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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

Sri Chamundeswari Sugars Limited, Bangalore vs. Principal Commissioner of Income Tax, Bangalore-1, Bangalore

In the result, the appeal is allowed in favour of the assessee

ITA 201/BANG/2022[2017-18]Status: DisposedITAT Bangalore25 Jul 2022AY 2017-18

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy Sassessment Year : 2017-18

For Appellant: Smt. Pooja Maru, CAFor Respondent: Smt. Susan Dolores George, CIT(OSD)
Section 11Section 115JSection 143(2)Section 143(3)Section 14ASection 263Section 96

same. The PCIT also noticed that the said sum is not entered into the books of accounts and hence not considered for computation of book profit u/s. 115JB of the Act. The PCIT concluded that the financial statements of the assessee are not prepared in accordance with ... Companies Act which resulted in short declaration of book profits u/s. 115JB of the Act and the resultant tax. Thus the PCIT stated that the order passed by the AO u/s. 143(3) of the Act is erroneous and prejudicial to the interest of the Revenue

Gateway Terminals India Pvt. Ltd., Mumbai vs. DCIT- Panvel -Circle Panvel, Panvel

The appeal of the assessee is allowed

ITA 3132/MUM/2018[2012-13]Status: DisposedITAT Mumbai18 Jul 2022AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Gateway Terminals India Pvt. Ltd The Dcit, Gti House, Jawaharlal Nehru Port, Panvel, Circle Panvel Vs. Seva Uran, Mumbai-400 707 (Respondent) (Appellant) Pan No. Aaccg1899E Assessee By : Shri Manish Kanth, Ar Revenue By : Shri Hoshang B. Irani, Dr Date Of Hearing: 02.06.2022 Date Of Pronouncement : 18.07.2022

For Appellant: Shri Manish Kanth, ARFor Respondent: Shri Hoshang B. Irani, DR
Section 115JSection 143(3)Section 271Section 271(1)Section 271(1)(c)Section 274Section 801ASection 80I

sought to be evaded as per the law prevailing during the relevant period) as the tax liability continues to be payable on book profits as computed under the provisions of Section 115JB of the Act.” 02. Brief facts of the case shows that assessee field its return of income ... Section 143(3) of the Act on 29th February, 2016 at a total income of Rs. 2,44,03,166/- under normal computation and book profit of Rs.24,99,16,405/- under Section 115JB of the Act. 03. Assessee is aggrieved with the action of the learned Assessing Officer

M/S Kable First Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeals of the assessee are allowed for statistical purposes

ITA 1696/BANG/2018[2015-16]Status: DisposedITAT Bangalore18 Jul 2022AY 2015-16

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

For Appellant: Shri Aliasger Rampurwala, CAFor Respondent: Shri Narayana, K.R., Addl.CIT(DR)(ITAT), Bengaluru
Section 143(2)Section 37(1)Section 40Section 4o

notwithstanding the fact that they are not actually received or deemed to be received under the Act. Under the mercantile system of accounting, therefore, book profits are liable to be taxed. The profits earned and credited in the books of account constitute the basis of computation of income. The system

M/S Kable First Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeals of the assessee are allowed for statistical purposes

ITA 1695/BANG/2018[2014-15]Status: DisposedITAT Bangalore18 Jul 2022AY 2014-15

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

For Appellant: Shri Aliasger Rampurwala, CAFor Respondent: Shri Narayana, K.R., Addl.CIT(DR)(ITAT), Bengaluru
Section 143(2)Section 37(1)Section 40Section 4o

notwithstanding the fact that they are not actually received or deemed to be received under the Act. Under the mercantile system of accounting, therefore, book profits are liable to be taxed. The profits earned and credited in the books of account constitute the basis of computation of income. The system

M/S Kable First India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeals of the assessee are allowed for statistical purposes

