“book profits”

DCIT (Ltu)-1, Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am Ι.Τ.Α. No. 5848/Mum/2017 (Assessment Year: 2012-13) Aditya Birla Nuvo Limited (Since Amalgamated With Grasim Industries Ltd.), Corporate Finance Division, A2, Aditya Birla Centre, A Wing, 2Nd Floor, S.K. Ahire Marg, Worli, Mumbai-400030. Pan: Aaaci1747H Vs. The Acit- Ltu-1, World Trade Centre, 29Th Floor, Centre-1, Cuffe Parade, Mumbai-400005. Appellant) : Respondent) Ι.Τ.Α. No. 5935/Mum/2017 (Assessment Year: 2012-13) The Dcit- Ltu-1, World Trade Centre, 29Th Floor, Centre-1, Cuffe Parade, Mumbai-400005. Aditya Birla Nuvo Limited (Since Amalgamated With Grasim Industries Ltd.), Corporate Finance Division, A2, Aditya Birla Centre, A Wing, 2Nd Floor, S.K. Ahire Marg, Vs. Worli, Mumbai-400030. Pan : Aaaci1747H Respondent) Appellant) Appellant/Assessee By : Shri Ronak Doshi / Riken Shah, Ar Revenue/Respondent By : Shri Ashish Kumar Agrawal, Sr. Dr. Date Of Hearing : 25.06.2024 Date Of Pronouncement : 01.07.2024 Order Per Padmavathy S, Am: These Cross Appeals By The Assessee & The Revenue Are Against The Order Of The Commissioner Of Income Tax (Appeals)-55, Mumbai Dated 27.06.2017 For

Ground No.3 Issues Disallowance u/s 14A of the Act Upholding the action of AO in adding the disallowance u/s 14A of the Act to book profits u/s 115JB of the Act. Reduction in deduction u/s 80IA of the Act by increasing the input cost by including the component of excise ... therefore not charging it to tax under the normal provisions of the Income-tax Act, 1961 ("the Act") and excluding it while computing book profits u/s 115JB of the Act 3 ITA No. 5848 & 5935/Mum/2017 Aditya Birla Nuvo Limited Additional Ground No.4 Additional Ground No.5 Additional Ground No.6 Revenue Ground

Aditya Birla Nuvo Ltd (Since Amalgamated With Grasim Industries Limited), Mumbai vs. Asst CIT (Ltu) 1, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

Issues 1 Disallowance u/s 14A of the Act 2 Upholding the action of AO in adding the disallowance u/s 14A of the Act to book profits u/s 115JB of the Act. 3 Reduction in deduction u/s 801A of the Act by increasing the input cost by including the component ... therefore not charging it to tax under the normal provisions of the Income-tax Act, 1961 ("the Act") and excluding it while computing book profits u/s 115JB of the Act ITA No. 5848 & 5935/Mum/2017 Aditya Birla Nuvo Limited Additional Treating fertilizer subsidy as a capital receipt and therefore not Ground

Assistant Commissioner of Income Tax, Mumbai vs. Sonata Information Technology Limited, Mumbai

Appeal are dismissed

income for the Assessment Year 2015-16 on 30/11/2015 declaring total income of INR.36,74,21,410/- under normal provisions of the Act and book profits of INR 25,30,49,904/- under Section 115JB of the Act. Subsequently, the Assessee filed revised return declaring total income of INR.35 ... under normal provisions of the Act, and INR 36,22,66,685/- as Book Profits under Section 115JB of the Act. The case of the Assessee was selected for scrutiny. 5. The Assessing Officer noted that the Assessee had claimed expenditure of INR 3,54,69,425/- on account

Assistant Commissioner of Income Tax Circle 3 4 Mumbai, Mumbai vs. Sonata Information Technology Limited, Mumbai

Appeal are dismissed

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

income for the Assessment Year 2015-16 on 30/11/2015 declaring total income of INR.36,74,21,410/- under normal provisions of the Act and book profits of INR 25,30,49,904/- under Section 115JB of the Act. Subsequently, the Assessee filed revised return declaring total income of INR.35 ... under normal provisions of the Act, and INR 36,22,66,685/- as Book Profits under Section 115JB of the Act. The case of the Assessee was selected for scrutiny. 5. The Assessing Officer noted that the Assessee had claimed expenditure of INR 3,54,69,425/- on account

Deputy Commissioner of Income Tax (Central Circle)-8(3), Mumbai vs. Afcons Infrastructure Limited, Andheri West

The appeal are dismissed

Bench: us. The Learned Departmental Representative submitted that the Revenue had filed the appeal electronically and thereafter, furnished appeals in physical form. Two separate appeal numbers, being ITA No. 1152/Mum/2024 and ITA No. 1153/Mum/2024, were inadvertently allotted by the Registry for the same appeal. It was submitted that ITA No. 1152/Mum/2024 listed before us be treated as a duplicate appeal and be dismissed as withdrawn. The Learned Authorized Representative did not have any objecti

return of income on 29/11/2011 declaring total taxable income of INR.49,36,05,479/- under the normal provisions of the Act. The Appellant declared Book Profit of INR.72,96,88,814/- under Section 115JB of the Act. Subsequently, the Appellant filed revised return of income on 12/04/2012 and thereafter ... income filed on 07/08/2012, the Appellant declared total taxable income of INR.22,06,52,480/- under the normal provisions of the Act, while the Book Profit computed under Section 115JB of the Act did not undergo any revision. Since the tax payable under Section 115JB of the Act was higher

DCIT-3(4), Mumbai vs. M/S. Tata Motors Limited, Mumbai

In the result, the appeal filed by the Revenue is dismissed and the Cross Objection filed by the assessee is allowed except the issue relating to reopening, which is treated as academic

Bench: Shri Amit Shukla, Jm & Shri Ratnesh Nandan Sahay, Am

CITA) was night in deleting the adjustment by way of addition of provision for Deferred tax of Rs 190,55,00,000/- to Book profit u/s 115JB, the addition of which was made in accordance with clause (h) provided in Explanation (1] under section 115JB(2) as inserted by Finance ... right in deleting the adjustment by way of addition of provision for Diminution in value of investments of Rs 26,00,00,000/-to Book profit u/s 115JB, the addition of which was made in accordance with clause (1) provided in Explanation 1] under section 115JB(2) as inserted

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

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

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

assessee has challenged the ld. CIT(A)’s order in upholding the order of the ld. Assessing Officer ('A.O.' for short) in computing the book profit at Rs.71,10,711/- u/s. 115JB of the Act as against the computation of the assessee at Rs.21,10,711/- and also challenging ... denial of benefit of reinvestment u/s. 54EC as not being applicable for computing the book profit. 2 Guruvastu Properties P. Ltd. vs. DCIT 3. The brief facts are that the assessee is a private limited company which had filed its return of income for the year under consideration dated