“book profits”

Trafigura India Pvt Ltd, Mumbai vs. Pr CIT-6, Mumbai

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

Bench: Shri Prashant Maharishi, Accountat Member & Shri Pavan Kumar Gadaletrafigura India Pvt Ltd., Vs. Pr. Cit-6 Unit No. 1101, A-Wing, 501, 5Th Floor, Aaykar Plot No. C, 66G Block, Bhavan, Mg Road, Bkc, Mumbai – 400051. Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadct3128N Appellant .. Respondent Appellant By : Shri Madhur Agrawal.Ar Respondent By : Shri H. N. Singh. Cit Dr Date Of Hearing 18.10.2022 Date Of Pronouncement 16.11.2022 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: The Assessee Has Filed The Appeal Against The Order Of The Pr. Commissioner Of Income Tax (Pr.Cit)-6, Mumbai Passed U/S 263 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

prejudice to above, the PCIT has erred, in Law as well as in facts and circumstances of the case, in directing to reduce the Book Profit u/s 115JB by an amount of Rs. 74,29,230 only whereas the admissible amount, i.e., lower of 'unabsorbed depreciation' or 'business loss ... after claiming set off of lower of brought forward business loss and unabsorbed depreciation as per the books of accounts, to the extent of book profit of Rs. 4,76,89,669/-. Subsequently, the case was selected for scrutiny and the Assessing officer (AO) has issued notice

Essel Mining & Industries Limited, Mumbai vs. Principal Commissioner of Income Tax-Central-1, Mumbai

In the result, appeal of the assessee is allowed

29/03/2016 for the A.Y.2009-10 by determining the total income at Rs.1513,83,22,160/- under normal provisions of the Act and book profits of Rs.1446,88,86,081/- u/s.115JB of the Act. 3.3. This assessment was sought to be revised by the ld. PCIT by invoking his revision jurisdiction u/s.263

Joint Commissioner of Income Tax - Central Circle 1(4), Mumbai vs. Essel Mining & Industries Limited, Mumbai

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

Bench: Us:-

29/03/2016 for the A.Y.2009-10 by determining the total income at Rs.1513,83,22,160/- under normal provisions of the Act and book profits of Rs.1446,88,86,081/- u/s.115JB of the Act. Under normal provisions of the Act, the following disallowances / additions were made:- i) Disallowance u/s.14A ... without making any additions or disallowances thereon, both under normal provisions of the Act as well as in the computation of book profits u/s 115JB of the Act. We categorically hold that no additions / disallowance could be made in the search assessment u/s.153C of the Act for A.Y.2009-10 in view

Joint Commissioner of Income Tax - Central Circle 1(4), Mumbai vs. Essel Mining & Industries Limited, Mumbai

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

Bench: Us:-

29/03/2016 for the A.Y.2009-10 by determining the total income at Rs.1513,83,22,160/- under normal provisions of the Act and book profits of Rs.1446,88,86,081/- u/s.115JB of the Act. Under normal provisions of the Act, the following disallowances / additions were made:- i) Disallowance u/s.14A ... without making any additions or disallowances thereon, both under normal provisions of the Act as well as in the computation of book profits u/s 115JB of the Act. We categorically hold that no additions / disallowance could be made in the search assessment u/s.153C of the Act for A.Y.2009-10 in view

Essel Mining & Industries Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 1(4), Mumbai

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

Bench: Us:-

29/03/2016 for the A.Y.2009-10 by determining the total income at Rs.1513,83,22,160/- under normal provisions of the Act and book profits of Rs.1446,88,86,081/- u/s.115JB of the Act. Under normal provisions of the Act, the following disallowances / additions were made:- i) Disallowance u/s.14A ... without making any additions or disallowances thereon, both under normal provisions of the Act as well as in the computation of book profits u/s 115JB of the Act. We categorically hold that no additions / disallowance could be made in the search assessment u/s.153C of the Act for A.Y.2009-10 in view

Essel Mining & Industries Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 1(4), Mumbai

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

Bench: Us:-

29/03/2016 for the A.Y.2009-10 by determining the total income at Rs.1513,83,22,160/- under normal provisions of the Act and book profits of Rs.1446,88,86,081/- u/s.115JB of the Act. Under normal provisions of the Act, the following disallowances / additions were made:- i) Disallowance u/s.14A ... without making any additions or disallowances thereon, both under normal provisions of the Act as well as in the computation of book profits u/s 115JB of the Act. We categorically hold that no additions / disallowance could be made in the search assessment u/s.153C of the Act for A.Y.2009-10 in view

