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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

M/S Bangalore Electricity Supply Company Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-1(1)(2), Bangalore

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 252/BANG/2019[2013-14]Status: DisposedITAT Bangalore13 May 2022AY 2013-14

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Abhishek, CAFor Respondent: Karkihalli, CIT-DR) &
Section 115JSection 158ASection 37

merit that if the provision reduced from the Debtors the provision is no longer a unascertained liability to be added in the computation of book profit U/s 115JB of the I.T. Act, 1961 for which the appellant relied on various Apex Court decisions which the CIT-A failed to consider ... loss of Rs.2,26,25,31,801/-. Subsequently a revised return was filed declaring current year loss of Rs.5,85,52,56,897/-. Book profits of the assessee for the year under consideration was shown at Rs.(-)4,22,70,84,328/-. The Ld.AO noted that assessee is engaged

Macleods Pharmaceuticals Ltd., Mumbai vs. Dy CIT CC 2 (4), Mumbai

In the result, the appeal filed by the assessee is allowed whereas the appeal filed by the Revenue is dismissed

ITA 7770/MUM/2019[2010-11]Status: DisposedITAT Mumbai10 May 2022AY 2010-11

Bench: Shri Sanjay Garg () & Shri Om Prakash Kant () Assessment Year: 2010-11 Deputy Commissioner Of Income Tax M/S Macleods Pharmaceuticals Central Circle-2(4), Limited, Room No. 802, Old Cgo Building, 8Th Vs. 304, Atlanta Arcade, Marol Church Floor, M.K. Road, Road, Andheri (West) Mumbai-400020. Mumbai-400059. Pan No. Aaacm 4100 C Appellant Respondent Assessment Year: 2010-11 M/S Macleods Pharmaceuticals Deputy Commissioner Of Income Limited, Tax Central Circle-2(4), 304, Atlanta Arcade, Marol Church Vs. Room No. 802, Old Cgo Building, 8Th Road, Andheri (West) Floor, M.K. Road, Mumbai-400059. Mumbai-400020. Pan No. Aaacm 4100 C Appellant Respondent Assessee By : Mr. Ashok Bansal, Ar Revenue By : Mr. Achal Sharma, Cit-Dr Date Of Hearing : 10/05/2022 Date Of Pronouncement : 10/05/2022

For Appellant: Mr. Ashok Bansal, ARFor Respondent: Mr. Achal Sharma, CIT-DR
Section 143(3)Section 153A

among 80IB eligible and non-eligible units the taxable income from the assessment under consideration remained the same as the tax was assessed under book profits u/s. 115JB of the Act and not under normal provisions of the Act.” 10. The Ld. counsel for the assessee has submitted that

Dy CIT CC 2 (4), Mumbai vs. M/S Maccleods Pharmaceuticals Ltd, Mumbai

In the result, the appeal filed by the assessee is allowed whereas the appeal filed by the Revenue is dismissed

ITA 7612/MUM/2019[2010-11]Status: DisposedITAT Mumbai10 May 2022AY 2010-11

Bench: Shri Sanjay Garg () & Shri Om Prakash Kant () Assessment Year: 2010-11 Deputy Commissioner Of Income Tax M/S Macleods Pharmaceuticals Central Circle-2(4), Limited, Room No. 802, Old Cgo Building, 8Th Vs. 304, Atlanta Arcade, Marol Church Floor, M.K. Road, Road, Andheri (West) Mumbai-400020. Mumbai-400059. Pan No. Aaacm 4100 C Appellant Respondent Assessment Year: 2010-11 M/S Macleods Pharmaceuticals Deputy Commissioner Of Income Limited, Tax Central Circle-2(4), 304, Atlanta Arcade, Marol Church Vs. Room No. 802, Old Cgo Building, 8Th Road, Andheri (West) Floor, M.K. Road, Mumbai-400059. Mumbai-400020. Pan No. Aaacm 4100 C Appellant Respondent Assessee By : Mr. Ashok Bansal, Ar Revenue By : Mr. Achal Sharma, Cit-Dr Date Of Hearing : 10/05/2022 Date Of Pronouncement : 10/05/2022

