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-ΰ-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 ......
2014 (10) TMI 290 - ITAT HYDERABAD
M/s. Surabhi Shelters Pvt. Ltd. Versus The Asst. CIT Central Circle-1 Hyderabad
Determination of income from business Estimation of Net profit @ 10% of WIP Administrative and financial charges and depreciation disallowed - Held that:- The assessee has been estimating profit with reference to the advances received - The profi ......
2014 (10) TMI 289 - ITAT DELHI
DCIT, Circle 11 (1), New Delhi Versus M/s. Indian Sugar Exim Corporation Ltd.
Invocation of section 14A r.w Rule 8D Held that:- The assessee has made investment to the tune of ₹ 2,18,16,75,912/-. It is claimed that ₹ 2,16,09,61,251/- was received from redemption of investments - The assessees claim that investme ......
2014 (10) TMI 214 - ITAT HYDERABAD
Dy. Commissioner of Income-tax Versus M/s. Malaprabha Greenfields Pvt. Ltd.
Accrual of interest - Chargeability of interest uncertainty - Money given as advance - dispute between parties Held that:- Following the decision in DEPUTY COMMISSIONER OF INCOME TAX Versus M/s MANASLU AGRO FARMS PVT LTD AND OTHERS [2014 (6) TMI ......
2014 (10) TMI 210 - ITAT PUNE
Addl. Commissioner of Income Tax, Range-1 and others Versus Pune Versus Bank of Maharashtra
Method of valuation of closing stock of securities - Loss on valuation of closing stock Held that:- Assessee asserted that there was no double claim by pointing out that the yearend valuation has been arrived at after considering the reduced cost o ......
2014 (10) TMI 181 - ITAT LUCKNOW
Shri. Narendra Sharma Prop. Maa Kamakhya Darbar Fragrances Versus Dy. CIT-VI, Kanpur
Addition on suppressed sales - Difference between closing cash in hand Held that:- During the course of survey operation, no hard copy of the books of account were found - The assessee has maintained the accounts in the computer and from the comput ......