Raymond Limited, Mumbai vs. Addl C.I.T. -2(3), Mumbai

In the result, appeal filed by the Revenue is partly allowed

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Raymond Limited V. Addl. Cit– Range 2(3) New Hind House 5Th Floor, Aayakar Bhavan Narottam Morarjee Marg M.K. Road, Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent) Acit–2(3) V. M/S. Raymond Limited Room No. 555 New Hind House Aayakar Bhavan, Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent)

action of the Assessing Officer that provision for doubtful debt of Rs.1,78,27,482/- is not allowable as deduction while computing the book profits under section 115JB of the Act. 6. (a) The learned Commissioner of Income Tax (Appeals) erred in upholding the action of the Assessing Officer ... term capital loss of Rs.3,88,449/-; (v) to not consider the provision for doubtful debt amounting to Rs.1,78,27,482/ while computing book profit under section 115JB of the Act; (vi) to delete an addition of Rs.1.79,50,000/- under section 92CA

M/S. ACIT 2(3), Mumbai vs. Raymond Ltd., Mumbai

In the result, appeal filed by the Revenue is partly allowed

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Raymond Limited V. Addl. Cit– Range 2(3) New Hind House 5Th Floor, Aayakar Bhavan Narottam Morarjee Marg M.K. Road, Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent) Acit–2(3) V. M/S. Raymond Limited Room No. 555 New Hind House Aayakar Bhavan, Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent)

action of the Assessing Officer that provision for doubtful debt of Rs.1,78,27,482/- is not allowable as deduction while computing the book profits under section 115JB of the Act. 6. (a) The learned Commissioner of Income Tax (Appeals) erred in upholding the action of the Assessing Officer ... term capital loss of Rs.3,88,449/-; (v) to not consider the provision for doubtful debt amounting to Rs.1,78,27,482/ while computing book profit under section 115JB of the Act; (vi) to delete an addition of Rs.1.79,50,000/- under section 92CA

DCIT-Ltu - 2, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

allowing exclusion of profit on sale of investment amounting to Rs. 87,51,71,262/- being capital profits in computing Book Profit us 115JB of the Act.” 19. Having heard the rival contentions and having perused the material on record, we are of the considered view that the assessee also ... views of the coordinate bench, we uphold the plea of the assessee and direct the Assessing Officer to delete the impugned addition to the book profits under section 115JB. The assessee gets the relief accordingly. 20. Ground no. 5 is thus allowed. 21. In ground no. 6, the assessee

Mahindra & Mahindra Ltd, Mumbai vs. ACIT RG 2(2)(2), Mumbai

In the result, appeal by the assessee is partly allowed for statistical purpose

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

section 35(1)(i) and 35(1)(iv) of the Income Tax Act, 1961. 20. Claim in respect of Industrial Promotion Subsidy (IPS) from book profit u/s 115JB On the facts and in the circumstances of the case and in law the Appellant tends that the learned ACIT erred ... reduced for the purpose of computing the look profit w 115JB The claim of the Appellant be accepted. 21. Disallowance u/s. 14A to book profits us. 115IB On the facts and in the circumstances of the case and in law the Appellant contends that the learned ACIT erred in proposing

DCIT (Ltu) 1, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is thus dismissed

Appeals) was not justified and grossly erred in confirming the addition of expenditure incurred in relation to earning exempt income in computing Book Profit u/s 115JB without appreciating the fact that no such expenditure had been debited to the Profit & Loss A/c in the relevant assessment year ... above legal position. To this extent, this ground of appeal is allowed for statistical purposes. As regards the question of adjustment of book profits under section 15JB for the 14A disallowance, we find that this aspect of the matter stands concluded, in favour of the assessee, by a special bench

Asst CIT Ltu, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

Appeals) was not justified and grossly erred in confirming the addition of expenditure incurred in relation to earning exempt income in computing Book Profit u/s 115JB without appreciating the fact that no such expenditure had been debited to the Profit & Loss A/c in the relevant assessment year ... preceding assessment years. The connected issue is whether the CIT(A)’s confirming the disallowance of such expenditure, for the purpose of computing the book profits under section 115JB, when no such expenditure was debuted to the profit and loss account. As for the first issue, we may refer

Ambuja Cements Ltd ( Formerly Known As Gujarat Ambuja Cements Ltd), Mumbai vs. Addl CIT 3(1), Mumbai

In the result, the appeal of the revenue is thus dismissed

Appeals) was not justified and grossly erred in confirming the addition of expenditure incurred in relation to earning exempt income in computing Book Profit u/s 115JB without appreciating the fact that no such expenditure had been debited to the Profit & Loss A/c in the relevant assessment year ... above legal position. To this extent, this ground of appeal is allowed for statistical purposes. As regards the question of adjustment of book profits under section 15JB for the 14A disallowance, we find that this aspect of the matter stands concluded, in favour of the assessee, by a special bench