2014 (10) TMI 795 - ITAT MUMBAI
Late Shri Harshad S. Mehta Through L/H Smt. Jyoti H. Mehta Versus The DCIT, Central. Cir. 23, Mumbai
Rejection of books of accounts – Counsel of the assessee contended that the books of accounts are not properly examined – Reasons for rejection of books of accounts valid or not - Held that:- The first reason for rejection of books is that the books ......
2014 (10) TMI 740 - KARNATAKA HIGH COURT
Commissioner of Income-Tax Davanagere and Income Tax Officer Ward-2, Shimoga. Versus The Urban Co-Operative Bank Limited
Accrual of interest on NPAs – Mercantile system of accounting followed - Whether the Tribuanl was right in holding that the income from non-performing assets should be assessed on cash basis and not on mercantile basis despite the assesee maintain me ......
2014 (10) TMI 709 - PUNJAB & HARYANA HIGH COURT
The Commissioner of Income Tax, Patiala Versus Shri Ajay Kumar Singla
Rejection of books of accounts - Addition u/s 40A(3) – Computation of income as per GP rate – Held that:- When the income of the assessee was computed by applying gross profit rate, there is no need to look into the provisions of Section 40A(3) of th ......
2014 (10) TMI 666 - GUJARAT HIGH COURT
Assistant Commissioner of Income Tax Versus Adhrut Investment Pvt. Ltd.
Accrued interest - Mercantile System of Accounting maintained - Whether the Tribunal is right in deleting the accrued interest added by the AO when amounts were advanced by the Assessee to Shri Budh Holdings & Trading Co. (P) Ltd and Shri Bahi & Co. ......
2014 (10) TMI 663 - ANDHRA PRADESH HIGH COURT
Commissioner of Income Tax Versus The India Fruits Ltd.
Accrual of income - Acquisition of right to receive balance consideration - Whether the assessee has acquired the right to receive the balance of 10% of the consideration for the electrical conductor supplied to its customer – Held that:- The Tribuna ......
2014 (10) TMI 572 - KARNATAKA HIGH COURT
Commissioner of Income-tax, Central Circle Versus Jayesh S. Mehta
Estimation of GP @ 2% of average of subsequent three years - Whether the Tribunal was correct in holding that the net profit should be estimated at 2% of the turnover, as against computation of undisclosed income by the AO based on the deposits disco ......
2014 (10) TMI 546 - ALLAHABAD HIGH COURT
M/s. Raghunandan Prasad Sarraf Versus Commissioner of Income Tax And Another
Addition on account of peak investment on sale outside the books – Held that:- The figures were mentioned as 74,000/- and 2,32,417/- against the dates of 9.4.1993 and 10.4.1993 represented figures in rupees and it cannot be taken as stock entry - Det ......
2014 (10) TMI 533 - KARNATAKA HIGH COURT
he Commissioner of Income Tax and The Asst. Commissioner of Income-Tax Versus M/s. Thumbay Holdings (P) Ltd.
Accrual of income – taxable assessment year 2000-2001 or 2003-04 - business of building construction and real estate - By virtue of the sale agreement the assessee became entitled to receive nomination fees - Project completion method - Held that:- ......
2014 (10) TMI 500 - ITAT DELHI
Chanan Devi, C/o Prop. NS. Enterprises Versus ACIT Circle Saharanpur
Addition on account of low GP – Application of GP @ 9.7% as against 12% - Held that:- The AO has not rejected the books of account but assessee in course of survey had surrendered the amount of ₹ 4,50,000/- to cover up the discrepancy in stock ......
2014 (10) TMI 490 - ITAT MUMBAI
Asstt. Commissioner of Income tax Versus Zenstar Impex
Provisional commission not ascertained – AO treated as contingent liability – Held that:- The assessee has been paying commission on a certain percentage to the agents on the exports sales made - the assessee has been paying commission @ 2% to 3% - F ......
2014 (10) TMI 487 - ITAT JODHPUR
Income Tax Officer Versus M/s. KPS. Construction
Reduction of net profits from 12% to 5.5% - Failure to produce books of accounts, bills and vouchers - Held that:- The assessee did not produce the bills and vouchers for verification before the AO - there was no other option except to estimate the i ......
2014 (10) TMI 430 - ITAT AHMEDABAD
The Income Tax Officer Versus M/s. Leora Jewellery
Non-speaking order by the CIT(A) - Rejection of books of accounts us 145(3) - Allowability of exemption u/s 10AA – Failure to establish the manufacturing of goods in SEZ or not - The assessee claimed exemption u/s. 10AA on the ground of income derive ......
2014 (10) TMI 420 - ITAT DELHI
Shivganesh Buildtech Pvt. Ltd. (Formerly Known As Buzz Estates Pvt. Ltd.) Versus Income Tax Officer
Addition on share capital – Shares issued to Shri Deepak Gupta – Unexplained cash credits – Held that:- The assessee has not given any details with regard to the share capital of ₹ 1 lakh, not even the name of the shareholder and the confirmati ......
2014 (10) TMI 322 - ITAT JODHPUR
ITO, Ward-1(1), Bikaner Versus Adhunik Khanan va Parivahan Theka Sahkari Samiti Ltd.
Accrual of income - Difference in gross receipts as per TDS certificates vis-à-vis as per books of account – Held that:- There was a difference in the amount of payments as mentioned in TDS certificate of RSMM Ltd. and the receipts shown in the books ......
2014 (10) TMI 317 - ITAT JODHPUR
ACIT. Circle- I, Udaipur Versus Smt. Meena Singh Shekhawat L/h of Late Sh. Bhopal Singh Shekhawat Prop. M/s Shekhawat [India] Exports
Deduction u/s 80HHC - Business of mining and export of marble blocks - Reduction of 90% of export incentive – Held that:- CIT(A) has correctly allowed the claim of deduction u/s 80 HHC – following the decision in The Commissioner of Income Tax and ot ......