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Income Tax Case Laws - Section: 43


Income Tax

Cases for Section: 43
Showing 1 to 15 of 765 Records

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:- ......

2014 (5) TMI 661 - ITAT HYDERABAD

Hyderabad Metropolitan Water Supply & Sewerage Board, Hyderabad Versus ACIT, Circle 6(1), Hyderabad.

Calculation of depreciation – Adjustment of grants-in-aid received towards cost of asset u/s 43(6) of the Act – Held that:- Interpreting the issue of depreciation ‘actually allowed’ in a case where assessee was not taxable under the Income Tax Act ti ......


Commissioner of Income Tax Central-II Versus Jay Enterprises

Disallowance of loss in MCX division – Held that:- Following Commissioner of Income-tax- III Versus Jay Enterprise[2012 (6) TMI 545 - GUJARAT HIGH COURT] - the AO did not deny the fact that the assessee is a bullion merchant and has a terminal of MCX ......

2014 (5) TMI 74 - ITAT KOLKATA

CD. Equisearch (P.) Ltd. Versus Deputy Commissioner of Income-tax

Non-assessment of losses incurred in the business of share trading – Speculation loss under Explanaition to 73 of the Act - Revision u/s 263 - Order prejudicial to the interest of the revenue - The assessee itself had shown the whole of its business ......

2014 (5) TMI 46 - ITAT MUMBAI

ITO 18(1) (3), Mumbai Versus M/s. D. Chetan Kumar & Co.

Deletion of STCG - Valuation of asset –Held that:- The decision in M/s Lalbhai Kalidas & Co. Versus Income Tax Officer 16(3) (2), Mumbai [2013 (11) TMI 682 - ITAT MUMBAI] followed - FAA was of the view that a reading of section 43 clause (c) indicate ......

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