ITA 1694/BANG/2018[2013-14]Status: DisposedITAT Bangalore18 Jul 2022AY 2013-14

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

For Appellant: Shri Aliasger Rampurwala, CAFor Respondent: Shri Narayana, K.R., Addl.CIT(DR)(ITAT), Bengaluru
Section 143(2)Section 37(1)Section 40Section 4o

notwithstanding the fact that they are not actually received or deemed to be received under the Act. Under the mercantile system of accounting, therefore, book profits are liable to be taxed. The profits earned and credited in the books of account constitute the basis of computation of income. The system

Jt. CIT (OSD) CC-7(2), Mumbai vs. M/S. Mumbai Nashik Expressway Pvt. Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 1590/MUM/2021[2017-18]Status: DisposedITAT Mumbai14 Jul 2022AY 2017-18

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blejt.Cit(Osd)-Central Circle -7(2) V. M/S. Mumbai Nasik Expressway Pvt. Ltd., Room No. 655, Aayakar Bhavan Unit 803, 8Th Floor, A-Wing, One Bkc M.K. Road, Mumbai - 400020 Bandra Kurla Complex, Bandra (E) Mumbai -400051 Pan: Aaecm3349K (Appellant) (Respondent) Assessee By : Shri Gaurav Kabra Department By : Shri Rajesh Damor

For Appellant: Shri Gaurav KabraFor Respondent: Shri Rajesh Damor
Section 115JSection 143(1)Section 143(2)Section 143(3)Section 270ASection 32(1)(ii)Section 32(1)(m)

amount of ₹.18,61,69,928/ being provision for periodic maintenance treating it as unascertained liability to the normal income as well as book profits of the company in view of explanation 1(c) of section 115JB of the Act. Finally, the Assessing Officer passed the assessment order ... circumstances of the case and in the law, the Ld. CIT(A) erred in deleting the disallowance of provisions for periodic maintenance charges from book profit without considering the fact that decision of the Mumbai Tribunal in the case of Anchor electrical (P) Ltd us DCIT (2017) is not applicable

The ITO-3(1)(1), Mumbai vs. M/S. A B Color Pvt. Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 2928/MUM/2019[2012-13]Status: DisposedITAT Mumbai14 Jul 2022AY 2012-13

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 3(1)(1) V. M/S. A.B. Color Pvt. Ltd., Room No. 666, 6Th Floor 901, Maker Chamber V Aayakar Bhavan, M.K. Road Narimanpoint, Mumbai - 400021 Mumbai - 400020 Pan: Aaaca3373K (Appellant) (Respondent)

For Appellant: Shri Harsh KapadiaFor Respondent: Shri Mehul Jain
Section 115JSection 143(2)Section 143(3)Section 145

return of income on 29.09.2012 declaring total income of ₹.NIL after set off of brought forward business loss of ₹.4,36,921/-. Assessee declared book profits u/s. 115JB of Income-tax Act, 1961 (in short “Act”) of ₹.3,32,838/- on which tax liability was computed. The return of income ... Color Pvt. Ltd., an addition on the difference adhoc net profit being 38.33% (average Gross Profit of previous three years) as against the book profits declared by the assessee. We observe from the record that assessee has submitted a detailed note and data for the reasons of decline in Gross

ACIT - CC-3(3), Mumbai vs. M/S.Welspun India Ltd., Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 2551/MUM/2021[2016-17]Status: DisposedITAT Mumbai11 Jul 2022AY 2016-17

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaleacit, Cc-3(3), Vs. M/Swelspun India Ltd Room No. 1923, 19Th B Wing, 9Th Floor, Floor, Air India Bldg, Trade Worldcentere, Nariman Point, Senapati Bapat Marg, Mumbai-400021. Kamala Mills Compound, Lower Parel, Mumbai - 400013 Pan/Gir No. : Aaacw1259N Appellant .. Respondent Appellant By : Shri Jasbir Chouhan.Cit.Dr Respondent By : Shri Rajiv Khandelwal.Ar Date Of Hearing 12.07.2022 Date Of Pronouncement 25.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm:

