← All Phrases

“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

Komos Automotive India Pvt Ltd, Kanchipuram vs. DCIT, Corporate Circle4(2), Chennai

In the result, appeals filed by the assessee’s in ITA No

ITA 2159/CHNY/2017[2013-14]Status: DisposedITAT Chennai19 Jan 2024AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita No.: 585/Chny/2017 िनधा"रणवष" / Assessment Year: 2012-13 Ls Automotive India Private Limited Assistant Commissioner Of (Formerly Known As Daesung V. Income Tax (Osd), Electric India Pvt Ltd) Corporate Range 1, Room No. 603, 6Th Floor, No. 118, Padur Village, Thiruvelangadu Post, Wanaparthy Block, Kunnavalam V.O. No. 121, Aayakarbhavan, Thiruvallur – 631 210. Mahatma Gandhi Road, [Pan: Aakcs-1901-R] Nungamabakkam, Chennai – 600 034. (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita No.: 2159/Chny/2017 िनधा"रणवष" / Assessment Year: 2013-14 Komos Automotive India Pvt Deputy Commissioner Of Limited, V. Income Tax, B-10/1, Sipcot Industrial Corporate Circle 4(2), 4Th Floor, Main Building, Development Centre, Oragadam, Vaippur-A Vilalge, No. 121, Mahatma Gandhi Sriperumbudurtaluk, Road, Nungamabakkam, Kanchipuramdist – 602 105. Chennai – 600 034. [Pan: Aacck-8859-N] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./It(Tp)A No.: 40/Chny/2019 &

Section 115JSection 40

challenging additions made by the AO towards interest payment u/s. 40(a)(i) of the Act for non-deduction of TDS, re-computation of book profit u/s. 115JB of the Act by making addition towards TP Adjustment as suggested by the TPO and ground relating to set off of brought ... that came up for our consideration from ITA No. 360/Chny/2018 in the case of Dong A India Automotive Pvt Ltd., is re-computation of book profit with reference to downward TP adjustment. The ld. Counsel for the assessee submitted that, this issue is covered in favour of the assessee

DCIT-1(1)(2), Mumbai vs. M/S Hindustan Petroleum Corporation Ltd., Mumbai

ITA 3913/MUM/2019[2014-15]Status: DisposedITAT Mumbai16 Jan 2024AY 2014-15
For Respondent: Date
Section 143(3)Section 14ASection 14A(2)Section 154Section 250

provisions of the 5 ITA Nos. 3195-3196, 3911-3913 & 4579/Mum/2019 & ITA Nos. 266 & 806/Mum/2020 AYs 2014-15, 2015-16 & 2016-17 Act and book profit of INR 3319,67,89,179/- under Section 115JB of the Act. The Assessee-Company revised return of income on 30/03/2016 declaring a taxable ... profit of INR 1890,84,39,361/- under normal provisions of the Act and book profit of INR 3319,67,89,179/- under Section 115JB of the Act. 3.1. The case of the Assessee was selected for scrutiny and the Assessing Officer passed the Assessment Order under Section

Hindustan Petroleum Corp Ltd, Mumbai vs. DCIT 1(1)(2), Mumbai

ITA 3195/MUM/2019[2014-15]Status: DisposedITAT Mumbai16 Jan 2024AY 2014-15

Bench: us. 2.

For Appellant: Shri P.J. PardiwalaFor Respondent: Shri Biswanath Das
Section 143(3)Section 14ASection 14A(2)Section 154Section 250

provisions of the 5 ITA Nos. 3195-3196, 3911-3913 & 4579/Mum/2019 & ITA Nos. 266 & 806/Mum/2020 AYs 2014-15, 2015-16 & 2016-17 Act and book profit of INR 3319,67,89,179/- under Section 115JB of the Act. The Assessee-Company revised return of income on 30/03/2016 declaring a taxable ... profit of INR 1890,84,39,361/- under normal provisions of the Act and book profit of INR 3319,67,89,179/- under Section 115JB of the Act. 3.1. The case of the Assessee was selected for scrutiny and the Assessing Officer passed the Assessment Order under Section

