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 Director’s 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 ......
2012 (10) TMI 667 - ITAT MUMBAI
Ganjam Trading Co. (P.) Ltd. Versus Deputy Commissioner of Income-tax, Circle 6(3)
Loss arising from sale and purchase of shares - dis-allowance of set off of losses against other income on ground of it being speculative Loss under the provisions of Explanation to section 73 - dis-allowance of interest in relation to trading in sha ......
2012 (10) TMI 483 - ITAT, DELHI
Deputy Commissioner of Income Tax, Circle-1(1), Versus M/s AR Chadha & Co. India Pvt. Ltd.
Addition on account of computation of Annual Letting Value - CIT(A) deleted the addition - Held that:- The only reason given by the Assessing Officer for making the addition was his finding in the assessment year 1996- 97 which have been set aside by ......
2012 (10) TMI 216 - ITAT MUMBAI
Multi Organics Pvt. Ltd. Versus Asst. Commissioner of IT., Range 10(1), Mumbai.
Disallowance u/s 43B(f) towards provisions for leave encashment - Held that:- As decided in assessee’s own case in the preceding years that both the parties admitted that as per sec 43B(f) amount unpaid in respect of leave encashment deserves to be d ......
2012 (8) TMI 616 - ITAT CHANDIGARH
Income-tax Officer, Ward V(1) Ludhiana Versus Dulari Digital Photo Services (P.) Ltd
Unexplained Cash credit – Held that:- Amounts are taxed under the provisions of Chapter VI for the reason that their nature and source are not known - what is taxed under the specific provisions of Chapter VI cannot be pegged to any of the sources/he ......