GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2016 (8) TMI 743 - GUJARAT HIGH COURT

2016 (8) TMI 743 - GUJARAT HIGH COURT - TMI - Rectification of mistake - Computation of book profit u/s.115JB - exclusion of capital receipts - Held that:- Looked from the limited angle of powers of rectification, we do not find that the Tribunal has committed any error. Whether the Commissioner of Income Tax (Appeals)'s directions would cover the normal as well as MAT computation of income, was a debatable issue. The Assessing Officer thus having passed an order taking one view, the same was no .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that there was no apparent error in the consequential order of the Assessing Officer dated 10.02.2010 (consequent to order of C.I.T. (Appeals) dated 15.01.2010), wherein he excluded capital receipts of ₹ 80,88,026/- and ₹ 3,57,05,815/- in computation of total income but did not do so in computation of book profit u/s.115JB? 3. Having heard learned counsel for the appellant, we may reco .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

inst the order of assessment, the assessee preferred appeal before the Appellate Commissioner who by an order dated 15.01.2010 allowed the appeal on this ground and directed as under: 4.6 The facts of the appellant's case are more or less similar. It is evident from the scheme itself that the sales tax subsidy/incentive were not given to the assessee for assisting it in carrying out the business operations. The object of the subsidy was to encourage large scale investment by attracting entre .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

trict of Gujarat before the appellant case is covered by the decision of Hon'ble Special Bench of Mumbai Tribunal in the case of DCIT vs. Reliance Industries Ltd. 88 ITD 273 (Mum.(SB) as relied on by the Learned Counsel. The Hon'ble Special Bench of Mumbai Tribunal had relied on the decision of the Hon'ble Madras High Court in the case vs. Ponii Sugars & Chemicals Ltd. 260 ITR 605 (MAD). This decision was latter on affirmed by the Hon'ble Supreme Court in the case of CIT vs P .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the economic environment of Kutch district live. In view of the above judicial decision and considering the finding given in the case of group concern of the assessee as quoted above and particularly considering the purpose and object of the subsidy/incentive scheme, it is held that the sales tax incentives received by the appellant were in the nature of capital receipt and thus were not chargeable to tax. The additional ground of appeal so admitted is accordingly allowed. 6. Thus, Commissioner .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

xercising powers of rectification to exclude the value of subsidies also from computation of book profit under section 115JB of the Act. 8. The Assessing Officer by its order dated 21.10.2011 rejected such application on the ground that the Commissioner of Income Tax (Appeals) had not given any such directions. While giving effect to the order of Commissioner of Income Tax (Appeals), he would be confined by such order only. 9. This order traveled to Tribunal after crossing the stage of appeal be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tion before the ld.(A). The ld.CIT(A) has allowed the claim of the assessee and directed the AO not to included the alleged capital receipts in the book profits. This order of the CIT(A) was challenged by the Revenue in ITA No.8800 & 8801/Mum/2004. In ground no.3, the revenue has specifically pleased that CIT(A) has erred in directing that the capital receipt should be excluded from the book profit of the assessee. In the present case, as stated earlier, the assessee has filed return of inco .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

12-7-2017 UTGST Rate

12-7-2017 UTGST Rate

12-7-2017 IGST Rate

More Notifications


Latest Circulars:

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

13-7-2017 Central Excise

13-7-2017 Customs

7-7-2017 Income Tax

7-7-2017 Goods and Services Tax

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version