ACIT - 14(1)(2), Mumbai vs. Godrej Properties Limited, Mumbai

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

ITA 3002/MUM/2023[2015-16]Status: DisposedITAT Mumbai15 Jan 2024AY 2015-16

Bench: Shri Amarjit Singh & Shri Rahul Chaudharygodrej Properties Ltd. Vs. The Dcit, Circle 14(1)(2) M/S Kalyaniwalla & Room No. 455, 4 Th Floor, Mistry Llp, Esplanade Aayakar Bhavan, House, 2Nd Floor, 29, M.K. Road, Hazarimal Somani Marg, Mumbai – 400 020 For, Mumbai – 400001 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacg3995M Appellant .. Respondent Acit-14(1)(2) Vs. Godrej Properties Ltd, Room No. 455, 4 Th Floor, 5Th Floor, Godrej One, Aayakar Bhavan, M.K. Pirojshanagar, Estern Road, Mumbai – 400020 Express Highway, Vikroli (E) Mumbai – 400079 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacg3995M Appellant .. Respondent Appellant By : Yasmin Dastur Respondent By : Kishore Dhule Date Of Hearing 28.12.2023 Date Of Pronouncement 15.01.2024

For Appellant: Yasmin DasturFor Respondent: Kishore Dhule
Section 115JSection 143(2)Section 143(3)Section 14A

adjudicating the contention raised by the Appellant that the provisions of Section 14A and Rule 8D cannot be applied for computing the book profits under section 115JB of the Act.” 2. Fact in brief is that return of income declaring total income at Rs.41,17,60,850/- was filed ... that ld. CIT(A) has not adjudicated the contention of the assessee that provision of Sec.14A and Rule 8D cannot be applied for computing book profit u/s 115JB of the Act. We consider that disallowance made u/s 14A is not to be added for computing book profit u/s 115JB

Godrej Properties Ltd, Mumbai vs. DCIT 14 (1) (2), Mumbai

ITA 2994/MUM/2023[2015-16]Status: DisposedITAT Mumbai15 Jan 2024AY 2015-16

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

For Appellant: Yasmin DasturFor Respondent: Kishore Dhule
Section 115JSection 143(2)Section 143(3)Section 14A

adjudicating the contention raised by the Appellant that the provisions of Section 14A and Rule 8D cannot be applied for computing the book profits under section 115JB of the Act.” Fact in brief is that return of income declaring total income at Rs.41,17,60,850/- was filed

Strides Shasun Ltd, Navi Mumbai vs. DCIT Cir 15(3)(2), Mumbai

In the result, appeal of assessee is partly allowed

ITA 932/MUM/2017[2012-13]Status: DisposedITAT Mumbai15 Jan 2024AY 2012-13

Bench: Shri Vikas Awasthy& Shri Amarjit Singhआअसं.932 /मुं/2017 (िन.व. 2012-13) Strides Pharma Science Limited [Formerly Known As Strides Arcolab Limited/ Strides Shasun Limited] 201, Devavrata, Sector -17, Vashi, Navi Mumbai – 400 703 Pan: Aadcs-8104-P ...... अपीलाथ"/Appellant बनाम Vs. The Deputy Commissioner Of Income Tax Circle – 15(3)(2), Mumbai Room No.451, 4Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Nitesh Joshi, Advocate With Shri Ninand Patade "ितवादी "ारा/Respondent By : Shri Anoop Hiwase सुनवाई क" ितिथ/ Date Of Hearing : 26/10/2023 घोषणा क" ितिथ/ Date Of Pronouncement : 15 /01/2024 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Final Assessment Order Dated 23/01/2017 Passed U/S. 143(3) R.W.S. 144C(13) Of The Income Tax Act, 1961 [In Short ‘The Act’], For The Assessment Year 2012-13. 2. The Assessee In Appeal Has Raised As Many As 12 Grounds. Shri Nitesh Joshi, Advocate Appearing On Behalf Of The Assessee Submitted At The Outset

For Appellant: Shri Nitesh Joshi, Advocate with Shri Ninand PatadeFor Respondent: Shri Anoop Hiwase
Section 143(3)

Court on 13/10/2016]. In light of undisputed facts and the settled legal position, ground No.7 of appeal is allowed. Ground No.8 : Adjustment made to book profits u/s. 115JB of the Act with respect to disallowance u/s.14A of the Act: 17. The ld.Counsel for the assessee submitted that the Assessing Officer ... while computing Book Profits u/s. 115JB of the Act has made adjustment with regard to disallowance made u/s. 14A of the Act. He submitted that in Assessment Year 2008-09, 2010-11 and 2011-12, similar adjustment was made by the Assessing Officer. The Tribunal deleted the same

