2014 (9) TMI 607 - ITAT AMRITSAR
M/s. Shri Gian Resorts Versus Vs. Income Tax Officer
Rejection of books of accounts u/s 145(3) – Difference in cost of construction of building of marriage palace – Held that:- The AO raised four objections while rejecting the books of account starting with earth filling expenses are not debited, fuel/ ......
2014 (9) TMI 500 - PUNJAB & HARYANA HIGH COURT
M/s. Lali Construction Co. Versus The Assistant Commissioner of Income Tax-cum-Assessing Officer And Another
Allowability of depreciation and interest – Flat rate of net profit applied – Held that:- Following the decision in Commissioner of Income Tax vs. Chopra Bros. India (P) Limited [2001 (9) TMI 90 - PUNJAB AND HARYANA High Court] - in a case where the ......
2014 (9) TMI 354 - ITAT DELHI
Maharani Kamsundari of Darbhanga Kalyani House Versus Asstt. Commissioner of Income Tax
Undisclosed income in block assessment - Whether the amount being consideration received on surrendered of 1400 sq.ft. area from out of 3000 sq.ft. area in the building proposed to be constructed was rightly treated as undisclosed income in the block ......
2014 (9) TMI 277 - ITAT JAIPUR
Kirodi Mal Modi Versus The Addl. CIT., Range-2, Jaipur
Application of net profit rate on contract receipts - Interest and depreciation on contract receipt – Held that:- The total turnover of assessee during the year was more than 96 crores, on which, the assessee has disclosed net profit before depreciat ......
2014 (9) TMI 194 - ITAT DELHI
Deputy Commissioner of Income Tax Versus Ansal Landmark Townships (P) Ltd.
Year of taxability of amount - Amount spent on projects reworked for sub-project in various locations – Held that:- CIT(A) was right in holding that AS-7 is not applicable to Real Estate also Bench mark for recognizing revenues adopted by the assesse ......
2014 (9) TMI 159 - ITAT AHMEDABAD
M/s ARPAN AROMATICS Versus ADDITIONAL COMMISSIONER OF INCOME
Unexplained secured loans – Claim of interest disallowed – Held that:- The primary onus is on the assessee to conclusively prove the source of the sum of money found credited in the books of accounts of the assessee - the AO had asked the assessee ti ......
2014 (9) TMI 92 - GUJARAT HIGH COURT
Commissioner of Income Tax-I Versus Sarwankumar Sharma
Estimation of income @ 8% of total turnover - Entire deposits in bank account treated as total turnover - Undisclosed business of trading in art silk cloth – Onus to prove the source of credit entries on revenue or not - Whether the Tribunal was just ......
2014 (9) TMI 57 - ALLAHABAD HIGH COURT
The Commissioner of Income Tax And Another Versus M/s. Target Construction Co. Ltd.
Net profits estimated @ 5% against 10% - Account books not furnished – Held that:- The Tribunal observed that the assessee has received the construction work from the government department and assessee has not done any private work during the assessm ......
2014 (9) TMI 2 - ANDHRA PRADESH HIGH COURT
Sri Y. Rathiesh Versus The Commissioner of Income Tax-I
Claiming TDS credit whereas interest income was not recognized following cash basis of accounting - accrual of income – Held that:- By adopting the cash system for this component of his returns, the appellant did not pay any tax on the interest payab ......
2014 (8) TMI 900 - BOMBAY HIGH COURT
M/s. Mafatlal Industries Ltd. Versus Commissioner of Income Tax
Accrual of expenditure - interest liability on excise duty - interest for the period 1.4.82 to 31.3.83 payable pursuant to the Gujarat High Court order dated 6.4.1984 – Held that:- Contingent liabilities do not constitute expenditure and cannot be th ......
2014 (8) TMI 827 - ITAT ALLAHABAD
Kesarwani Zarda Bhandar Versus JCIT., Central Circle, Allahabad
Validity of assessments u/s 153A – Held that:- For the AYs 2004-05 to 2007-08, the assessee has already filed returns of income within time before the search - assessee produced books of account and relevant details before the AO, which is evident fr ......
2014 (8) TMI 807 - ITAT MUMBAI
DCIT 25(3), 308, C-11, Mumbai Versus Shri Rajeev G. Kalathil
Non-genuine purchases – Documentary evidences ignored – Supplier declared as hawala dealer – Held that:- AO had made the addition as one of the suppliers was declared a hawala dealer by the VAT Department - it was a good starting point for making fur ......
2014 (8) TMI 795 - ITAT AHMEDABAD
Income Tax Officer Versus Hasmukhbhai Khodidas Patel
Accrual of income - Sale consideration treated as undisclosed income - Civil construction business - Whether the real income has been offered for taxation by the assessee or not – agriculture land was purchased - pending NA clearance, land was plotte ......
2014 (8) TMI 720 - ITAT PUNE
M/s. Viraj Steels Versus Addl. CIT, Range-5, Pune
Rejection of books of accounts u/s 145(3) – Estimation of GP @ 8% - Held that:- Despite given an opportunity by the AO, the assessee failed to substantiate as to why the same gross profit ratio should not be adopted in its case - CIT(A) was not justi ......
2014 (8) TMI 718 - ITAT AHMEDABAD
Shri Iqbal Abbas Shaikh Versus Deputy Commissioner of Income Tax
Addition of cash settlement of bills – Mercantile system followed - Held that:- as the system of accounting followed by the assessee is mercantile, in our considered view the lower authorities were justified in taxing the balance amount of ₹ 35 ......