RELIANCE INDUSTRIES LTD.,MUMBAI vs. ASSTT. CIT-CC-3(4), MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Pramod Kumar, Vice Preside & Shri Sandeep Singh Karhail

115J.‖ 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

ACIT -3(4) , MUMBAI vs. RELIANCE INDUSTRIES LTD, MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Pramod Kumar, Vice Preside & Shri Sandeep Singh Karhail

115J.‖ 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

RELIANCE INDUSTRIES LTD.,MUMBAI vs. ACIT CIRCLE 3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

DCIT- 3(4) , MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

DCIT-3(4), MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE-3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

DCIT (LTU)-2, MUMBAI vs. M/S RELIANCE INDUSTRIES LTD., MUMBAI

In the result, the ITA No

115J, does not apply in terms of section 115JB, we cannot be at liberty to be guided by the coordinate bench decision implying otherwise. The very foundation of deviation by the coordinate bench does not, therefore, hold good in law. In any event, this issue is decided on merits in favour of the assessee by Hon‟ble Calcutta High Court

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. ACIT , MUMBAI

In the result, the ITA No

115J, does not apply in terms of section 115JB, we cannot be at liberty to be guided by the coordinate bench decision implying otherwise. The very foundation of deviation by the coordinate bench does not, therefore, hold good in law. In any event, this issue is decided on merits in favour of the assessee by Hon‟ble Calcutta High Court

RELIANCE INDUSTRIES LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX LARGE TAXPAYER UNIT-2, MUMBAI

In the result, the ITA No

115J, does not apply in terms of section 115JB, we cannot be at liberty to be guided by the coordinate bench decision implying otherwise. The very foundation of deviation by the coordinate bench does not, therefore, hold good in law. In any event, this issue is decided on merits in favour of the assessee by Hon‟ble Calcutta High Court

ENTERTAINMENT NETWORK (INDIA) LTD,MUMBAI vs. ASST CIT RG 11(1), MUMBAI

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

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.852/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Entertainment Network Acit 16(1), Room No. 439, 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, 4T H Floor, A Wing, V. Mumbai- 400020 Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaace7796G आयकर अपीऱ सं./I.T.A. No.812/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Acit 16(1), Room No. 439, Entertainment Network 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, Mumbai 400020 4T H Floor, A Wing, V. Matulya Centre, Senapati Bapat Marg, Lower Parel(West), Mumbai-400013 स्थायी ऱेखा सं./ Pan : Aaace7796G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

disallowed u/s. 14A has to be adjusted. As Far as section 115JB is concerned, at the outset it is necessary to clarify that the case of the present appeal falls under this section and not under section 115J

ACIT 16(1), MUMBAI vs. ENTERTAINMENT NETWORK (INDIA) LTD, MUMBAI

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

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.852/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Entertainment Network Acit 16(1), Room No. 439, 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, 4T H Floor, A Wing, V. Mumbai- 400020 Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaace7796G आयकर अपीऱ सं./I.T.A. No.812/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Acit 16(1), Room No. 439, Entertainment Network 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, Mumbai 400020 4T H Floor, A Wing, V. Matulya Centre, Senapati Bapat Marg, Lower Parel(West), Mumbai-400013 स्थायी ऱेखा सं./ Pan : Aaace7796G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

disallowed u/s. 14A has to be adjusted. As Far as section 115JB is concerned, at the outset it is necessary to clarify that the case of the present appeal falls under this section and not under section 115J

