle Pvt Ltd, Mumbai vs. DCIT Central Circle 3(4), Mumbai

In the result, appeal of the Revenue is dismissed and cross objection of the assessee is allowed

ITA 6269/MUM/2024[2015-16]Status: DisposedITAT Mumbai17 Feb 2025AY 2015-16

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

For Appellant: Shri Niraj Sheth a/w Jitendra SanghviFor Respondent: Shri R.A. Dhyani, CIT/DR &
Section 115JSection 133(6)Section 143(3)Section 147Section 68

called unexplained cash credit of Rs. 39,75,00,000 is wrongly made and the same ought to be deleted. D. COMPUTATION OF BOOK PROFITS U/S. 115JB 8. On the facts and in the circumstances of the case and in law, the Learned CIT(A) erred in dismissing the ground ... appeal raised with respect to computation of book profits u/s. 115JB as arising out of the Order u/s. 154 dated 19.10.2023 and not from the Order u/s. 147 rws 144B dated 11.05.2023 in respect of which the appeal was filed. The Appellant submits that the Assessing Officer had not discussed

Strides Pharma Science Limited, Mumbai vs. DCIT-15(3)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 3514/MUM/2024[2012-13]Status: HeardITAT Mumbai13 Feb 2025AY 2012-13

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

For Appellant: Revenue byFor Respondent: Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R
Section 115JSection 147Section 234ASection 234BSection 271(1)(c)Section 37Section 37(1)

assessment under section 147 of the Act. Further, the reassessment could not be a review of an earlier assessment order. 2. Re-computation of book profits under Section 115JB of the Act - INR 60,11,503 [Page 4 to 9 of the Assessment Order issued under section 147 r.w.s ... learned AO grossly erred in re-computing the book profit under Section 115JB of the Act by making addition of an amount of INR 60,11,503 towards difference arising on account of valuation of closing stock. I.T.A. No. 3514/Mum/2024 2 2.2. The Hon'ble CIT(A) and the learned

National Commodities Management Services Limited (Formerly Known As National Collateral Management Services Limited), Mumbai vs. Deputy Commissioner of Income Tax Rang -7(1)(1), Mumbai

In the result, appeals are allowed for statistical purposes

ITA 3225/MUM/2024[2015-16]Status: DisposedITAT Mumbai12 Feb 2025AY 2015-16

Bench: Shri Saktijit Dey, Vp & Shri B.R. Baskaran, Am

For Appellant: Shri Bhupendra Karkhanis, And Shri Jay DharodFor Respondent: Shri Kailash C. Kanojiya, CIT(DR)
Section 115JSection 143(3)Section 271(1)(c)Section 35A

Commodities Management Services Ltd. Since the tax payable on the income computed under the normal provisions was less than the tax payable on the book profit computed u/s. 115JB of the Act, the Assessing Officer determined the tax liability u/s. 115JB of the Act. However, based on the disallowances made ... cited before us. It is the say of the assessee that when the AO has determined the tax liability of the assessee on the book profit computed u/s. 115JB of the Act, penalty u/s. 271(1)(c) of the Act cannot be imposed on the additions/disallowances made for computing

Dy.CIT, Circle-7(1)(1), Mumbai, Incometax Department vs. National Commodities Management Services Limited, Mumbai

In the result, appeals are allowed for statistical purposes

ITA 2635/MUM/2024[2020-21]Status: DisposedITAT Mumbai12 Feb 2025AY 2020-21

Bench: Shri Saktijit Dey, Vp & Shri B.R. Baskaran, Am

For Appellant: Shri Bhupendra Karkhanis, And Shri Jay DharodFor Respondent: Shri Kailash C. Kanojiya, CIT(DR)
Section 115JSection 143(3)Section 271(1)(c)Section 35A

Commodities Management Services Ltd. Since the tax payable on the income computed under the normal provisions was less than the tax payable on the book profit computed u/s. 115JB of the Act, the Assessing Officer determined the tax liability u/s. 115JB of the Act. However, based on the disallowances made ... cited before us. It is the say of the assessee that when the AO has determined the tax liability of the assessee on the book profit computed u/s. 115JB of the Act, penalty u/s. 271(1)(c) of the Act cannot be imposed on the additions/disallowances made for computing

National Commodities Management Services Limited, Mumbai vs. Deputy Commissioner of Income Tax-7(1)(1), Mumbai