Strides Shasun Ltd, Navi Mumbai vs. DCIT Cir 15(3)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 7400/MUM/2017[2013-14]Status: DisposedITAT Mumbai15 Jan 2024AY 2013-14

Bench: Shri Vikas Awasthy& Shri Amarjit Singhआअसं.7400 /मुं/2017 (िन.व. 2013-14) Strides Pharma Science Limited [Formerly Known As Strides Arcolab Limited/ Strides Shasun Limited] 201, Devavrata, Sector -17, Vashi, Navi Mumbai – 400 703 Pan: Aadcs-8104-P ...... अपीलाथ"/Appellant बनाम Vs. The Deputy Commissioner Of Income Tax Circle – 15(3)(2), Mumbai Room No.451, 4Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Nitesh Joshi, Advocate With Shri Ninand Patade "ितवादी "ारा/Respondent By : Shri Anoop Hiwase & Dr. Samuel Pitta सुनवाई क" ितिथ/ Date Of Hearing : 30/10/2023 घोषणा क" ितिथ/ Date Of Pronouncement : 15/01/2024 /01/2024 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Final Assessment Order Dated 30/10/2017 Passed U/S. 143(3) R.W.S. 144C(13) Of The Income Tax Act, 1961 [In Short ‘The Act’], For The Assessment Year 2013-14. 2 2. The Assessee In Appeal Has Raised Ten Grounds Of Appeal. The Assessee Has Also Raised Additional Grounds Of Appeal Vide Application Dated 26/10/2023. 3. The Ground No.1 Of Appeal Is General In Nature, Hence, Require No Separate Adjudication.

For Appellant: Shri Nitesh Joshi, Advocate with Shri Ninand PatadeFor Respondent: Shri Anoop Hiwase &
Section 143(3)Section 36(1)(va)

assessee has assailed additional disallowance made u/s. 14A of the Act r.w. Rule 8D. In ground No.5 the assessee has assailed recomputation of Book Profits u/s. 115JB of the Act after considering disallowance u/s. 14A r.w.r. 8D of the Act. The assessee has also raised additional grounds of appeal with ... made. Once no disallowance u/s. 14A of the Act is made there is no question of considering it for the purpose of computing Book Profits u/s. 115JB of the Act. 11.1 The ld. Counsel for the assessee submitted that for deciding additional ground of appeal no fresh documents

The Tata Power Co. Ltd, Mumbai vs. Addl CIT RG 2(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 753/MUM/2013[2008-09]Status: DisposedITAT Mumbai12 Jan 2024AY 2008-09

Bench: Shri Vikas Awasthy& Ms. Padmavathy.Sआअसं.753/मुं/2013 (िन.व. 2008-09) The Tata Power Co. Ltd. Corporate Center, Block ‘B’, 5Th Floor, 34, Sant Thukaram Road, Carnak Bunder, Mumbai 400 009. Pan: Aaact-0054-A ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Tax, Range 2(3), Mumbai. Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ....."ितवादी/Respondent

For Appellant: Shri Nitesh Joshi with Shri Ninad PatadeFor Respondent: Shri Manoj Kumar&
Section 143(3)Section 14ASection 14A(2)

assessee, in accordance with law. The ground No.7 of appeal is thus, allowed for statistical purpose. Ground No.8: Adjustment made to the book profits computed u/s. 115JB of the Act with respect to disallowance of deduction claimed u/s. 80IA of the Act : 25. The ld. Counsel for the assessee submits

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 84/CHNY/2023[2008-09]Status: DisposedITAT Chennai10 Jan 2024AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.84/Chny/2023 (िनधा)रण वष) / Assessment Year: 2008-09) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 14ASection 35Section 35(3)Section 43B

reference to the Appropriate Authority u/s 35(3). 6.1 The CIT(A) /NFAC erred in confirming the disallowance of Rs.9,97,679/- in computing book profit u/s 115JB, being the electricity tax payable by the appellant to TNEB. 6.2 The CIT(A) /NFAC ought to have appreciated that liability ... electricity tax has arisen during the year and merely because it was not paid the same cannot be disallowed under book profits. 6.3 The CIT(A) /NFAC ought to have appreciated that the liability to pay electricity tax has arisen and a demand has been made by TNEB