For Appellant: Shri Jasbir Chouhan.CIT.DRFor Respondent: Shri Rajiv Khandelwal.AR
Section 115JSection 132Section 143Section 143(2)Section 143(3)Section 14ASection 153A

justified in directing the A.O to delete the disallowance made u/s 14A r.w. Rule 8D to the book profit relying on the decision of the Special Bench decision of Hon’ble ITAT Delhi in the case of Vireet Investment Pvt Ltd., without considering the fact that the department ... case and in law, the Ld. CIT(A) is justified in deleting the addition of disallowance u/s 14A of the Act to the book profit of the assessee without appreciating the clause (f) of Explanation 1 to section 115JB(2) of the Act. 2. The brief facts of the case

DCIT Circle- 2(1)(1), Mumbai vs. M/S Bombay Dyeing & Manufacturing Co. Ltd, Mumbai

ITA 928/MUM/2020[2009-10]Status: DisposedITAT Mumbai05 Jul 2022AY 2009-10

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R
Section 145Section 14ASection 92CSection 92F

Delhi High Court in its decision in the case of Goetz India Ltd., reported in 361 ITR 505 held that while computing Book Profit disallowance u/s 14A is required to be made. However, in its later judgment the Hon'ble Delhi High Court in the case of Bhushan Steel ... Delhi High Court in its decision in the case of Goetz India Ltd., reported in 361 ITR 505 held that while computing Book Profit disallowance u/s 14A is required to be made. However, in its later judgment the Hon'ble Delhi High Court in the case of Bhushan Steel

ACIT, Circle - 2(1)(1), Mumbai vs. The Bombay Dyeing & Mfg. Co. Ltd., Mumbai

ITA 3299/MUM/2019[2010-11]Status: DisposedITAT Mumbai05 Jul 2022AY 2010-11

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R
Section 145Section 14ASection 92CSection 92F

Delhi High Court in its decision in the case of Goetz India Ltd., reported in 361 ITR 505 held that while computing Book Profit disallowance u/s 14A is required to be made. However, in its later judgment the Hon'ble Delhi High Court in the case of Bhushan Steel ... Delhi High Court in its decision in the case of Goetz India Ltd., reported in 361 ITR 505 held that while computing Book Profit disallowance u/s 14A is required to be made. However, in its later judgment the Hon'ble Delhi High Court in the case of Bhushan Steel

ACIT, Circle - 2(1)(1), Mumbai vs. The Bombay Dyeing & Mfg. Co. Ltd., Mumbai

ITA 2779/MUM/2019[2013-14]Status: DisposedITAT Mumbai05 Jul 2022AY 2013-14

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

For Appellant: Shri Yogesh Thar, A.RFor Respondent: Dr. Yogesh Kamar, D.R
Section 145Section 14ASection 92CSection 92F

Delhi High Court in its decision in the case of Goetz India Ltd., reported in 361 ITR 505 held that while computing Book Profit disallowance u/s 14A is required to be made. However, in its later judgment the Hon'ble Delhi High Court in the case of Bhushan Steel ... Delhi High Court in its decision in the case of Goetz India Ltd., reported in 361 ITR 505 held that while computing Book Profit disallowance u/s 14A is required to be made. However, in its later judgment the Hon'ble Delhi High Court in the case of Bhushan Steel

M/S. Rallis India Ltd., Mumbai vs. Dy CIT, Cicle-8(1)(1), Mumbai

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

ITA 913/MUM/2021[2015-16]Status: DisposedITAT Mumbai04 Jul 2022AY 2015-16

Bench: Shri Pavan Kumar Gadale & Shri S Rifaur Rahmanm/S. Rallis India Ltd Vs. Dcit, Circle – 8(1)(1) C/O Kalyaniwalla & Room No. 624, 6Th Mistry Llp, 2Nd Floor, Floor, Aayakar Bhavan Esplanade House, 29, M.K Road, Hazarimal Somani Mumbai – 400020. Marg, Mumbai – 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcr2657N Appellant .. Respondent Appellant By : Mr.Jitendra Jain.Ar Respondent By : Mr.S.N Kabra. Dr Date Of Hearing 03.06.2022 Date Of Pronouncement 04.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Principle Commissioner Of Income Tax (Pr.Cit) – 8, Mumbai Passed U/S 263 Of The Act.

