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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

Accenture Solutions P Ltd (Asol), Mumbai vs. Addl/Jt/ Dy/CIT/Asstt/ITO, National Faceless Assessment Centre, Delhi & the Dy CIT, Circle-14(1)(1), Mumbai

In the result, the appeal of the assessee is partly allowed

ITA 1255/MUM/2021[2016-17]Status: DisposedITAT Mumbai13 Jul 2023AY 2016-17

Bench: Shri Amit Shukla & Shri Amarjit Singhaccenture Solutions Vs. Additional/Joint/Deputy/ Private Limited (‘Asol’) Assistant Commissioner Plant 3, Godrej & Boyce Of Income Tax/Income- Complex, Phirojshah Tax Officer, National Nagar, Vikhroli West, Facelless Assessment Off L.B.S Marg, Centre, Delhi Mumbai – 400079 The Dcit, Circle 14(1)(1) स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaach3235M Appellant .. Respondent Appellant By : Nishant Thakkar/ Hiten Chande/ Ms. Jasmin Amalsadvala Respondent By : Azhar Zain Vayal Parambath Date Of Hearing 22.05.2023 Date Of Pronouncement 13.07.2023 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assesse Is Directed Against The Order Passed By The Ao (National Assessment Centre) Mumbai- 2, Dated 18.03.2021 For A.Y. 2016-17 As Per The Direction Of The Drp Issued U/S 144C (5) Of The Act. The Assessee Has Raised The Following Grounds Before Us: “On The Facts & Circumstances Of The Case & In Law, The Learned Ao Transfer Pricing Officer (Tpo), Based On The Directions Of The Hon'Ble Drp Has: General Ground 1. Erred In Assessing The Total Income Of The Appellant At Rs.2888,33,73,016 Against A Total Income Of Rs.2179,39,30,620 As Reported By The Appellant In Its Revised Return Of Income & Determining A Demand Of Rs.2186,98,55,847 Payable By The Appellant.

For Appellant: Nishant Thakkar/ Hiten Chande/For Respondent: Azhar Zain Vayal Parambath
Section 144CSection 92CSection 92C(3)

computing the taxable income of the Appellant and thereby not following the directions of the Hon'ble DRP in this regard. Erroneous computation of book profit under Section 115JB of the Act 34. Erred in considering book profits of the Appellant at Rs,3065,27,83,818 for computation purpose

Firestrom Electronics Corporation Pvt Ltd, Mumbai vs. CIT(A), NFAC, Delhi

In the result ground no.1 of the appeal of the assessee is allowed, whereas Ground nos 2 and 3 of the appeal are allowed for statistical purpose

ITA 1261/MUM/2023[2018-19]Status: DisposedITAT Mumbai12 Jul 2023AY 2018-19

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2018-19 Firestorm Electronics Commissioner Of Income Tax- Corporation Private Ltd. Appeals, 104, The Summit Business Bay, Vs. National Faceless Appeal Centre Off Andheri- Kurla Road, Off Western Express Highway, Opp. Cinema/Pvr Theatre, Andheri(E) Mumbai- 400093 Pan No. Aaacf4730D Appellant Respondent Assessee By : Krupa Gandhi/ Harshit Aggarwal Revenue By : Shri Sunny Mathews, Ar Date Of Hearing : 10/07/2023 Date Of Pronouncement : 12/07/2023

For Appellant: Krupa Gandhi/ Harshit AggarwalFor Respondent: Shri Sunny Mathews, AR
Section 115JSection 14A

delete or appropriately reduce the disallowance made u/s 14A r.w.r. 8D(2)(ii). GROUND III: ADDITION OF DISALLOWANCE U/S 14A R.W.R. 8D TO BOOK PROFITS COMPUTED U/S 115JB OF THE ACT AMOUNTING TO RS. 10,68,575/-: 1. On the facts and in the circumstances of the case ... erred in upholding the action of the AO of adding the amount of Rs. 10,68,575/- disallowed u/s 14A r.w.r. 8D to the 'book profits' computed u/s 115JB of the Act. 2. The Appellant prays that the aforesaid addition to the 'book profit' computed u/s 115JB

ACIT Central Circle-29, New Delhi vs. Omaxe Ltd., New Delhi

In the result, the appeal of the assessee in ITA No

ITA 5064/DEL/2019[2011-12]Status: DisposedITAT Delhi11 Jul 2023AY 2011-12
Section 250(6)Section 4Section 801B(10)Section 80I

brief facts of the case are that assessee filed its return declaring income of Rs.19,54,59,000/- under the Income Tax Act, however, book profits of Rs.79,16,28,199/- u/s 115JB of the Act were declared for the relevant assessment year. The assessment was completed vide order dated ... filed on 13.10.2010 declaring income at income at Rs. 23,01,19,070/- under the normal provisions of the Act. However, book profits at Rs. 79,06,38,634/- were reported u/s 115JB of the Act. Assessment order was passed on 26.05.2014 computing total income