In the result, appeals are allowed for statistical purposes

ITA 1340/MUM/2024[2020-21]Status: DisposedITAT Mumbai12 Feb 2025AY 2020-21

Bench: Shri Saktijit Dey, Vp & Shri B.R. Baskaran, Am

For Appellant: Shri Bhupendra Karkhanis, And Shri Jay DharodFor Respondent: Shri Kailash C. Kanojiya, CIT(DR)
Section 115JSection 143(3)Section 271(1)(c)Section 35A

Commodities Management Services Ltd. Since the tax payable on the income computed under the normal provisions was less than the tax payable on the book profit computed u/s. 115JB of the Act, the Assessing Officer determined the tax liability u/s. 115JB of the Act. However, based on the disallowances made ... cited before us. It is the say of the assessee that when the AO has determined the tax liability of the assessee on the book profit computed u/s. 115JB of the Act, penalty u/s. 271(1)(c) of the Act cannot be imposed on the additions/disallowances made for computing

Springer Nature Technology and Publishing Solutions Private Limited, Pune vs. The Assistant Commissioner of Income Tax, Circle-1(1), Pune

The appeal of the Assessee is Partly Allowed for

ITA 418/PUN/2023[2017-18]Status: DisposedITAT Pune10 Feb 2025AY 2017-18

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपीलसं. / Ita No.418/Pun/2023 निर्धारणवर्ष / Assessment Year: 2017-18 Springer Nature Technology & Publishing Solutions Pvt. Ltd., Upper Ground Tower 8, Magarpatta City, Pune-411013. Pan: Aaccc8853E Appellant/ Assessee V The Assistant S Commissioner Of Income Tax, Circle-1(1), Pune. Respondent / Revenue Assessee By Shri Vishal Kalra – Ar Revenue By Shri Keyur Patel, Irs –Cit(Dr) Date Of Hearing 19/12/2024 Date Of Pronouncement | 10/02/2025 आदेश / Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeals) [Nfac] For

Section 10ASection 143(3)Section 250

Appellant filed its return of income on November 29, 2017 declaring a total income of INR 3,61,10,090 and book profits of INR 17. 11,69.436 The Appellant's case was selected for scrutiny vide notice dated September 21, 2018 issued under section ... completed vide order dated December 05, 2019, assessing the total income to be INR 6.54,05,110 under normal provisions of the Act and book profit of INR 17,11,69,436 1. 3. The said difference of INR 1,13,93,425 is taxable income under normal provisions

Viiking Media and Entertainment Pvt. Ltd, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle 2(2), Mumbai

In the result, the appeal filed by the assessee is allowed for statistical purpose

ITA 6034/MUM/2024[2017-18]Status: DisposedITAT Mumbai07 Feb 2025AY 2017-18

Bench: Ms. Kavitha Rajagopal, Jm & Shri. Girish Agarwal, Am Viiking Media & Entertainment Deputy Commissioner Of Income Pvt. Ltd. Tax, Central Circle 2(2), Mumbai 604-605, 6Th Floor, Gateway Plaza, 604-605, 6Th Floor, Gateway Plaza, Vs. Central Circle 2(2), Mumbai – 400076. Central Circle 2(2), Mumbai – 400076. Pan/Gir No. Aaacj9884E (Assessee) : (Respondent) Assessee By : Shri. Aakash Kumar Respondent By : Shri. Ajay Singh, Sr Dr Date Of Hearing : 06.02.2025 Date Of Pronouncement : 07.02.2025 O R D E R Per Kavitha Rajagopal, J M: This Appeal Has Been Filed By The Assessee, Challenging The Ex Parte Order Of The Learned Commissioner Of Income Tax (Appeals) 52, Mumbai (‘Ld. Cit(A) For Short), National Faceless Appeal Centre (‘Nfac’ For Short) Passed U/S.250 Of The Income Tax Act, 1961 (‘The Act'), Pertaining To The Assessment Year (‘A.Y.’ For Short) 2017-18. 2. It Is Observed That The Present Appeal Has Been Filed With A Delay Of 16 Days For Which The Accountant Of The Ld.Ar Appearing For The Assessee Has Filed Application Dated 06.02.2025 Along With An Affidavit For Condoning The Said Delay. Upon Perusal Of The Same, We Deem It Fit To Hold That The Assessee Had “Sufficient Cause” For The Said Delay M/S. Viiking Media & Entertainment Pvt. Ltd. & Therefore We Are Inclined To Condone The Delay Caused By The Assessee In Filing The Present Appeal. Delay Condoned.

