ITAs No.254, 486, 485, 484, 483/MUM/2024

Parties Involved

Facts Summary

The present appeals involve disputes between Just Dial Limited and the Deputy Commissioner of Income Tax regarding the disallowance of certain deductions and additions in the computation of book profit under the Minimum Alternate Tax (MAT) provisions for the assessment years 2017-18, 2018-19, 2020-21, and 2021-22. The assessee, Just Dial Limited, appealed against the disallowance of a deferred tax asset credited to other comprehensive income and claimed as a deduction for computing book profit. The Revenue appealed against the deletion of disallowances on ESOP expenses and cash sales. The Tribunal allowed the assessee's appeal for the assessment year 2017-18 and dismissed the Revenue's appeals for all assessment years.…

Legal Issues

• 1. Disallowance of deferred tax asset credited to other comprehensive income
• 2. Disallowance of ESOP expenses
• 3. Addition on account of cash sales under section 68 of the Act

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

Similar Judgements

• Industrial Investment Bank of India Limited vs. PCIT, Kolkata

  Kolkata bench

• Economic Explosives Ltd. v. Asstt. Commissioner of Income Tax

  Nagpur bench

• Paris Elysees India Pvt. Ltd. vs. DCIT

  Jaipur bench

• Jubilant FoodWorks Limited vs Assistant Commissioner of Income Tax, Circle-5(1)(1), Noida

  Delhi Bench benchAY 2016-17Partly Allowed

• ICRA Ltd. Vs. DCIT

  Delhi Bench benchAY 2013-14, 2017-18, 2018-19 & 2020-21Allowed

• M/s Nawla Ispat Pvt. Ltd. vs DCIT

  Delhi bench