For Appellant: Mr. Ashok Bansal, ARFor Respondent: Mr. Achal Sharma, CIT-DR
Section 143(3)Section 153A

among 80IB eligible and non-eligible units the taxable income from the assessment under consideration remained the same as the tax was assessed under book profits u/s. 115JB of the Act and not under normal provisions of the Act.” 10. The Ld. counsel for the assessee has submitted that

Lenovo (India) Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes

ITA 452/BANG/2017[2012-13]Status: DisposedITAT Bangalore05 May 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranit(Tp)A No.452/Bang/2017 Assessment Year: 2012-13

For Appellant: Shri Padam Chand Khincha, A.RFor Respondent: Shri T. Roumuan Paite, D.R
Section 143(3)

warranty” to the net profits under Explanation 1 to sec.115JB IT(TP)A No.452/Bang/2017 Lenovo (India) Pvt. Ltd., Bangalore for the purpose of computing book profits, holding the same as ‘contingent liability’. In the earlier paragraph, we have held that the provision for warranty is not contingent liability and accordingly ... extracted below:- “35. As far Gr.No.VII raised by the assessee is concerned, the same relates to addition made to the book profits u/s 115JB of the Act on account of provision for warranty liability treating the same to be a liability of a contingent nature and hence liable

Scindia Investments Pvt. Ltd, Mumbai vs. CIT (A)NFAC, Delhi

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

ITA 2071/MUM/2021[2017-18]Status: DisposedITAT Mumbai04 May 2022AY 2017-18

Bench: Shri Om Prakash Kant & Shri Rahul Chaudharyआयकर अपील सं./I.T.A. No. 2071/Mum/2021 ("नधा"रण वष" / Assessment Years : 2017-18

For Appellant: Shri Ninda PatadeFor Respondent: Shri Hoshang B. Irani (DR)
Section 115JSection 143(1)Section 143(1)(a)Section 36(1)(va)Section 43B

under consideration on 24.05.2018 declaring total income of Rs. 2,88,25,689/- under the normal provisions and Rs. 4,39,58,786/- under book profits u/s 115JB of the Income Tax Act, 1961 (in short ‘the Act’) and has claimed refund of Rs. 24,19,110/-. The return

Larsen & Toubro Ltd, Mumbai vs. DCIT 2(2), Mumbai

In the result, appeals filed by the assessee are partly allowed and the appeals filed by the Revenue are dismissed

ITA 6908/MUM/2012[2001-02]Status: DisposedITAT Mumbai29 Apr 2022AY 2001-02

Bench: Shri S.Rifaur Rahman () & Shri Amarjit Singh ()

ordinate bench, we allow ground 10 of the assessee. 38. Ground 11 pertains to disallowance under section 14A for the purpose of computing book profit under section 115JB. 39. Upon hearing the parties, we find that this issue is identical to the ground raised for A.Y. 2000-01, which ... challenged vide ground no.10 the order of CIT(A) wherein the ld. CIT(A) has confirmed the adjustments/additions for the purpose of computing book profit u/s 115JA of the Act as made by the /AO on account of (i) Disallowance u/s 14A(ii) Reduction of deduction u/s 80IA relating