For Appellant: Mr.Jitendra Jain.ARFor Respondent: Mr.S.N Kabra. DR
Section 10(34)Section 10ASection 115JSection 143(2)Section 14ASection 2(47)Section 263Section 263eSection 80Section 801A

disclosing a total income of Rs.167,34,51,770/- under the normal provisions of the Act and the Book profits u/s 115JB of the Act of Rs. 200,04,14,975/-. Subsequently the assessee has filed the revised return of income on 14.02.2017 with a total income ... under the normal provisions and computed the book profits u/s 115JB of the Act of Rs. 200,04,14,975/-. Whereas the assessee has explained that the revised return of income was filed in order to rectify the mistake in claiming deduction u/s 10AA of the Act at the lesser

M/S Atlanta Ltd, Mumbai vs. DCIT Circle- 9 (1)(2), Mumbai

In the result, Revenue‟s appeal (ITA No

ITA 7749/MUM/2019[2016-17]Status: DisposedITAT Mumbai04 Jul 2022AY 2016-17
For Appellant: Shri Vijay MehtaFor Respondent: Shri Sunil Jha
Section 115JSection 143(3)Section 14ASection 250

facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance u/s. 14A to the Book Profit computed u/s.115JB of the Act without appreciating the fact that the same requires to be added to Book Profit as per clause (f) to Explanation ... return of income for the Assessment Year 2016-17 declaring income of INR 4,91,74,730/- under normal provisions of the Act and book profits of INR 2,68,66,344/- as per Section 115JB of the Act. The Assessing Officer framed assessment under Section

Dy CIT 9 (1)(2), Mumbai vs. Atlanta Limited, Mumbai

In the result, Revenue‟s appeal (ITA No

ITA 7695/MUM/2019[2016-17]Status: DisposedITAT Mumbai04 Jul 2022AY 2016-17
For Appellant: Shri Vijay MehtaFor Respondent: Shri Sunil Jha
Section 115JSection 143(3)Section 14ASection 250

facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance u/s. 14A to the Book Profit computed u/s.115JB of the Act without appreciating the fact that the same requires to be added to Book Profit as per clause (f) to Explanation ... return of income for the Assessment Year 2016-17 declaring income of INR 4,91,74,730/- under normal provisions of the Act and book profits of INR 2,68,66,344/- as per Section 115JB of the Act. The Assessing Officer framed assessment under Section

Dy CIT. Circle-1, Thane vs. M/S Travecom Global P. Ltd., Bhayander

In the result, appeal filed by the Revenue is dismissed

ITA 59/MUM/2021[2016-17]Status: DisposedITAT Mumbai28 Jun 2022AY 2016-17

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Circle 1 V. M/S. Travecom Global Pvt. Ltd., Room No. 22, B-Wing B/607, Krishnakunj 6Th Floor, Ashar I.T. Park Salasar Brij Bhoomi Wagle Industrial Estate Bhayander (W)-401101 Thane (W)-400604 Pan: Aaect8729Q (Appellant) (Respondent) Assessee By : Ms. Aarti Vissanji Department By : Shri B.K. Bagchi

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri B.K. Bagchi
Section 143(2)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

M/S. Nicholas Piramal India Ltd, Mumbai vs. The ACIT Cur 7(1)

In the result, the appeal filed by the revenue is dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

