Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

The Commissioner of Income Tax Versus M/s Cornerstone Brands Ltd.

2016 (8) TMI 767 - GUJARAT HIGH COURT

Computation of book profit u/s. 115J based on separate profit and loss account furnished by the assessee - Interest charged under section 234B - whether computation of income under section 115J was not liable to payment of advance tax? - Held that:- Taking into account the fact that the assessee has claimed depreciation in the profit and loss account on the basis of Income-tax Rules and not as per the Companies Act, the contention raised by the assessee, which has been rightly accepted by the Co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion No. 1 in favour of the assessee and against the revenue. - So far as question No. 2 is concerned, in view of the decision of the Apex Court in the case of Commissioner of Income-tax v. Kwality Biscuits Ltd. (2006 (4) TMI 121 - SUPREME Court ) no interest under section 234B and 234C would be leviable when income was computed by invoking provisions of section 115J of the Income-tax Act. We, therefore, answer question No. 2 in favour of the assessee and against the revenue. - Tax Appeal 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

as dismissed the appeal of the revenue by confirming the order of the Commissioner of Income-tax (Appeals). 2. These appeals were admitted by this court for consideration of the following substantial questions of law: Tax Appeal No. 257 of 2007: (A) Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) directing to compute the book profit u/s. 115J based on separate profit and loss account furnished by the assessee? (B) Whether the Appellate Tri .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nce tax? 3. The learned counsel for the appellant has contended that the issue regarding computation of book profit under section 115J of the Income-tax Act is referred to a Larger Bench in the case of Dynamic Orthopedics P. Ltd., reported in (2010) 321 ITR 300 (SC). Therefore, the same may be kept pending or decided subject to the decision of the Larger Bench Apex Court. 4. Learned counsel for the assessee Mr. Soparkar has contended that issue No. 1 is now concluded by the decision of the Apex .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| 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