Search Results Page

Search Results

1 - 10 of 33 (1.63 seconds)
Documents citing Acit, Hisar vs Jindal Steel & Power Ltd., Hisar on 1 December, 2021

Jindal Power Limiteed, Raigarh vs Deputy Commissioner Of Incoe Tax , ... on 23 September, 2022

16.2 As the assessee had duly came forth with a full and true disclosure of all material facts as regards the "primary facts" qua the aforesaid issue, and was neither required to disclose the "secondary facts" nor required to give any assistance to the A.O by disclosure of the other facts, and it was for the A.O to decide what inferences were 31 Jindal Power Limited Vs. DCIT-1(1) ITA No. 199/RPR/2017 to be drawn from the facts before him, therefore, the reopening of the assessee's case for the aforesaid reason would not be saved by the extended time period contemplated in the "1st proviso" to Sec. 147 of the Act.
Income Tax Appellate Tribunal - Raipur Cites 30 - Cited by 0 - Full Document

Pbs Oil Industries Limited, Dhamtari vs Deputy Commissioner Of Income Tax, ... on 9 September, 2022

7. As stated by the Ld. A.R, and rightly so, the issue involved in the present appeal i.e. allowability of CSR Expenses as a revenue expenditure is squarely covered by the order of the Tribunal in the case of ACIT Vs. Jindal Power Limited, ITA No.99/BLPR/2012, dated 23.06.2016. Considering at length the aforesaid issue in question the Tribunal had after referring to "Explanation 2" to Sec.37(1) had concluded that the aforesaid expenses were duly allowable as an expenditure as per the mandate of Sec. 37(1) of the Act, observing as under :-
Income Tax Appellate Tribunal - Raipur Cites 15 - Cited by 0 - Full Document

Agappe Diagnostics Ltd, Mumbai vs Dy.Commissioner Of Income Tax,Circle ... on 19 September, 2022

companies Act 2013, the assessee company is mandatorily required to spend at least 2% of the average net profits of the company made during three immediately preceding financial years in pursuance to its corporate social responsibility (CSR policy) and the assessee has mandatorily spent ₹ 18,43,813/- and was disallowed in the computation of income. whereas the remaining amount of ₹ 2,09,214/- is spent voluntarily and was claimed as deduction of business expenditure in the return of income tax filed which was incurred wholly and exclusively for the purpose of business. The Ld. AR demonstrated that the expenses are duly supported with the information at page 27 to 32 of the paper book. We find Hon'ble ITAT Raipur Bench in the case on ACIT Vs. Jindal Power Ltd. (179 TTJ 736) has held in terms of explanation 2 to Section 37(1) of the Act, the disallowance is restricted to expenses incurred by assessee under the statutory obligation u/s.135 of the companies Act 2013 and it doesn't apply to the expenditure incurred in discharge of corporate social responsibility(CSR) on voluntarily basis. We considering the facts, submissions, provisions of the Act and the judicial decisions relied by the Ld. AR find the action of the assessee incurring the expenditure voluntarily to maintain harmony at the vicinity of the factory area and is not a personal expenditure, further the assessing officer has not doubted genuineness of the expenditure but only on the nature of the 7 Agappe Diagnostics Ltd.
Income Tax Appellate Tribunal - Mumbai Cites 11 - Cited by 0 - Full Document

Reliance Industries Limited, Mumbai vs Acit , Mumbai on 8 March, 2022

103. While dealing with the deductibility of corporate social responsibility expenses, so far as period prior to insertion of Explanation 2 to Section 37(1) is concerned, it is useful to take note of a coordinate bench decision in the case of ACIT Vs Jindal Power Ltd [(2016) 70taxmann.com 389 (Raipur)] wherein, speaking through one of us (i.e. the Vice President), it was observed thus:
Income Tax Appellate Tribunal - Mumbai Cites 116 - Cited by 83 - Full Document

Srf Limited, New Delhi vs Acit, Circle- 1, Ltu, New Delhi on 23 January, 2023

In the case of AppolloTyres Ltd. (supra) the income in question was taxable but was exempt under a specific provision of the Act as such it was to be included as a part of the book profit. But where a receipt is not in the nature of income at all it cannot be included in book profit for the purpose of computation under Section 115JB of the Income Tax Act, 1961. For the aforesaid reason, we hold that the interest and power subsidy under the schemes in question would have to be excluded while computing book profit under Section 115 JB of the Income Tax Act, 1961."
Income Tax Appellate Tribunal - Delhi Cites 19 - Cited by 0 - Full Document
1   2 3 4 Next