Godrej Consumer Products Ltd, Mumbai vs. DCIT Cir 14(1)(1), Mumbai

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

ITA 1579/MUM/2017[2012-13]Status: DisposedITAT Mumbai28 Apr 2022AY 2012-13

Bench: Shri Pramod Kumar & Shri Pavan Kumar Gadalegodrej Consumer Vs. Dcit, Cc-14(1)(1) Products Ltd., Aayakar Bhavan, Kalyaniwalla & Mistry 4Th Floor, Mk Road, Llp, Esplanade House, Mumbai-400020. 2Nd Floor, 29, Hazarimal Somani Marg, Fort, Mumbai – 400 001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No.: Aabcg3365J Appellant .. Respondent Appellant By : Mr.Farrokh.V. Irani.Ar Respondent By : Dr.Yogesh Kamat. Cit Dr & Mr.Satya Pinisetty.Dr Date Of Hearing 27.01.2022 Date Of Pronouncement 05.04.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order U/S 143(3) R.W.S 144(C)(13) Of The Income Tax Act, 1961 Passed In Pursuance To Directions Of The Drp.The Assessee Has Raised The Following Grounds Of Appeal.

For Appellant: Mr.Farrokh.V. Irani.ARFor Respondent: Dr.Yogesh Kamat. CIT DR
Section 1Section 115Section 143(3)Section 14ASection 36(1)(iii)Section 801CSection 80ISection 921

that the disallowance made under Section 14A of the Act under normal computation of income is also required to be added back for computing book profits under section II 5JB of the Act. The Appellant submits that section ii 5JB of the Act is a separate code by itself ... provisions of Section 14A cannot be applied for computing the book profits under section 1 15JB of the Act. TRANSFER PRICING ISSUES Corporate Guarantee given on behalf of the Associated Enterprises 11. The learned Dispute Resolution Panel erred in holding that the transaction of giving corporate guarantees by the Appellant

M/S. Invendis Technologies India Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle - 3(1)(1), Bangalore

ITA 986/BANG/2019[2014-15]Status: DisposedITAT Bangalore27 Apr 2022AY 2014-15

Bench: Shri N V Vasudevan & Ms. Padmavathy Sassessment Year : 2014-15

For Appellant: Smt. Tanmayee Rajkumar AdvocateFor Respondent: Shri Priyadarshi Mishra Addl. CIT
Section 143(2)Section 250Section 90Section 91

Ghana (vii) The other income shown in the P&L account is mainly in connection with the business. For the purpose of computing the book profits u/s.115JB the other income is included as part of net profit. Since the Indian effective rate of tax is arrived at including the other ... with earning income in the course of business. The assessee has included the ‘other income’ as part of the business income while computing the book profits u/s.115JB and the computation is accepted by the AO thereby confirming that the ‘other income’ as part of the business income of the assessee

Tmf Holding Ltd., Mumbai vs. Pr. CIT -1, Mumbai

ITA 1628/MUM/2020[2015-16]Status: DisposedITAT Mumbai22 Apr 2022AY 2015-16

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Bletmf Holdings Ltd., V. Pr.Cit – 1 {Formerly Known As Tata Motors Finance Ltd.,} 3Rd Floor, Room No. 330 10Th Floor, 106 A & B Aayakar Bhavan, M.K. Road Maker Chamber-Iii Mumbai - 400020 Nariman Point, Mumbai Pan: Aacct4644A (Appellant) (Respondent) Shri Nikhil Tiwari Assessee By : Department By : Shri S.N. Kabra

For Appellant: Department byFor Respondent: Shri S.N. Kabra
Section 115JSection 143(3)Section 14ASection 263Section 47

thereby declaring total income of Rs. NIL 2 TMF Holdings Ltd., under normal provisions of Income-tax Act, 1961 (in short “Act”) and book profits u/s. 115JB of the Act at a loss of ₹.16,91,83,098/-. Subsequently, revised return of income was filed on 30.03.2017 revising the book ... term capital gain which is computed and the entire amount has been claimed as exempt u/s 47(iv). He observed that in computation of book profit u/s 115JB, the assessee has claimed reduction of the above amount with the following narration: - “Adjustments pursuant to Notes to Accounts forming part

