TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Court dismisses revenue's appeal on income tax dispute, upholding assessee's position on key provisions.</h1> <h3>Pr. Commissioner of Income Tax-2, Bengaluru., Income Tax Officer Ward-4 [1] [1], Bengaluru. Versus M/s. J.J. Glastronics Pvt. Ltd.,</h3> Pr. Commissioner of Income Tax-2, Bengaluru., Income Tax Officer Ward-4 [1] [1], Bengaluru. Versus M/s. J.J. Glastronics Pvt. Ltd., - [2022] 446 ITR 712 ... Issues:1. Dismissal of miscellaneous petition by Tribunal under Section 260A of the Income Tax Act, 19612. Disallowance under Section 14A while computing book profit under Section 115JB of the Act3. Acceptance of decision by Delhi Special Bench of the Tribunal in a previous case4. Rejection of appeal by Tribunal without considering Explanation 1[f] to Section 115JB[2]Issue 1:The appeal was filed by the revenue under Section 260A of the Income Tax Act, 1961, challenging the dismissal of a miscellaneous petition by the Tribunal. The Tribunal had dismissed the petition despite the conditions set out in Section 254[2] being satisfied. The revenue contended that the Tribunal's decision was erroneous and sought a favorable ruling in their favor.Issue 2:The controversy revolved around the disallowance under Section 14A while computing book profit under Section 115JB of the Act. The revenue argued that the Tribunal failed to consider Explanation 1(f) to Section 115JB(2) correctly, leading to an incorrect decision. The Tribunal's order was disputed based on a previous judgment by the Delhi ITAT Bench and the interpretation of relevant provisions.Issue 3:The Tribunal's reliance on a decision by the Delhi Special Bench in a previous case was questioned by the revenue. They argued that the decision was accepted by the Department based on low tax effect and not on merits. This issue highlighted the importance of the Tribunal's reasoning and the impact of precedent on subsequent cases.Issue 4:The rejection of the revenue's appeal by the Tribunal without proper consideration of Explanation 1[f] to Section 115JB[2] was another key point of contention. The revenue emphasized the significance of this provision in computing book profit under Section 115JB of the Act. The Tribunal's decision was challenged based on the interpretation and application of relevant legal provisions.In the detailed analysis, the judgment delves into the arguments presented by both parties regarding the interpretation of statutory provisions, previous judicial decisions, and the application of relevant legal principles. The court considered the provisions of Section 154 of the Act, the significance of Explanation 1(f) to Section 115JB(2), and the implications of disallowance under Section 14A on computing book profit under Section 115JB. The court referenced various judicial precedents to support its reasoning and ultimately ruled in favor of the assessee, dismissing the revenue's appeal based on the findings and interpretations presented in the judgment.
TaxTMI 