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Income Tax Case Laws - Section: 145


Income Tax

Cases for Section: 145
Showing 1 to 15 of 1620 Records


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 ......


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 ......


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 ......

2014 (8) TMI 604 - MADRAS HIGH COURT

The Commissioner of Income Tax-II Versus City Union Bank Limited (Central Office)

Accrual of income - Interest on securities to be assessed on half yearly due dates – Interest accrued at the end of assessment year – Claim of Bad debts to non-rural branches u/s 36(1)(viia) - Following the decision in Commissioner of Income Tax v. C ......


The Commissioner of Income Tax And Another Versus M/s. PNC. Construction Company Ltd.

Estimation of appeal - Rejection of books of accounts u/s 145(3) – Held that:- The net profit rate has already shown at the rate 3.25% which appears reasonable, which is higher in comparison to the previous and subsequent assessment years - during th ......

2014 (8) TMI 389 - DELHI HIGH COURT

Commissioner of Income Tax, V Versus Punjab National Bank

Revaluation of securities - Reduction in closing stock on loss – Held that:- Securities held by the assessee-bank are the stock-in-trade of the business of the assessee-banks and the notional loss suffered on account of the revaluation of the said se ......

2014 (8) TMI 240 - ITAT HYDERABAD

Grandeur Homes P. Ltd. Versus ACIT, Circle 2(3), Hyderabad

Estimation of income at 8% on the advances received – Held that:- There was determination of total income under the normal computation before allowing deduction - Other income was brought to tax separately - It could not be understood as to how on th ......

2014 (8) TMI 239 - ITAT MUMBAI

ACIT Circle – 12(3), Mumbai Versus M/s. Industrial Plant & Waste Treatment Corporation

Revenue recognition - Method of accounting – Mismatch between purchases and reflection in stock - Assessee neither followed neither mercantile system nor cash system of accounting – Held that:- As decided in assessee’s own case, it has been held that ......

2014 (8) TMI 169 - BOMBAY HIGH COURT

ICICI Securities Limited Versus The Asstt. Commissioner of Income Tax And Others

Interest income from sale of securities - Accrual of interest income received as a transferor for Hindustan Steel - Held that:- It was as far as back as on 2 January 2001 that the petitioner had made an application to the CBDT seeking condonation of ......

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