Merck Performance Materials Pvt Ltd., Mumbai vs. Asst CIT 15(2)(2), Mumbai

ITA 1210/MUM/2020[2011-12]Status: DisposedITAT Mumbai13 Apr 2022AY 2011-12

Bench: Shri Shamim Yahya & Shri Rahul Chaudharyआयकर अपील सं/ I.T.A. No. 1210/Mum/2020 (निर्धारण वर्ा / Assessment Year: 2011-12) Merck Performance Materials बिधम/ The Assistant Pvt. Ltd., (Formerly Known As Commissioner Of Income Vs. Chemtreat Composites India Tax – 15(2)(2), Mumbai, Pvt. Ltd.) Aayakar Bhavan, Godrej One, Pirojsha Nagar, M.K. Road, Eastern Express Highway, Mumbai - 400020 Vikhroli (East), Mumbai- 400079 Pan : Aabcc5609B (अपीलाथी /Appellant) : (प्रत्यथी) / Respondent) For The Appellant/Assessee: Arati Vissanji For The Respondent/Revenue: C.T. Mathews सुनवाई की तारीख / Date Of Hearing : 03.02.2022 घोषणा की तारीख /Date Of Pronouncement : 13.04.2022 आदेश / O R D E R Per Rahul Chaudhary: 1. By Way Of The Present Appeal The Appellant/Assessee Has Challenged The Order Dated, 02.12.2019 Passed By The Ld. Commissioner Of Income Tax (Appeals)- 24, Mumbai (Hereafter Referred To As „The Cit(A)‟] Under Section 250 Of The Income Tax Act, 1961 (Hereafter Referred To As „The Act‟), Whereby The Ld. Cit(A) Had Dismissed The Appeal Against The Assessment Order, Dated 29.12.2017, Passed Under Section 143(3) Read With Section 147 Of The Act.

For Appellant: Arati VissanjiFor Respondent: C.T. Mathews
Section 10ASection 10BSection 115JSection 143(1)Section 143(3)Section 147Section 148Section 250

case are that the Appellant filed the original return of income on 30.01.2011 declaring total loss of INR 42,80,859/- and Book Profits of INR 99,08,000/- under Section 115JB of the Act. The original return of income filed by the Appellant was processed under Section ... income on 28.09.2012 declaring „Nil‟ income under normal provisions of the Act after claiming the set-off of brought forward losses, and declaring Book Profits of INR 1,00,53,106/- under Section 115JB of the Act. ITA. No. 1210/Mum/2020 A.Y. 2011-12 5. The revised return filed

Tata Consultancy Services Ltd, Mumbai vs. ACIT Large Tax Payer Unit-1, Mumbai

797/Mum/2018

ITA 1769/MUM/2018[2013-14]Status: DisposedITAT Mumbai11 Apr 2022AY 2013-14
Section 143(3)Section 2Section 2(43)Section 37Section 40Section 90

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I‘ BENCH MUMBAI BEFORE: SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER & M/s

Strides Pharma Science Ltd, Navi Mumbai vs. Dy CIT 15 (3)(2), Mumbai

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

ITA 7992/MUM/2019[2015-16]Status: DisposedITAT Mumbai06 Apr 2022AY 2015-16

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Nishit Gandhi a/w Ms. Akshita BhandariFor Respondent: Ms. Vatsalaa Jha (CIT)
Section 143(3)Section 144C(1)Section 144C(13)Section 144C(5)Section 92C

dismissed as not pressed. 29. The issue arising in ground no.6, raised in assessee’s appeal is with regard to re–computation of book profit under section 115JB of the Act by making addition of an amount of Rs.2,47,41,663, towards expenditure incurred for earning exempt income under ... record are: The Assessing Officer vide draft assessment order dated 20.12.2018, added the disallowance made under section 14A of the Act while computing the book profit under section 115JB of the Act. 31. The DRP vide its directions dated 30.09.2019, rejected the objections raised by the assessee on this issue

DCIT-9(1)(2), Mumbai vs. Ascent Hydro Projects Pvt. Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 6732/MUM/2018[2009-10]Status: DisposedITAT Mumbai06 Apr 2022AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