Omaxe Limited, New Delhi vs. DCIT Central Circle-4, New Delhi

In the result, the appeal of the assessee in ITA No

ITA 4966/DEL/2019[2011-12]Status: DisposedITAT Delhi11 Jul 2023AY 2011-12
Section 250(6)Section 4Section 801B(10)Section 80I

brief facts of the case are that assessee filed its return declaring income of Rs.19,54,59,000/- under the Income Tax Act, however, book profits of Rs.79,16,28,199/- u/s 115JB of the Act were declared for the relevant assessment year. The assessment was completed vide order dated ... filed on 13.10.2010 declaring income at income at Rs. 23,01,19,070/- under the normal provisions of the Act. However, book profits at Rs. 79,06,38,634/- were reported u/s 115JB of the Act. Assessment order was passed on 26.05.2014 computing total income

DCIT, CC-01, New Delhi vs. Spicejet Ltd., Gurgaon

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 883/DEL/2022[2016-17]Status: DisposedITAT Delhi05 Jul 2023AY 2016-17

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

DCIT, CC-01, New Delhi vs. Spicejet Ltd., Gurgaon

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 882/DEL/2022[2015-16]Status: DisposedITAT Delhi05 Jul 2023AY 2015-16

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

DCIT Central Circle-01, Delhi vs. Spicejet Ltd., Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 879/DEL/2022[2012-13]Status: DisposedITAT Delhi05 Jul 2023AY 2012-13

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

Spicejet Limited, Haryana vs. DCIT Circle-24(1), Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 669/DEL/2022[2016-17]Status: DisposedITAT Delhi05 Jul 2023AY 2016-17

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

Spicejet Limited, Haryana vs. DCIT Circle-24(1), Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 668/DEL/2022[2015-16]Status: DisposedITAT Delhi05 Jul 2023AY 2015-16

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

Spicejet Limited, Haryana vs. DCIT Circle-24(1), Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 667/DEL/2022[2012-13]Status: DisposedITAT Delhi05 Jul 2023AY 2012-13

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

M/S. Spicejet Ltd., Gurgaon vs. Addl. CIT, New Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 5181/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Jul 2023AY 2011-12

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

ACIT, New Delhi vs. M/S Spice Jet Ltd., Gurgaon

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 5153/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Jul 2023AY 2011-12

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

That on the facts and in the circumstances of the case and in law, the Appellant denies its liability to be assessed at a book profit of Rs.1,25,89,57,239/- under section 115JB of the Act. 2.1 That on the facts and in the circumstances of the case ... Assessing Officer ought to have held that the book profits were to arrive at after reducing a sum of Rs.44,40,47,384/- in terms of cause (iii) of the Explanation below sub- section (2) of section 115JB, based on consolidated amount of brought forward loss and unabsorbed depreciation

Thinkstations Learning Private Limited, New Delhi vs. ACIT Circle-8(1), New Delhi

In the result, both the appeals of the assessee are allowed

ITA 9824/DEL/2019[2015-16]Status: DisposedITAT Delhi04 Jul 2023AY 2015-16

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Advocate
Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 56(2)(viib)

claimed as refund under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount representing contingent liabilities

Thinkstations Learning Private Limited, New Delhi vs. ACIT Circle-25(1), New Delhi

In the result, both the appeals of the assessee are allowed

ITA 7345/DEL/2019[2016-17]Status: DisposedITAT Delhi04 Jul 2023AY 2016-17

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasad

For Appellant: Advocate
Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 56(2)(viib)

claimed as refund under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount representing contingent liabilities

Assistant Commissioner of Income Tax Circle- 2(1), Bilaspur vs. M/S Jila Sahkari Kendriya Bank Maryadit, Bilaspur

In the result, the appeal filed by the revenue is allowed in terms of our aforesaid observations

ITA 92/RPR/2018[2012-13]Status: DisposedITAT Raipur04 Jul 2023AY 2012-13

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 92/Rpr/2018 "नधा"रण वष" / Assessment Year : 2012-13 The Assistant Commissioner Of Income Tax, Circle-2(1), Bilaspur .......अपीलाथ" / Appellant बनाम / V/S. M/S. Jila Sahakari Kendriya Bank Maryadit, Sahakari Bhawan, Nehru Chowk, Bilaspur (C.G.) Pan : Aaaaj0607P ……""यथ" / Respondent

For Appellant: Shri Nikhilesh Begani, CAFor Respondent: Smt. Ila M. Parmar, CIT-DR
Section 143(3)Section 263(1)

actually received; and it brings into debit expenditure the amount for which a legal liability has been incurred before it is actually disbursed." The book profits are taken for the purpose of assessment of tax, though the credit amount is not realized or the debit amount is not actually disbursed

Acc Limited, Mumbai vs. DCIT (Ltu), Mumbai

In the result, appeal filed by department is dismissed

ITA 800/MUM/2022[2013-14]Status: DisposedITAT Mumbai30 Jun 2023AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

