2014 (6) TMI 734 - ITAT MUMBAI
DCIT 19(3), Mumbai Versus M/s Jupiter Construction
Loss from business or profession - set off of business loss against the income shown under the head income from house property u/s. 71 - Conversion of the closing stock into capital asset Held that:- The assessee had converted the stock in trade i ......
2014 (4) TMI 350 - ITAT HYDERABAD
Secunderabad Club, Secunderabad Versus Income Tax Officer
Claim of exemption from tax Interest earned on fixed deposits Principle of mutuality Held that:- The decision in CIT Vs. Secunderabad Club [2011 (8) TMI 752 - Andhra Pradesh High Court] followed if an incorporated entity is engaged in trade, ......
2014 (3) TMI 365 - ITAT MUMBAI
Shri Lachmandas Jiwnani Versus The ITO 12(3) (2), Mumbai
Disallowance of interest u/s 24(b) of the Act - Whether the said amount advanced by Saraswat Bank to the assessee in the form of rent advance could be considered as amount borrowed by the assessee from the said Bank for purchase of the property Hel ......
2013 (12) TMI 1321 - KARNATAKA HIGH COURT
CIT & DCIT Versus M/s McDOWELL & CO LTD
Carry forward of capital loss. - Whether sale of polymer division and sale of land in Gujarat are separate transactions Held that:- The polymer unit which is at Vizag was acquired in the year 1978 - The industrial land in Gujarat was acquired in th ......
2013 (11) TMI 1282 - ITAT MUMBAI
Hercules Hoists Ltd. Versus ACIT
Determination of Business Income Set off of Depreciation/ Losses - Disallowance of Deduction u/s 80-IA(5) of Income Tax Act, 1961 Held that:- There was firstly nothing in the language of the section to suggest its applicability only for the year/ ......
2013 (11) TMI 310 - ITAT HYDERABAD
M/s ICONIC DESIGNS PVT LTD Versus ITO
Denial of set-off of losses with income u/s 71 - intra head adjustments - Change in the name of company - AO observed from the Directors annual report that there is not merely a change in the name but a total change in line of business and denied th ......
2013 (5) TMI 609 - ITAT MUMBAI
M/s. MPPL Enterprise P. Ltd. Versus DCIT - 8(2), Mumbai
Jurisdiction power u/s 263 by CIT(A) - CIT(A) directing AO to disallow deduction of brokerage expenses - Held that:- On the basis of the documents placed on record before the CIT and also here the service charges are claimed in the course of regular ......
2013 (3) TMI 349 - ALLAHABAD HIGH COURT
Commissioner Income Tax Respondent Versus M/s Kisan Engineering Works Ltd.
Jurisdiction power u/s 263 by CIT(A) - as per CIT(A) the set off of unabsorbed depreciation and investment allowance is to be restricted to 2/3rd of such allowance and it is not permissible to be set off against any head of income other than the inco ......
2013 (2) TMI 212 - DELHI HIGH COURT
COMMISSIONER OF INCOME TAX, DELHI-VIII Versus ASHOK MITTAL
Re computation of income - first sett-off the carry forward speculative losses against the speculative profit and then set-off the business losses to the extent of the balance speculation profit and other income - Held that:- There is no merit in the ......
2013 (1) TMI 510 - ITAT CHANDIGARH
Liberty Plywood (P.) Ltd. Versus Assistant Commissioner of Income-tax. Ambala
Survey u/s 133A - unaccounted income - whether the surrender income of Rs. 70.00 lakhs should be treated as business income so as to set off brought forward losses u/s 70 of the Act as well as the depreciation u/s 32(2) - Held that:- Once the item of ......
2013 (1) TMI 495 - PUNJAB AND HARYANA HIGH COURT
M/s Kim Pharma (P) Ltd. Versus Commissioner of Income Tax. Panchkula and another
Segregation of the surrendered income from business income - treatment as a deemed income - whether taxing it after refusing set off u/s 70 and 71 is legally sustainable in the eyes of law? - survey u/s 133A - Held that:- As decided in Fakir Mohmed ......
2013 (1) TMI 449 - ITAT CHENNAI
M/s SOUTHERN OFFSHORE SOLUTIONS PVT LTD. Versus ASSTT COMMISSIONER OF INCOME TAX. COMPANY CIRCLE-VI(3). CHENNAI
Setting off of loss of Sec.10B unit from the income under other heads - The assessee is an Export Oriented Unit (EOU) u/s 10B - The Revenue stand is that the same cannot be set off as it is section 10B unit, which is all together a separate entity - ......
2012 (12) TMI 369 - ITAT CHENNAI
Shri P. Subramanian Versus The Income Tax Officer, Ward II (2), Coimbatore.
Set off of loss u/s 71 - Whether loss under head PGBP can be set off against income held as unexplained investment u/s 69 - Held that:- Following the decision in case of D. P. Sandu Bros. Chembur P. Ltd. (2005 (1) TMI 13 - SUPREME COURT) that since t ......
2012 (11) TMI 761 - ITAT AHMEDABAD
Assistant Commissioner of Income-tax, Circle 6, Surat Versus Vimal Vadilal Shah (HUF)
Commodity trading loss - Speculation loss or not - allowable as set-off against other heads of income - held that:- As per 43(5)(d): an eligible transaction in respect of trading in derivatives referred to in clause (ac) of Section 2 of the Securitie ......
2012 (11) TMI 46 - ITAT DELHI
M/s KEI INDUSTRIES LTD Versus ADDL COMMISSIONER OF INCOME TAX
Disallowance u/s 14A of the Act alleged that assessee has not been able to prove correctness of the claim that no expenditure was incurred in connection with the income which does not form part of the total income under the Act Held that:- Even i ......