The Commissioner Of Income Tax, Panaji., v. Zuari Global Ltd. (Formerly Known As Zuari Industries Ltd.).,

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 the appellant.

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 back of MAT credit entitlement when computing book profits under Section 115JB of Income Tax Act,1961, particularly, whether the assessee could add back the net amount debited to the profit and loss account. The matter, however, is not being pressed by the Department 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.

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