ACIT CENTRAL CIR6(4), MUMBAI vs. M/S. MARIANA INFRASTRUCTURTE LTD, MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri Aby T Varkey & Shri Amarjit Singhthe Asstt. Commissioner Vs. Mariana Infrastructure Of Income Tax, Central Limited, M-62 &63, Circle -6(4) 1St Floor, Connaught Room No. 1925, 19Th Place, New Delhi Floor, Air India Building, 110 001 Nariman Point, Mumbai – 400021 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aafcm2619H Appellant .. Respondent Appellant By : Ajay Chandra Respondent By : K. Gopal Date Of Hearing 13.10.2022 Date Of Pronouncement 31.10.2022 आदेश / O R D E R Per Amarjit Singh (Am): The Present Appeal Filed By The Revenue Is Directed Against The Order Passed By The Ld. Cit(A)-54, Mumbai Which In Turn Arises From The Order Passed By The A.O U/S 143(3) Of The Act. The Revenue Has Raised The Following Grounds Before Us: “1. Whether The Ld.Cit(A) Erred In Allowing The Claim Of Deduction Of Revenue Of Cancelled Transaction Of Rs.27,78,65,132/- Cancelled In Subsequent Year From The Book Profit Though Section 115Jb Is A Self-Contained Code Where Even The Additions & Deductions From The Book Profit Are Specified The Provisions Of Section 115Jb Des Not Allow Any Such Deductions?."

disallowed while computing Book Profit u/s 115JB of the Act 5.3.2 The appellant has submitted that that the decision in the case of Apollo Tyres was rendered in the context of section 115J

BATLIBOI LTD,MUMBAI vs. DCIT CIR 2(1), MUMBAI

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

Bench: Shri M.Balaganesh, Am & Shri Pavan Kumar Gadale, Jm M/S. Batliboi Limited Vs. Dy. Cit, Circle 2(1) Bharat House, Aayakar Bhavan 5Th Floor, 104 5Th Floor, Mumbai-400001 Mumbai Samachar Marg Fort, Mumbai -400 001 Pan/Gir No. Aaacb4408L (Appellant) .. (Respondent)

115J which had gradually migrated to Section 115JB of the Act without digressing from the true intention behind introduction of these provisions in the Act. Hence, the primary argument that Section 115JB of the Act is not applicable to the assessee company in the instant case is hereby rejected. Accordingly, the ground No.1 raised by the assessee is dismissed

M/S. ACC LTD ( FORMELY KNOWN AS THE ASSOCIATED CEMEMTN COMPANIES LTD),MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

disallowing the ITA. No. 5259 & 4895/Mum/2007 Assessment Year: 2004-05 claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J

THE ACIT RG 1(1), MUMBAI vs. M/S. ASSOCIATED CEMENT CO., MUMBAI

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

disallowing the ITA. No. 5259 & 4895/Mum/2007 Assessment Year: 2004-05 claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J

ASST CIT CIR 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

The appeal of the Revenue is allowed for statistical

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2012-13 Acit M/S Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5Th Floor, 1St Floor Bandbox House, Vs. Aayakar Bhavan, Dr. Ab Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafca2302P Shri Nitin Waghmode-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri J.D. Mistri Sr. Advocate

115J vide Finance Act, 1987 w.e.f. 01.04.1988, and later substituted by section 115JA of the Act w.e.f. 01.04.1997. Under both these sections, the above clauses (ii) and clause (f) of section 115JB of the Act did find mention in the Explanation to that sections inasmuch as while computing adjusted book profit, exempt income credited to the profit and loss account

DCIT CIR 3(1), MUMBAI vs. ICICI BANK LTD, MUMBAI

In the result, Revenue’s appeal and assessee’s appeal are partly allowed for statistical purposes

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

disallowable under section 14A of the Act. Admittedly, the assessee has not challenged the aforesaid decision of the learned Commissioner (Appeals). Learned Departmental Representative has also not advanced any substantive argument to defer from the view expressed by the learned Commissioner (Appeals). In any case of the matter, as per the decision of the Co–ordinate Bench in Krung Thai

GODREJ CONSUMER PRODUCTS LTD,MUMBAI vs. DCIT CIR 14(1)(1), MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Deyand Shri N.K. Pradhan

disallowance made by the Assessing Officer. 32. We have considered rival submissions and perused the material on record. It is observed, identical issue came up for consideration before the Tribunal in assessee’ own case for the assessment year 2009–10. While deciding the issue in ITA no.1299/Mum./2013, dated 20th April 2016, the Tribunal following its earlier decision allowed assessee