Panaji v. Zuari Global Ltd. (Formerly Known
High Court
14 Jun 2019 In favour of: Unclear
Forum / Bench
High Court · hcbgoa
Parties
Panaji v. Zuari Global Ltd. (Formerly Known
Date of order
14 Jun 2019
Assessment year(s)
—
Outcome
Other
The order — as passed by the High Court
Case summary
In Panaji v. Zuari Global Ltd. (Formerly Known, the High Court (2019) decided the matter.
Issue: Date:- 14th June 2019 P.C.: The present Tax Appeal involves the question of adding backof MAT credit entitlement when computing book profits underSection 115JB of Income Tax Act,1961, particularly, whether theassessee could add back the net amount debited to the profit andloss account.
Decision: 2 TXA 63/18 2.The Tax Appeal is accordingly disposed of as not pressed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
1 TXA 63/18
IN THE HIGH COURT OF BOMBAY AT GOA
TAX APPEAL NO. 63 OF 2018
THE COMMISSIONER OF INCOME TAX,
PANAJI.
... Appellant
Versus
ZUARI GLOBAL LTD. (FORMERLY KNOWN
AS ZUARI INDUSTRIES LTD.) ... Respondent
Ms. Amira Abdul Razaq and Mr. K. Aravind, Advocates for theappellant.
Mr. Jehangir D. Mistri, Senior Advocate with Mr. Prashil Arolkar,Advocate for the respondent.
Coram:- S. C. GUPTE &
PRITHVIRAJ K. CHAVAN, JJ.
Date:- 14th June 2019
P.C.:
The present Tax Appeal involves the question of adding backof MAT credit entitlement when computing book profits underSection 115JB of Income Tax Act,1961, particularly, whether theassessee could add back the net amount debited to the profit andloss account. The matter, however, is not being pressed by theDepartment on merits, since the tax effect involved is merely of₹14,62,500/-, that is to say, well below the limit of ₹50,00,000/-laid down by the Circular of CBDT.
2 TXA 63/18
2.The Tax Appeal is accordingly disposed of as not pressed.
PRITHVIRAJ K. CHAVAN, J.
S. C. GUPTE, J.
mv
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