Haldia Petrochemicals Ltd vs Principal Commissioner Of Income Tax - 4
ID: F2J-C-2577 Court: Calcutta High Court Case number: ITA No. 20 of 2020 Decision date: 2020-12-09
Finin2min decision brief
Calcutta High Court ruling in ITA No. 20 of 2020. Read the complete court text for the operative result and fact-specific directions.
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Calcutta High Court
Haldia Petrochemicals Ltd vs Principal Commissioner Of Income Tax - 4 on 9 December, 2020
Author: I. P. Mukerji
Bench: I. P. Mukerji
OD11
IA No. GA No. 2 of 2019
GA No. 1185 of 2019
ITA No. 20 of 2020
IN THE HIGH COURT AT CALCUTTA
SPECIAL JURISDICTION (INCOME TAX)
CIVIL APPELLATE JURISDICTION
ORIGINAL SIDE
Haldia Petrochemicals Ltd.
Versus
Principal Commissioner of Income Tax - 4
Before:
The Hon'ble Justice I. P. MUKERJI
And
The Hon'ble Justice MD. NIZAMUDDIN
Date: 9th December 2020
Appearance:
Mr. J. P. Khaitan, Sr. Advocate
Mr. S. Kejriwal, Advocate
Mr. Soumik Ghosh, Advocate
for the appellant
The Court: This appeal under section 260A of the Income Tax Act,
1961 against an order of the tribunal dated 22nd November 2008 is
admitted on the following substantial questions of law:
I. Whether the tribunal was justified in law in directing
disallowance of 1% of the appellant's dividend income
as expenditure under section 14A of the Income Tax
Act, 1961 when the appellant's case was that no
expenditure was incurred by it in relation to the
dividend income?
II. Whether on a true and proper interpretation of
section 115JB of the Income Tax Act, 1961, the
tribunal was justified in law in directing disallowance
of 1% of the appellant's dividend income in
computing the appellant's book profit under section
115JB?
2
III. Whether the tribunal was justified in rejecting the
additional grounds raised by the appellant and its
purported findings in that behalf are arbitrary,
unreasonable and perverse?
IV. Whether the tribunal was justified in law in not
deciding the question as to whether the amount of
Rs.42.67 crores received as incentive in terms of the
West Bengal Incentive Scheme, 1999 was a capital
receipt, not liable to tax under the normal
computation provisions as also the provisions relating
to minimum alternate tax?
As the respondents are not noticed, service of the notice of appeal
is to be effected on them by 8th January 2021. The advocate-on-record for the appellant is directed to file an informal paper book by 25th January 2021, serving a copy thereof on the advocate-on-record for the respondent at least seven days before the hearing of the appeal.
List the appeal for hearing on 8th February 2021. The stay application (GA No. 1185 of 2019) is disposed of.
(I. P. MUKERJI, J.) (MD. NIZAMUDDIN, J.) R. Bose
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Questions answered
What did the court decide?
Calcutta High Court ruling in ITA No. 20 of 2020. Read the complete court text for the operative result and fact-specific directions.
Which case and court does this page cover?
ITA No. 20 of 2020, decided by Calcutta High Court on 2020-12-09.
Is the complete judgment available?
Yes. The complete searchable public court text appears on this page and in the downloadable local reference PDF.
What should be checked before relying on this ruling?
Verify the assessment year, applicable statutory text, territorial and appellate jurisdiction, and any later appeal, review, stay or contrary binding authority.