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of <h1>Supreme Court Upholds High Court Decision on Civil Appeal, Dismisses Appeals</h1> <h3>COMMISSIONER OF INCOME-TAX, DELHI Versus M/s. DCM SHRIRAM CONSOLIDATED LTD.</h3> The Supreme Court upheld the High Court's decision in a civil appeal, citing precedent from a previous case. The appeals were dismissed with no order as ... Computation of Minimum Alternate Taxation (MAT) u/s 115JA - whether the assessee would be entitled to reduce the book profits to the extent of profit derived from its CPPs, while computing MAT under Section 115JA? - Held that:- The High Court in [2008 (11) TMI 44 - DELHI HIGH COURT] has correctly relied upon the decision of Tata Iron and Steel Co. Ltd. v. State of Bihar [1962 (9) TMI 49 - SUPREME COURT] to conclude it is quite evident that assessee's CPPs can as a matter of principle derive profits which is in point of fact embedded in the ultimate profit earned on the sale of the final product. - Assessee is entitled to reduce from its book profits, the profits derived from its CPPs, in determining tax payable for the purposes of Section 115JA of the Act. - Decided in favour of assessee. The Supreme Court judgment in 2015 (2) TMI 759 upheld the decision of the High Court based on the precedent set in Tata Iron and Steel Co. Ltd. v. State of Bihar [1963] 48 ITR (SC) 123. The civil appeals were dismissed with no order as to costs.
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