For Appellant: Shri. Aakash KumarFor Respondent: Shri. Ajay Singh, SR DR
Section 115JSection 143(2)Section 143(3)Section 250Section 36(1)(va)Section 68

determining total income at Rs. 4,24,50,400/-, under the normal provision and Rs. 3,13,51,790/- u/s. 115JB on the book profits after making addition/disallowance u/s. 68 and 36(1)(va) of the Act. 5. Aggrieved the assessee was in appeal before the first appellate authority, challenging

ACIT Cir 2(1)(1), Mumbai vs. Bank of Baroda, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 2777/MUM/2019[2016-17]Status: DisposedITAT Mumbai06 Feb 2025AY 2016-17

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailbank Of Baroda, C-26, G-Block, Baroda Corporate Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400051. ……………. Appellant Pan: Aaacb 1534 F V/S Acit, 2(1)(1), ……………. Respondent Mumbai-400051. Acit, Circle - 2(1)(1), Room No. 561, 5Th Floor, Aayakar Bhavan, M.K. Road, ……………. Appellant Mumbai-400020. V/S Bank Of Baroda, C-26, G-Block, Baroda Corporate Centre, Bandra ……………. Respondent Kurla Complex, Bandra (East), Mumbai-400051. Pan: Aaacb 1534 F

For Appellant: Mr. C. NareshFor Respondent: Mr. Kailash C. Kanojiya, CIT-DR
Section 115JSection 143(3)Section 14ASection 250

assessed the total income of the assessee at Rs.6266,18,55,642/- under the normal provisions of the Act and computed the book profit of the assessee at Rs.7479,30,27,395/- u/s 115JB of the Act. The Ld. CIT(A), vide impugned order dated granted partial relief ... having held that the provisions of section 115JB are applicable should not have held that the additions made to book profits are academic and should have decided on various additions made in computing book profit which were agitated in appeal.” 4. The issue arising in ground no. 1 raised

Bank of Baroda, Mumbai vs. ACIT 2 (1)(1), Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1649/MUM/2019[2016-17]Status: DisposedITAT Mumbai06 Feb 2025AY 2016-17

Bench: Shri Amarjit Singhshri Sandeep Singh Karhail

For Appellant: Mr. C. NareshFor Respondent: Mr. Kailash C. Kanojiya, CIT-DR
Section 115JSection 143(3)Section 14ASection 250

assessed the total income of the assessee at Rs.6266,18,55,642/- under the normal provisions of the Act and computed the book profit of the assessee at Rs.7479,30,27,395/- u/s 115JB of the Act. The Ld. CIT(A), vide impugned order dated granted partial relief ... having held that the provisions of section 115JB are applicable should not have held that the additions made to book profits are academic and should have decided on various additions made in computing book profit which were agitated in appeal.” 4. The issue arising in ground no. 1 raised

Blm Hospitals Private Limited, Farrukhabad vs. DCIT Circle 4(2)(1), Farrukhabad

In the result, the appeal of the assessee is allowed

ITA 20/AGR/2023[2016-17]Status: DisposedITAT Agra05 Feb 2025AY 2016-17

Bench: Shri M. Balaganesh(Through Virtual Hearing)

For Appellant: Shri Swaran Singh, CAFor Respondent: Shri Shailendra Shrivastava, Sr. DR
Section 115JSection 143(3)Section 154Section 271(1)Section 271(1)(c)Section 274

income under section 2(24) of the Income tax Act,1961, also indicates likewise. MAT on the other hand is tax paid on book profits. MAT credit is income tax paid on book profits in earlier years which is allowed to be setoff against taxes paid on business income

Income Tax Officer, Corporate Ward 3(3), Chennai, Wanaparthy Block, Income Tax Office vs. Woosu Automotive India P Limited, Tiruvallur

The appeal stand allowed for statistical purposes

ITA 2117/CHNY/2024[2017-18]Status: DisposedITAT Chennai03 Feb 2025AY 2017-18

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2117/Chny/2024 (िनधा*रण वष* / Assessment Year: 2017-18) Income Tax Officer M/S. Woosu Automotive Pvt. Ltd. बनाम/ Corporate Ward-3(3), #130, Narasingapuram Village, Vs. Wanaparthy Block, Chennai. Perampakkam Post, Thiruvallur-631 402. "थायीलेखासं./जीआइआरसं./Pan/Tan No. Aaacw-7285-L (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Nilay Baran Som (Cit)-Ld. Dr ""थ"कीओरसे/Respondent By : Shri Shreyansh Kumar Kochar (Ca) - Ld. Ar सुनवाईकीतारीख/Date Of Hearing : 21-01-2025 घोषणाकीतारीख /Date Of Pronouncement : 03-02-2025 आदेश / O R D E R

