“book profits”

Sicom Ltd, Mumbai vs. Dy Commissioner of Income Tax Circle 3(3)(1), Mumbai

In the result, the appeal filed by the assesee is partly allow for statistical purpose and the appeal filed by the revenue is allowed for statistical purposes

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale, Judicialmember Sicom Ltd, Vs. Dy Commissioner Of Solitaire Corporate Income Tax Circle Park, Bldg No.04, 3(3)(1), Chakala, Andheri(E), 6Th Floor, Room No. Mumbai-400093. 609,Aayakar Bhavan, Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent) Dy Commissioner Of Vs. Sicom Ltd, Income Tax Circle Solitaire Corporate Park, 3(3)(1), Bldg No.04, Chakala, 6Th Floor, Room No. Andheri(E), 609,Aayakar Bhavan, Mumbai-400093. Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent)

added to the income. Similarly, AO has made addition of disallowance U/sec14A r.w.r 8D(2)(ii)&(iii) of the IT Rules in computing book profits u/sec115 JB of the Act. (iii) the A.O found that the assessee has obtained interest bearing loans and interest expenditure was claimed in the profit ... addition of provision for diminution in the value of stock in trade of Rs. 200.33 lacs in computing book profits under section 115JB of the Act. The CIT(A) considered the assessee submissions and granted relief dealt at Page 36 Para19 of the order as under: “19. This ground

ACIT 16(1), Mumbai vs. 9X Media P.Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

confirming the addition of the amount of Rs. 13,30,79,646/-, being the surplus on demerger of entertainment channel undertaking, to the book profits of the Appellant as computed under section 115 JB of the Income tax Act, 1961 ("the Act"). 2 On the facts and circumstances ... Assessing Officer by confirming the addition of an amount of Rs 1,42,63,197/-.. representing provision for doubtful advances, to the book profits as computed under section 115 JB of the Act. 3. On the facts and circumstances of the case, the Ld. CIT (Appeals) ought to have deleted

9X Media P.Ltd, Mumbai vs. Asst CIT 16(1), Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

confirming the addition of the amount of Rs. 13,30,79,646/-, being the surplus on demerger of entertainment channel undertaking, to the book profits of the Appellant as computed under section 115 JB of the Income tax Act, 1961 ("the Act"). 2 On the facts and circumstances ... Assessing Officer by confirming the addition of an amount of Rs 1,42,63,197/-.. representing provision for doubtful advances, to the book profits as computed under section 115 JB of the Act. 3. On the facts and circumstances of the case, the Ld. CIT (Appeals) ought to have deleted

ACIT 16(1), Mumbai vs. 9X Media P.Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

confirming the addition of the amount of Rs. 13,30,79,646/-, being the surplus on demerger of entertainment channel undertaking, to the book profits of the Appellant as computed under section 115 JB of the Income tax Act, 1961 ("the Act"). 2 On the facts and circumstances ... Assessing Officer by confirming the addition of an amount of Rs 1,42,63,197/-.. representing provision for doubtful advances, to the book profits as computed under section 115 JB of the Act. 3. On the facts and circumstances of the case, the Ld. CIT (Appeals) ought to have deleted

9X Media P.Ltd, Mumbai vs. JCIT RG 11(1), Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

confirming the addition of the amount of Rs. 13,30,79,646/-, being the surplus on demerger of entertainment channel undertaking, to the book profits of the Appellant as computed under section 115 JB of the Income tax Act, 1961 ("the Act"). 2 On the facts and circumstances ... Assessing Officer by confirming the addition of an amount of Rs 1,42,63,197/-.. representing provision for doubtful advances, to the book profits as computed under section 115 JB of the Act. 3. On the facts and circumstances of the case, the Ld. CIT (Appeals) ought to have deleted

M/S. Standard Chartered Bank, Mumbai vs. DDIT (I.T) - 2(1), Mumbai

In the result, the appeal of revenue is partly allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

Finance Bill, 1996, explaining the introduction of section 115JA states that studies have shown that in spite of the fact that companies have earned book profits and have paid handsome dividends, no tax has been paid by them to the exchequer. In case of the Branch-PE of a foreign ... company, the question of payment of dividends out of book profits does not arise. For this reason also, the provisions of Section 115JA are not intended to apply to Branch-PE of foreign companies, which are governed by the tax treaty provisions. c) It is respectfully submitted that the decisions

Icici Bank Ltd, Mumbai vs. Addl CIT RG (1), Mumbai

Appeals are partly allowed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

adjustments, the assessing officer made other additions towards corporate tax computing the assessed income under normal provisions at Rs.39,69,74,66,800 and book profits under section 115JB of the Act at Rs.58,10,92,52,652. On further appeal the CIT(A) gave partial relief to the assessee ... have heard rival contentions and perused the material available on record. As could be seen in the return of income the assessee has computed book profit;.'under'..section 115JB at ₹720,47,89,971. The Assessing. Officer, while .completing, .the. assessment enhanced the book profit