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

The appeal stands partly allowed in terms of our above order

ITA 210/CHNY/2023[2007-08]Status: DisposedITAT Chennai10 Jan 2024AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.210/Chny/2023 (िनधा)रण वष) / Assessment Year: 2007-08) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 28Section 36(1)(vii)

assessee, paid as per the direction of Hon'ble Madras High Court in computing income under normal provisions as well while computing book profits u/s 115JB and treating the same as capital in nature. 8. The CIT(A) / NFAC erred in confirming the disallowance of overdue interest payable ... same is covered under the provisions of Sec.43B. Therefore, the same has to be disallowed in normal computations as well as while computing Book Profits u/s 115JB also. Therefore, we confirm the stand of lower authorities and dismiss the grounds raised by the assessee in both the appeals. Facts being

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 205/CHNY/2023[2004-05]Status: DisposedITAT Chennai10 Jan 2024AY 2004-05

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.204/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) & 2.आयकरअपील सं./ Ita No.205/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) M/S. Southern Petrochemical Acit / Ito बनाम Industries Corporation Limited Corporate Circle-6(2) / 88, Spic House, Mount Road, Guindy, Corporate Ward-3(1) / Vs. Chennai-600 032. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 194CSection 41(1)Section 43B

NFAC erred in confirming sum of Rs.2,98,67,181/- representing electricity tax is only a contingent liability and disallowed while computing book profit u/s 115JB. 4.1 The CIT(A) / NFAC ought to have appreciated that TNEB has raised electricity tax demand of Rs.10.51 crores relating to consumption of captive ... regular computation u/s 43B. Sec 43B applies only to liability which is otherwise allowable and hence the entire amount should be allowed in computing Book Profits. 5. The CIT(A) / NFAC erred in confirming the disallowance of Rs.5519.30 lakhs out of interest paid on borrowings used for the purpose

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 204/CHNY/2023[2004-05]Status: DisposedITAT Chennai10 Jan 2024AY 2004-05

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.204/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) & 2.आयकरअपील सं./ Ita No.205/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) M/S. Southern Petrochemical Acit / Ito बनाम Industries Corporation Limited Corporate Circle-6(2) / 88, Spic House, Mount Road, Guindy, Corporate Ward-3(1) / Vs. Chennai-600 032. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 194CSection 41(1)Section 43B

NFAC erred in confirming sum of Rs.2,98,67,181/- representing electricity tax is only a contingent liability and disallowed while computing book profit u/s 115JB. 4.1 The CIT(A) / NFAC ought to have appreciated that TNEB has raised electricity tax demand of Rs.10.51 crores relating to consumption of captive ... regular computation u/s 43B. Sec 43B applies only to liability which is otherwise allowable and hence the entire amount should be allowed in computing Book Profits. 5. The CIT(A) / NFAC erred in confirming the disallowance of Rs.5519.30 lakhs out of interest paid on borrowings used for the purpose

Suksham Finlease & Investment P.Ltd, New Delhi vs. ITO, Ward-24(3), New Delhi

In the result, appeal of the assessee is allowed

ITA 8321/DEL/2018[2009-10]Status: DisposedITAT Delhi08 Jan 2024AY 2009-10
Section 147Section 151Section 234BSection 69C

ITA No.8321/Del/2018 M/s Suksham Finlease & Investment (P) Ltd. vs. ITO 143(3) r.w.s 147 of the Income Tax Act, 1961

The Oriental Insurance Co. Ltd., New Delhi vs. DCIT, Ltu, New Delhi

In the result, the both appeals of the Assessee in ITA

ITA 5612/DEL/2018[2015-16]Status: HeardITAT Delhi08 Jan 2024AY 2015-16
Section 10(38)Section 111ASection 112Section 115JSection 143(3)Section 32

erred in upholding an addition of Rs. 1,87,82,355/ on account of Provisions for Standard Assets to the taxable Book Profits computed as per provisions of section 115JB of the Act. 7. That on facts and in law the order of assessment u/s 143(3) passed ... Nos.5611 &5612/Del/2018 M/s The Oriental Insurance Co. Ltd. vs. DCIT 11. Ground No.5 is regarding adjustment made by the AO while computing the taxable book profits. We direct the AO to re-compute the book profit u/s 115JB of the Act by giving reasons for making adjustment and giving