ITA 769/MUM/2008[2004-2005]Status: DisposedITAT Mumbai28 Jun 2022AY 2004-2005

Bench: Shri Pavan Kumar Gadale & Shri S Rifaur Rahmanpiramal Enterprises Ltd Vs. Acit, Circle – 7(1) (Formerly Known As Aayakar Bhavan Piramal Healthcare Ltd) Mumbai – 400020. (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013. Pan/Gir No. : Aaacn4538P Appellant .. Respondent Dcit, Circle – 7(1) Vs. Piramal Enterprises Ltd Aayakar Bhyavan (Formerly Known As Mumbai – 400 020. Piramal Healthcare Ltd) (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013. Pan/Gir No. : Aaacn4538P Assessee By : Mr.Ronak Doshi & Ms.Manshi Padhiyar.Ar Revenue By : Mr.S.N.Kabra.Dr

For Appellant: Mr.Ronak Doshi &For Respondent: Mr.S.N.Kabra.DR
Section 143(3)Section 145Section 32Section 35Section 80

deduction u/s.80 HHC in the cases in which the provisions of MAT are applicable is to be worked out on the basis of adjusted book profit and not on the basis of the profit computed under the regular provisions of law applicable to the computation of profits and gains ... substantially different from the earlier provisions u/s. I 15 J where deduction u/s.80 HHC was available on the basis of adjusted book profit. 8. On the facts and in the circumstances of the case and in law, the CIT(A) erred in directing to allow set off of losses / depreciation

Dy CIT Dd-4(2), Mumbai vs. M/S Sheth Developers P. Ltd., Mumbai

In the result, appeal of the Revenue in ITA No

ITA 12/MUM/2021[2017-18]Status: DisposedITAT Mumbai27 Jun 2022AY 2017-18
Section 143(3)Section 23(5)

towards notional rent is hereby directed to be deleted both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. 3.4. In the result, appeal of the assessee for A.Y.2017-18 is allowed. ITA No.12/Mum/2021 (A.Y.2017-18) Revenue Appeal 4. The first ground ... Rs.3,88,500/- u/s.43CA of the Act both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. In any case, this sum does not fall within the ambit of Explanation to Section 115JB (2) of the Act and hence

Dy CIT Dd-4(2), Mumbai vs. M/S Sheth Developers P. Ltd., Mumbai

In the result, appeal of the Revenue in ITA No

ITA 11/MUM/2021[2015-16]Status: DisposedITAT Mumbai27 Jun 2022AY 2015-16
Section 143(3)Section 23(5)

towards notional rent is hereby directed to be deleted both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. 3.4. In the result, appeal of the assessee for A.Y.2017-18 is allowed. ITA No.12/Mum/2021 (A.Y.2017-18) Revenue Appeal 4. The first ground ... Rs.3,88,500/- u/s.43CA of the Act both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. In any case, this sum does not fall within the ambit of Explanation to Section 115JB (2) of the Act and hence

Sheth Developers P. Ltd., Mumbai vs. ACIT Central Ciecle-4(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1954/MUM/2020[2017-18]Status: DisposedITAT Mumbai27 Jun 2022AY 2017-18
Section 143(3)Section 23(5)

towards notional rent is hereby directed to be deleted both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. 3.4. In the result, appeal of the assessee for A.Y.2017-18 is allowed. ITA No.12/Mum/2021 (A.Y.2017-18) Revenue Appeal 4. The first ground ... Rs.3,88,500/- u/s.43CA of the Act both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. In any case, this sum does not fall within the ambit of Explanation to Section 115JB (2) of the Act and hence

M/S Sheth Developers P. Ltd., Mumbai vs. Dy CIT Central Circle- 4(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1953/MUM/2020[2015-16]Status: DisposedITAT Mumbai27 Jun 2022AY 2015-16
Section 143(3)Section 23(5)

towards notional rent is hereby directed to be deleted both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. 3.4. In the result, appeal of the assessee for A.Y.2017-18 is allowed. ITA No.12/Mum/2021 (A.Y.2017-18) Revenue Appeal 4. The first ground ... Rs.3,88,500/- u/s.43CA of the Act both under normal provisions of the Act as well as in the computation of book profits u/s.115JB of the Act. In any case, this sum does not fall within the ambit of Explanation to Section 115JB (2) of the Act and hence