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Income Tax Case Laws - Section: 43


Income Tax

Cases for Section: 43
Showing 1 to 15 of 769 Records

2014 (9) TMI 255 - ITAT AHMEDABAD

DCIT Cir. 1(2), Baroda Versus M/s. Inox Leisure Ltd.

Collection of Entertainment tax is a trading receipt or not - exemption of multiplexes – Subsidy received after completion of cinema house and commencement of operation - Capital or revenue in nature – Held that:- In respect of Pune multiplex the sub ......

2014 (9) TMI 161 - ITAT JAIPUR


Genuineness of transaction - Whether purchase transactions of shares of LIL are genuine – Held that:- The transaction of purchase was arranged through M/s P.K. Agrawal & Company. Shares in both the cases are of the same company i.e. LIL - Both the as ......

2014 (8) TMI 869 - ITAT KOLKATA

Ambo Agro Products Ltd. Versus Deputy Commissioner of Income-tax

Damages for Breach of Contract considered as Speculation Loss – Transaction treated as speculative transaction u/s 43(5) - Held that:- Settlement of disputes allowing damages is termed as washed out contracts in international market - the orders for ......

2014 (8) TMI 839 - ITAT AHMEDABAD

M/s. Inox Leisure Ltd. Versus The DCIT, Circle-1(2), Baroda

Nature of receipt – Entertainment tax – Revenue or capital receipt - Incentive given to assessee for assisting him in carrying out the business operations – Held that:- The State Government proceeded to exempt entertainment tax for a period of 5 year ......

2014 (8) TMI 271 - ITAT DELHI

Saipem Triune Engineering Pvt. Ltd. Versus DCIT Circle 7(1), New Delhi

Enhancement of income – No reasonableness of purchase consideration – Held that:- CIT(A) has not only upheld the disallowance of depreciation but he has held that the entire payment sum was to be disallowed u/s 40A(2) - CIT(A) has referred that Shri ......


Asst. CIT. Versus Manubhai Tribhovandas (HUF)

Interest income allotted to be taxed on proportionate basis - Whether the Tribunal is right in holding that the interest income in the hands of the assessee allotted in the three years IDBI capital bonds is required to be taxed only on proportionate ......

2014 (7) TMI 1065 - ITAT AHMEDABAD

The ACIT, Circle-4, Ahmedabad Versus Heavy Metal and Tubes Ltd.

Additional depreciation on windmill – Held that:- Assessee has installed a Windmill during the year - CIT(A) while deciding the issue has given a finding that the Assessee is already engaged in the business of manufacturing of production of Pipes and ......

2014 (7) TMI 1001 - GUJARAT HIGH COURT

Commissioner of Income Tax Versus Jayant Extraction Industries

Allowability of depreciation on enhanced value – Approval of DCIT before application of Explanation 3 of section 43(1) –Held that:- Tribunal has not considered the issue with respect to depreciation on enhanced value to the successor firm and not wri ......

2014 (7) TMI 853 - ITAT MUMBAI


Claims of Exemption u/s 10A - Transfer of stock – Held that:- FIFO method has to be applied - the profits for the under valuation is required to be disallowed – CIT (A) observed that the assessee followed the FIFO method on the transfer of 200kgs of ......


M/s. Priyadarshini Spinning Mills Ltd. Versus Commissioner of Income-tax AP-I, Hyderabad

Written down value of block assets – reduction of receipt from insurance company as to the damages u/s 43(6)(c) - block assets (WDV), valued at ₹ 68,06,562/- were destroyed in a fire accident - the insurer paid a sum of ₹ 1,54,99,051/- T ......


Commissioner of Income Tax, Kol-III Versus M/s. Baljit Securities Pvt. Ltd.

Profits and gains from the purchase and sale of shares - Setting off of loss of derivatives and day trading of shares – e meaning of the expression “speculative transaction”. - Held that:- Where an assessee, being the company, besides dealing in othe ......

2014 (6) TMI 285 - ITAT AHMEDABAD

The Green Enviornment Services Co. Op. Services Ltd. Versus The ITO, Ward 6(4), Ahmedabad

Addition of entire subsidy amount received from Govt. – Held that:- The Assessee had shown subsidy as revenue in the books of accounts and had followed mercantile system of accounting – assessee had followed this practice consistently on matching pri ......


Commissioner of Income-tax Versus Premier Vegetable Products Ltd.

Deletion of disallowance of entertainment expenses – Held that:- The Tribunal has correctly come to the conclusion that the expenditure claimed by the assessee on tea, coffee, cold drinks, pan, cigarette, biscuits, crockery are not in the nature of e ......

2014 (5) TMI 997 - ITAT DELHI

ACIT, Circle 31(1), New Delhi Versus Shashi Kanta Goenka (HUF)

Sale/purchase of shares under the head capital gains - Held that:- Primarily the intention of assessee is of paramount importance in determining whether the shares were held by it as investment or as stock in trade - All the attendant circumstances h ......

2014 (5) TMI 732 - ITAT MUMBAI

M/s. Jaimin Jewellery Exports Pvt. Ltd. Versus ACIT – 5(2), Mumbai

Disallowance of loss on foreign currency fluctuation - Assessee contended that the revenue disregarded the fact that the assessee needs to enter into forward contract in order to Hedge risk as the amount involved is high and significant – Held that:- ......

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