For Appellant: Shri Madhur AgarwalFor Respondent: Shri Mehul Jain
Section 115JSection 80I

erred in allowing to exclusion of the Mark to Market income of ₹.90,26,206/- in computing the book profit u/s 115JB in view of the Apex Court judgement in the case of Apollo tyres vs. ACIT 47 Taxmann 416” M/s. Ascent Hydro Projects Pvt. Ltd., 4. Brief facts relating ... dismissed. 17. With regard to Ground No. 3 raised by the revenue, the Assessing Officer included the mark to market income in computing the book profits u/s. 115JB of the Act. He observed that net profit for computing the book profits are taken from the financials of the assessee

Pr. CIT 9, Mumbai vs. Ascent Hydro Projects Pvt. Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed

ITA 6427/MUM/2018[2013-14]Status: DisposedITAT Mumbai06 Apr 2022AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble

For Appellant: Shri Madhur AgarwalFor Respondent: Shri Mehul Jain
Section 115JSection 80I

erred in allowing to exclusion of the Mark to Market income of ₹.90,26,206/- in computing the book profit u/s 115JB in view of the Apex Court judgement in the case of Apollo tyres vs. ACIT 47 Taxmann 416” M/s. Ascent Hydro Projects Pvt. Ltd., 4. Brief facts relating ... dismissed. 17. With regard to Ground No. 3 raised by the revenue, the Assessing Officer included the mark to market income in computing the book profits u/s. 115JB of the Act. He observed that net profit for computing the book profits are taken from the financials of the assessee

Gujarat Pipavav Ports Ltd., Mumbai vs. ITO -14(1)(1), Mumbai

In the result appeal of the assessee for A

ITA 3361/MUM/2019[2015-16]Status: DisposedITAT Mumbai31 Mar 2022AY 2015-16
Section 143(3)Section 37(1)

justified in confirming the disallowance of loan processing fees debited in the profit and loss account as an exceptional item while computing the book profit u/s.115JB of the Act in the facts and circumstances of the instant case. The interconnected issue involved herein is as to whether the action ... confirming the action of the ld. AO for disallowing the loan processing fees while computing book profits u/s.115JB of the Act would result in travelling beyond the scope of “limited scrutiny”. 6.1. We have heard rival submissions and perused the materials available on record. We find that assessee

Aarti Industrial Ltd., Mumbai vs. DCIT - 15(1)(1), Mumbai

In the result, appeal filed by the assesse is allowed for statistical purpose and appeal filed by the revenue is partly allowed for statistical purpose

ITA 3695/MUM/2018[2014-15]Status: DisposedITAT Mumbai30 Mar 2022AY 2014-15

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Bledcit – 15(1)(1) V. M/S. Arti Industries Ltd., Room No. 470, 4Th Floor 71, Udyog Kshetra, 2Nd Floor Aayakar Bhavan, M.K. Road Mulund-Goregoaon Link Road Mumbai - 400020 Mulund(W), Mumbai -400080 Pan: Aabca2787L Appellant Respondent & C.O. No. 145/Mum/2019 [Arising Out Of Ita.No. 3583/Mum/2018 (A.Y. 2014-15)] M/S. Arti Industries Ltd., V. Dcit – 15(1)(1) 71, Udyog Kshetra, 2Nd Floor Room No. 470, 4Th Floor Mulund-Goregoaon Link Road Aayakar Bhavan, M.K. Road Mulund(W), Mumbai -400080 Mumbai - 400020 Pan: Aabca2787L Appellant Respondent Assessee By : Shri Vijay Mehta Revenue By : Ms. Shailaja Rai & Shri Mehul Jain

