2013 (11) TMI 1234 - ITAT AHMEDABAD
ARVIND MILLS LTD & OTHERS Versus ASSTT COMMISSIONER OF INCOME TAX & OTHERS
Allowability of interest expense on debenture - accrual of interest liability - Such payment was made on 24/03/1995, i.e. the date of allotment in that case, hence the funds were used in that case for only a few days during AY 1995-96. In spite of th ......
2013 (11) TMI 424 - ITAT MUMBAI
London Star Diamond Company (I) (P.) Ltd Versus Deputy Commissioner of Income-tax
Forward contract a ‘hedging transaction’ or a ‘Forward transaction’ - Assessee is engaged in the business of trading and manufacturing of rough and polished diamonds and filed the return of income declaring the total income of Rs. 35,29,042/- - Asses ......
2013 (11) TMI 408 - ITAT MUMBAI
S VINODKUMAR DIAMONDS PVT LTD Versus ADDL COMMISSIONER OF INCOME TAX RANGE-5(3), MUMBAI
Disallowance u/s 36 - Interest expenditure - proportionate disallowance on the ground that possession of the premises had not been handed over to the assessee till the end of the AY - assessee contended that he has used interest free funds for purcha ......
2013 (11) TMI 117 - ITAT CHANDIGARH
Smt. Vibha Goel Versus Joint Commissioner of Income-tax
Disallowance of loss from derivative business – Held that:- Following Asst. CIT v. Shree Gopal Purohit  [2009 (6) TMI 676 - ITAT MUMBAI] - Income from derivative transaction is non-speculative in nature - Even if there are procedural violations ......
2013 (10) TMI 936 - MADRAS HIGH COURT
M/s. Poompuhar Shipping Corporation Ltd. And Others Versus The Income Tax Officer, International Taxation II And Others
Whether ship comes under the fold of word ‘Plant’ – Held that:- Plant would include any article or object fixed or movable, live or dead, used by a business man for carrying on his business and it is not necessarily confined to an apparatus which is ......
2013 (10) TMI 878 - BOMBAY HIGH COURT
The Commissioner of Income Tax-5 Versus M/s. Essar Projects Ltd.
Allowance of the loss on re-valuation of foreign currency u/s 43(2) of the Income Tax Act – Held that:- Relying upon the decision of the case Padamjee Pulp & Paper Mills Ltd. V/s. CIT reported in [1993 (10) TMI 16 - BOMBAY High Court], it was decided ......
2013 (10) TMI 643 - ITAT MUMBAI
Amu Shares & Securities Limited Versus Dy. CIT - 4(1), Mumbai
Jobbing Activity - Whether jobbing activity is non-speculative or not – Held that:- The law does not provide an exception, in terms of section 43(5)(c), to a member of a forward market or a stock exchange qua non-delivery based transactions for being ......
2013 (10) TMI 214 - GUJARAT HIGH COURT
MUNJAL AUTO INDUSTRIES LTD Versus DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 4 (1).
Depreciation - reduction of subsidy from actual cost reduced - sec.43(1) of the Income Tax Act, 1961 – Held that:- Though ordinarily, it may be true that the subsidies, which are in the nature of capital receipts given for covering the capital detail ......
2013 (9) TMI 798 - ITAT MUMBAI
INCOME TAX OFFICER Versus PURSARTH TRADING CO PVT LTD
Business loss or speculation loss - set off of share loss against income under other heads for the assessment year under consideration - Whether the share loss is to be considered as speculation loss or business loss of the assessee - Held that:- fi ......
2013 (9) TMI 733 - DELHI HIGH COURT
CIT Versus Nasa Finelease P. Ltd.
Benefit under Section 43(5) clause (d) – speculative loss - derivative transactions - the said insertion was made by Finance Act, 2005. Rule 6 DDA and Rule DDB were subsequently enacted to prescribe conditions and procedure for notification of a re ......
2013 (9) TMI 640 - ITAT MUMBAI
Siltex India Versus Income-tax Officer
Cash credit u/s 68 - determination of new credit - Difference in opening and closing balance - Held that:- In the original assessment order made under section 144, the Assessing Officer noted that unsecured loans had increased by Rs. 23,64,272 being ......
2013 (9) TMI 522 - ITAT, MUMBAI
Mahindra & Mahindra Limited, Versus The Deputy Commissioner of Income Tax, 2(2),
Revenue or Capital Expenditure - principles to decided the nature of expenses - acquisition of a unit - Held that:- Expenditure incurred by appellant for successful or aborted acquisitions was capital in nature - While holding acquisition expendit ......
2013 (9) TMI 328 - ITAT MUMBAI
SHRI PRAKASH AMRITLAL SHAH Versus ASSTT COMMISSIONER OF INCOME TAX
Nature of Income - The dispute is regarding the nature of income from sale and purchase of shares by the assessee - Whether the income from sale and purchase of shares in a particular case should be treated as capital gain or as business income – Hel ......
2013 (9) TMI 227 - ITAT KOLKATA
Income-tax Officer Versus M/s Bunty Holdings (P.) Ltd.
Short term capital loss or speculation loss - whether CIT(A) erred in treating the transactions made by the assessee as short term capital loss and not speculation loss - Intention of assessee - Held that:- It is a well settled position that the asse ......
2013 (9) TMI 198 - ITAT AHMEDABAD
GUJARAT AMBUJA EXPORT LTD Versus ASSTT COMMISSIONER OF INCOME TAX
Disallowance(100%) on the ground of being a bogus purchase - In respect of purchases from M/s. Vishal Traders, 100% disallowance was made by the A.O. by holding that the entire purchase is bogus purchase – Held that:- assessee has furnished quantitat ......