Section 14A

grossly erred in not allowing exclusion of Sales Tax Incentive availed of Rs. 1,69,93,34,752/-, being capital in nature, in computing Book Profit u/s 115JB of the Act. 13. That on the facts and in the circumstances of the case, necessary directions may please be given ... exclude of Sales Tax Incentive availed by the appellant amounting to Rs. 1,69,93,34,752/-, being capital in nature, in computing Book Profit u/s 115JB of the Act. 50. Learned representatives fairly agree that the above issues are now covered, in favour of the assessee

Dy. Comm of Income Tax-Central Circle 6(3), Mumbai vs. Beil Infrastructure, Gujarat

In the result, appeal of the Revenue is partly allowed for statistical purpose

ITA 1950/MUM/2022[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Vikas Awasthy & Shri Om Prakash Kantvk-Vk-La- 586@Eaqcbz@2017 ¼Fu-Oa- 2012&13½ Beil Infrastructure Limited (Earlier Known As Bharuch Enviro Infrastructure Limited) Plot No.9701-16, Gidc Estate, Ankleshwar Gujarat-393 002 ..... Vihykfkhz/Appellant Pan No. Aaacb8075F Cuke Vs. Deputy Commissioner Of Income Tax, Cc-6(3) Room No. 1903, 19Th Floor, Air India Building, Nariman Point ..... Izfroknh/Respondent Mumbai-400 021 Vk-Vk-La- 400@Eaqcbz@2017 ¼Fu-Oa- 2012&13½ Vk-Vk-La- 1950@Eaqcbz@2022 ¼Fu-Oa- 2015&16½ Deputy Commissioner Of Income Tax, Cc-6(3) Room No. 1903, 19Th Floor, Air India Building, Nariman Point ..... Vihykfkhz/Appellant Mumbai-400 021 Cuke Vs. Beil Infrastructure Limited (Earlier Known As Bharuch Enviro Infrastructure Limited) Plot No.117/18, Gidc Estate, Ankleshwar Gujarat-393 002 ..... Izfroknh/Respondent Pan No. Aaacb8075F

For Appellant: Shri Kirit Kamdar &For Respondent: Shri Salil Mishra, CIT-DR
Section 115JSection 14ASection 234CSection 80Section 801A

waste through incinerator amounting to Rs. 7,93,90,389/- as income for the above assessment year under normal provisions and added to the book profits under section 115JB of the Act. 7. Without prejudice to ground no. 6, the CIT(A) erred in dismissing the alternate prayer ... closing balances of such advances amounting to Rs.7,93,90,389/- as income of the assessee under normal provision and added to the Book Profit u/s 115JB of the Act. The ld. AR submitted that the assessee recognizes the revenue at the time of incineration of the waste

Asst. Commissioner of Income Tax-3(4), Mumbai-400005 vs. M/S. Acc Limited, Mumbai-400020

In the result, appeal filed by department is dismissed

ITA 1171/MUM/2022[2013-14]Status: DisposedITAT Mumbai30 Jun 2023AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

Section 14A

grossly erred in not allowing exclusion of Sales Tax Incentive availed of Rs. 1,69,93,34,752/-, being capital in nature, in computing Book Profit u/s 115JB of the Act. 13. That on the facts and in the circumstances of the case, necessary directions may please be given ... exclude of Sales Tax Incentive availed by the appellant amounting to Rs. 1,69,93,34,752/-, being capital in nature, in computing Book Profit u/s 115JB of the Act. 50. Learned representatives fairly agree that the above issues are now covered, in favour of the assessee

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 720/MUM/2020[2016-17]Status: DisposedITAT Mumbai30 Jun 2023AY 2016-17

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

incentive and Excise Duty Exemption, exclude Sales Tax incentive and Excise Duty Exemption, exclude Sales Tax incentive and Excise Duty Exemption, while computing the book profits u/s 115JB while computing the book profits u/s 115JB while computing the book profits u/s 115JB of the Act, without appreciating that they have ... Excise Duty Exemption, while exclude Sales Tax incentive and Excise Duty Exemption, while exclude Sales Tax incentive and Excise Duty Exemption, while computing the book profits us 115JB of the Act despite the fact computing the book profits us 115JB of the Act despite the fact computing the book profits

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 719/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

incentive and Excise Duty Exemption, exclude Sales Tax incentive and Excise Duty Exemption, exclude Sales Tax incentive and Excise Duty Exemption, while computing the book profits u/s 115JB while computing the book profits u/s 115JB while computing the book profits u/s 115JB of the Act, without appreciating that they have ... Excise Duty Exemption, while exclude Sales Tax incentive and Excise Duty Exemption, while exclude Sales Tax incentive and Excise Duty Exemption, while computing the book profits us 115JB of the Act despite the fact computing the book profits us 115JB of the Act despite the fact computing the book profits