For Appellant: Shri Vijay MehtaFor Respondent: Ms. Shailaja Rai &
Section 115JSection 143(3)Section 14ASection 40Section 80

facts and in the circumstances of the case, Learned CIT(Appeal) earned in confirming section 14A r.w.r. 8D(2)(iii) disallowance in computing Book Profit u/s 115JB the Income-tax Act. Additional Grounds 2.0 That on the facts and in the circumstances of the case, fertilizers subsidy received under Nutrient ... treated as capital receipt after considering the purpose test and hence not chargeable to tax in computing income as per normal provisions and Book Profit u/s 115JB the Income-tax Act. 3.0 That on the facts and in the circumstances of the case, subsidy received under Status Holder Incentive Scripts

Dy CIT, CC-1(4), Mumbai vs. M/S. Golden Seam Textiles, Mumbai

In the result, this appeal filed by the revenue stands dismissed

ITA 116/MUM/2021[2010-11]Status: DisposedITAT Mumbai29 Mar 2022AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm

Section 132Section 133ASection 153C

assessment year under consideration the appellant filed its return of income electronically on 29/09/2010 declaring total income at Rs. 72,36,285/- and book Profits of Rs. 1,62,30,339/-. A Search and Seizure action u/s. 132 of the Income Tax Act, 1961 was carried

Anthea Aromatics Pvt. Ltd., Mumbai vs. ACIT 15 (1)(1), Mumbai

The appeal of the Assessee is allowed

ITA 7136/MUM/2018[2012-13]Status: DisposedITAT Mumbai29 Mar 2022AY 2012-13
For Appellant: Shri S. Jana (AR)
Section 10Section 115JSection 143(3)Section 14A

pertinent to mention that while the AO concluded that the aforesaid amount of INR 2,24,876/- was to be added to book profits for the purpose of computing Minimum Alternate Tax under Section 115JB of the Act, the assessment was framed under the normal provisions

Asstt. CIT (OSD) - CC -7 (3), Mumbai vs. M/S. Macrotech Developers Ltd. (Earlier Known As M/S Lodha Developers Ltd.), Mumbai

In the result the appeal filed by the assessee is allowed for statistical purposes

ITA 68/MUM/2019[2015-16]Status: DisposedITAT Mumbai25 Mar 2022AY 2015-16

Bench: S Shri Rifaur Rahamn & Pavan Kumar Gadaledcit – Cc-7(3) Vs. Macrotech Developers Room No. 655, 6Th Ltd (Successor To Floor, Aayakar Bhavan, Bellissimo Crown Mk Road, Mumbai – Buildmart Pvt Ltd) 400020. (Earlier Known As Lodha Crown Build Mart Ltd) 412, 17-G, Vardhaman Chambers, Cp Road, Horniman Circle Fort, Mumbai – 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacl1490J Appellant .. Respondent Macrotech Developers Vs. Dcit – Cc-7(3) Ltd (Successor To Room No. 655, 6Th Bellissimo Crown Floor, Aayakar Bhavan, Buildmart Pvt Ltd) Mk Road, Mumbai – (Earlier Known As 400020. Lodha Crown Build Mart Ltd) 412, 17-G, Vardhaman Chambers, Cp Road, Horniman Circle Fort, Mumbai – 400001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacl1490J Appellant .. Respondent

Section 143(2)Section 14ASection 36(1)(iii)

Delhi) (i) That only those investments which yield exempt income should be considered for computing average value of investments and (ii) while computing book profits u/s 115JB of the Act, the disallowance u/s 14A r.w.r 8D(2) of the I T rules are not to be considered. 7. We find

DCIT 6 (3)(2), Mumbai vs. M/S Kilitch Healthcare India Ltd., Mumbai

In the result Revenue’s appeal is dismissed and assessee’s cross objection is held to be infructuous

ITA 7061/MUM/2019[2015-16]Status: DisposedITAT Mumbai23 Mar 2022AY 2015-16
Section 143(3)Section 14ASection 32Section 56(2)(vii)Section 56(2)(viia)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 ... 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