For Appellant: Shri Nilay Baran Som (CIT)-Ld. DRFor Respondent: Shri Shreyansh Kumar Kochar (CA) - Ld. AR
Section 115JSection 143(3)Section 154Section 2

erred in deleting the adjustment made by the Assessing Officer on account of refund of Excise duty while computing book profits u/s.115JB of the Act of Rs.5,49,64,786. 3. The ld. CIT(A) erred in accepting the contention of the assessee that profit and loss account was prepared ... 115JB of the Act. 2. As is evident, the sole issue that arises for our consideration is adjustment of excise duty refund while computing book profits u/s 115JB. Having heard rival submissions, the appeal is disposed-off as under. 3. From the facts, it emerges that an assessment was framed

Nga Hr (India) Private Limited, Mumbai vs. Assessment Unit (Jao - DCIT, Circle 7(1)(1), Mumbai)

In the result the appeal filed by the assessee stands partly allowed and the stay petition filed by the assessee stands dismissed infructuous

ITA 5777/MUM/2024[2021-22]Status: DisposedITAT Mumbai31 Jan 2025AY 2021-22

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

Section 143(3)Section 144C(13)Section 153(1)Section 153(4)Section 253(1)(d)Section 92(3)Section 92C

assessee is a company and file its return of income on 05/03/2022 declaring total income of Rs.13,03,30,000/-. The assessee also declared book profits under 115JB of the Act at Rs.22,20,93,482/-. The return was processed u/s. 143(1) of the Act and subsequently the case

Tijaria Polypipes Limited, Jaipur vs. DCIT Cirlce 4, Jaipur

ITA 616/JPR/2024[2013-14]Status: DisposedITAT Jaipur30 Jan 2025AY 2013-14
For Appellant: Shri Tarun Mittal, CAFor Respondent: Shri Anoop Singh, Addl.CIT-DR
Section 143(3)Section 147Section 148Section 68

Income for the year under appeal was originally filed on 29.09.2013 declaring total income of Rs. NIL and MAT was paid on the book profits. The case was selected for complete scrutiny and after verification of the information as sought by AO from time to time which were furnished ... Return of income for the year under appeal was filed on 29.09.2013 declaring total income at NIL and MAT was paid on book profits. The case was selected for scrutiny and assessment was completed u/s 143(3) vide order dated 12.03.2016 whereby disallowance of Rs.5,12,198/- was made

DCIT-3(2)(1), Aaykar Bhawan vs. Marshall Produce Brokers Company Pvt Ltd, Nariman Point

The appeal of the Revenue is dismissed

ITA 5092/MUM/2024[2017-18]Status: DisposedITAT Mumbai30 Jan 2025AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Harsh Kothari

under section 115JB without appreciating the fact the appellant has under section 115JB without appreciating the fact the appellant has already determined its book profits based on mercantile system of already determined its book profits based on mercantile system of already determined its book profits based on mercantile system ... short ‘the Act’) and Rs.25,28,55,778/ t, 1961 (in short ‘the Act’) and Rs.25,28,55,778/- - as book profit u/s 115JB of the Income u/s 115JB of the Income-tax Act, 1961 (in short ‘the Act’) on tax Act, 1961 (in short

Marshall Produce Brokers Company Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 3(2)(1), Mumbai

The appeal of the Revenue is dismissed

ITA 4918/MUM/2024[2017-18]Status: DisposedITAT Mumbai30 Jan 2025AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Harsh Kothari

under section 115JB without appreciating the fact the appellant has under section 115JB without appreciating the fact the appellant has already determined its book profits based on mercantile system of already determined its book profits based on mercantile system of already determined its book profits based on mercantile system ... short ‘the Act’) and Rs.25,28,55,778/ t, 1961 (in short ‘the Act’) and Rs.25,28,55,778/- - as book profit u/s 115JB of the Income u/s 115JB of the Income-tax Act, 1961 (in short ‘the Act’) on tax Act, 1961 (in short

Marshall Produce Brokers Company Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 3(2)(1), Mumbai

The appeal of the Revenue is dismissed

ITA 4917/MUM/2024[2016-17]Status: DisposedITAT Mumbai30 Jan 2025AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Harsh Kothari

under section 115JB without appreciating the fact the appellant has under section 115JB without appreciating the fact the appellant has already determined its book profits based on mercantile system of already determined its book profits based on mercantile system of already determined its book profits based on mercantile system ... short ‘the Act’) and Rs.25,28,55,778/ t, 1961 (in short ‘the Act’) and Rs.25,28,55,778/- - as book profit u/s 115JB of the Income u/s 115JB of the Income-tax Act, 1961 (in short ‘the Act’) on tax Act, 1961 (in short