“book profits”

M/S. Bajaj Auto Ltd., Mumbai vs. Addl. CIT. RG. - 3(1), Mumbai

Ld.CIT(A) erred in directing the AO to delete the disallowance of Rs. 5,51,121/- made u/s. 14A of the Act while computing book profit u/s. 115JB of the Act." 11. “On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred ... revenue is dismissed. 98. Ground No. 10 - Deleting the disallowance of Rs. 5, 51,121/- made under section 14A of the Act while computing book profit u/s. 115JB of the Act. 99. Ground no. 10 raised by the revenue pertains to Ld. CIT (A) deleting the disallowance made

Union Bank of India, Mumbai vs. DCIT Ltu (2), Mumbai

taking up the appeal of Union Bank of India in ITA No.424/Mum/2020. For the A.Y.2015-16, Union Bank of India has computed tax payable on book profit u/s.115JB at Rs.604,86,39,540/- and tax payable under the normal provisions at Rs.1153,29,54,493/-. The ld. AO asked the assessee ... furnish the computation of book profit and also required the assessee as to why ‘provisions and contingency', debited to the profit and loss account, should not be added back for the computation of book profit u/s.115JB. 3. In response assessee submitted that even though in computation assessee has worked

Central Bank of India, Mumbai vs. ACIT - 2(1)(2), Mumbai

taking up the appeal of Union Bank of India in ITA No.424/Mum/2020. For the A.Y.2015-16, Union Bank of India has computed tax payable on book profit u/s.115JB at Rs.604,86,39,540/- and tax payable under the normal provisions at Rs.1153,29,54,493/-. The ld. AO asked the assessee ... furnish the computation of book profit and also required the assessee as to why ‘provisions and contingency', debited to the profit and loss account, should not be added back for the computation of book profit u/s.115JB. 3. In response assessee submitted that even though in computation assessee has worked

Bank of Bahrain and Kuwait Bsc, Mumbai vs. The Deputy Commissioner of Income-Tax (It) Circle 1(2)(1), Mumbai

In the result, all the appeals filed by the assessee are allowed for statistical

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

involved in this appeal is on the issue of addition of provision for non performing assets written off by the assessee while computing the book profits as per section 115JB of the Act. 4. Briefly stated the assessee is a commercial bank headquartered at Bahrain and has two branches ... exchange transaction. The assessee for the year under consideration had filed its return of income on 26.09.2009, declaring total income at Rs. Nil and booking profits u/s. 115JB at Rs.1,85,63,851/-. The assessee’s case was selected for scrutiny under CASS and notice

Bank of Bahrain and Kuwait Bsc, Mumbai vs. The Deputy Commssioner of Income-Tax(It), Circle 1(2)(1), Mumbai

In the result, all the appeals filed by the assessee are allowed for statistical

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

involved in this appeal is on the issue of addition of provision for non performing assets written off by the assessee while computing the book profits as per section 115JB of the Act. 4. Briefly stated the assessee is a commercial bank headquartered at Bahrain and has two branches ... exchange transaction. The assessee for the year under consideration had filed its return of income on 26.09.2009, declaring total income at Rs. Nil and booking profits u/s. 115JB at Rs.1,85,63,851/-. The assessee’s case was selected for scrutiny under CASS and notice

Ecgc Limited, Mumbai vs. ACIT 3(1)(2), Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

under- 1. The assessee company filed its return of income on 26-09-2012 declaring total income at Rs. 361,04,10,630/- and book profits u/s 115JB of Rs. 356,44,71,330/-. The scrutiny assessment proceedings were completed on 16-02-2015 revising the total income

Deputy Commissioner of Income Tax-9(1)(1), Mumbai vs. M/S. Afcons Infrastructure Ltd, Mumbai

In the result, appeals of the revenue are dismissed and cross- objections raised by the assessee are allowed

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Rahul Chaudhary, Hon’Ble

5296/Mum/2019 for AY 2012-13, the solitary grievance left for our adjudication relates to the exclusion of tax on ESOP in computing the book profit u/s 115JB of the Act. 15. Briefly stated the facts of the case are that, during the course of scrutiny assessment proceedings, the AO noticed ... 2390/Mum/2017 I.T.A. No. 5296/Mum/2019 C.O. No. 02/Mum/2024 C.O. No. 03/Mum/2024 8 and offered it to tax. However, the same was not added to the book profits computed u/s 115JB of the Act. Accordingly, assessee was asked to explain as to why the tax payment on ESOP should not be added

DCIT 9(1)(1), Mumbai vs. Afcon Infrastructure Ltd, Mumbai

In the result, appeals of the revenue are dismissed and cross- objections raised by the assessee are allowed

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Rahul Chaudhary, Hon’Ble

5296/Mum/2019 for AY 2012-13, the solitary grievance left for our adjudication relates to the exclusion of tax on ESOP in computing the book profit u/s 115JB of the Act. 15. Briefly stated the facts of the case are that, during the course of scrutiny assessment proceedings, the AO noticed ... 2390/Mum/2017 I.T.A. No. 5296/Mum/2019 C.O. No. 02/Mum/2024 C.O. No. 03/Mum/2024 8 and offered it to tax. However, the same was not added to the book profits computed u/s 115JB of the Act. Accordingly, assessee was asked to explain as to why the tax payment on ESOP should not be added