The Oriental Insurance Co. Ltd., New Delhi vs. DCIT, Ltu, New Delhi

In the result, the both appeals of the Assessee in ITA

ITA 5611/DEL/2018[2014-15]Status: HeardITAT Delhi08 Jan 2024AY 2014-15
Section 10(38)Section 111ASection 112Section 115JSection 143(3)Section 32

erred in upholding an addition of Rs. 1,87,82,355/ on account of Provisions for Standard Assets to the taxable Book Profits computed as per provisions of section 115JB of the Act. 7. That on facts and in law the order of assessment u/s 143(3) passed ... Nos.5611 &5612/Del/2018 M/s The Oriental Insurance Co. Ltd. vs. DCIT 11. Ground No.5 is regarding adjustment made by the AO while computing the taxable book profits. We direct the AO to re-compute the book profit u/s 115JB of the Act by giving reasons for making adjustment and giving

Asst CIT (Ltu) 1, Mumbai vs. Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1248/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

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 80IA of the Act by increasing the input cost by including the component ... return of income for AY 2011-12 declaring income of Rs. 329,45,20,565/- as per normal provisions of the Act and book profit of Rs. 477,96,71,573/- as per provisions of section 115JB of the Income Tax Act, 1961, (the Act) on 28.09.2011. The assessee subsequently

Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1065/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

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 80IA of the Act by increasing the input cost by including the component ... return of income for AY 2011-12 declaring income of Rs. 329,45,20,565/- as per normal provisions of the Act and book profit of Rs. 477,96,71,573/- as per provisions of section 115JB of the Income Tax Act, 1961, (the Act) on 28.09.2011. The assessee subsequently

Atc Global Logistics Private Limited, Mumbai vs. Assistant Commissioner of Income Tax, Circle2(1)(1), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 2595/MUM/2023[2016-17]Status: DisposedITAT Mumbai19 Dec 2023AY 2016-17

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Respondent: Shri Manoj Kumar Sinha, Sr. DR
Section 115JSection 14A

made under section 14A of the Income Tax Act (the Act) r.w.r. 8D and disallowance of depreciation as per the Act being added to book profit under section 115JB of the Act. 3. The assessee is a company engaged as an International Freight Forwarder, IATA Air Cargo Agent dealing with ... towards depreciation on assets sold claimed by the assessee as a deduction. The AO also made the above two additions to the book profit computed under section 115JB of the Act. Aggrieved the assessee filed the appeal before the Ld. CIT(A) who confirmed the order of the AO. Aggrieved

Indiabullas Housing Finance Limited, Mumbai vs. DCIT, Central Circle-6(4), Mumbai

ITA 821/MUM/2023[2018-2019]Status: DisposedITAT Mumbai18 Dec 2023AY 2018-2019
For Appellant: Shri K. Gopal &For Respondent: Shri Rakesh Garg
Section 143(1)Section 143(3)Section 14ASection 37(1)

case and in law, the Ld.CIT(A) has erred in deleting the disallowance u/s.14A of the Income tax Act, 1961, from the Book Profit u/s.115JB of the Income tax Act, 1961, without considering that clause (f) of Explanation-1 to sub-Section 2 of Section 11538 of the Income ... account of Educations Cess and (d) addition of INR 1,47,46,791/- on account of Corporate Guarantee Fee. Further, while computing Book Profits for the purpose of Section 115JB of the AYs 2018-19 & 2019-2020 Act, in the computation of income the Assessing Officer computed book profit

Dlf Home Developers Limited, New Delhi vs. ACIT Circle - 7(2), New Delhi

In the result the appeal of the assessee in ITA No

ITA 1495/DEL/2020[2011-12]Status: DisposedITAT Delhi14 Dec 2023AY 2011-12

Bench: Shri N.K. Billaiya & Ms Astha Chandra

For Appellant: Shri Satyajeet Goel, CAFor Respondent: Shri T. James Singson, CIT- DR
Section 143(2)Section 143(3)Section 145(2)Section 147Section 148

year alongwith sources of investment thereof. 34. Details of other income credited to profit and loss account. 35. Please furnish the computation of the Book Profits. Please furnish Calculation/Report u/s. 115JB of the Income Tax Act in Form 298 as per Rule 408 of the IT Rules. 36. Please furnish