2014 (3) TMI 323 - ITAT MUMBAI
ACIT 20(2), Mumbai Versus Nainesh Nandu (HUF)
Reduction made on unaccounted stock – Held that:- The stock belonging to BDC was claimed by it in the return filed by it and same was assessed in its hands – thus, there is no reason to hold that stock belonging to BDC was not lying at the business p ......
2014 (3) TMI 111 - PUNJAB & HARYANA HIGH COURT
M/s. SV. Auto Industries Versus Commissioner of Income Tax And Another
Validity of order – Addition made on account of excess wastage - Whether without rejection of books and accounts, the results arrived at by the assessee based on his books can be ignored – Held that:- The claim of wastage of 2.7% could not be termed ......
2014 (3) TMI 107 - ITAT HYDERABAD
The Deputy CIT Circle-1, Hyderabad & Warangal Versus M/s. Manikanta Concerns
Rejection of books of accounts – Held that:- There was a discrepancy in respect of accounts of two parties i.e., M/s. Soubhik Exports and M/s. PKS Ltd. – assessee contended that the discrepancies noticed in respect of these two parties cannot be gene ......
2014 (3) TMI 29 - GUJARAT HIGH COURT
COMMISSIONER OF INCOME TAX. Versus MEGHMANI ORGANICS LTD.
Deduction u/s 80HHC of the Act - Whether the Tribunal is justified in holding that the "total turnover" for the purpose of deduction u/s 80HHC will not include Sales Tax and Excise Duty even after insertion of Section 145A – Held that:- The decision ......
2014 (2) TMI 1113 - ITAT HYDERABAD
ACIT, Circle 16(3), Hyderabad Versus M/s. Progressive Constructions Ltd.
Claim of depreciation - Road constructed by the assessee – Held that:- The decision in Commissioner of Income Tax Versus M/s Noida Toll Bridge Co Ltd [2012 (11) TMI 556 - ALLAHABAD HIGH COURT] followed - The assessee is entitled to the depreciation c ......
2014 (2) TMI 1024 - ITAT AMRITSAR
Dy. Commr. of Income Tax Versus M/s. Krishan Kumar Sud, Contractor
Application of Net profit rate - Assessment framed u/s 144 of the Act - Deduction by way of any payment of interest, salary to be allowed or not u/s 185(5) of the Act – Estimation of income in the absence of evidences - Held that:- Even in the remand ......
2014 (2) TMI 978 - ITAT MUMBAI
Johnson & Johnson Ltd. Versus Assistant Commissioner of Income-tax
Modvat Excise Duty credit - Closing stock of raw material and packing goods – Held that:- The decision in ADDL COMMISSIONER OF INCOME TAX Versus M/s JOHNSON & JOHNSON LTD [2013 (6) TMI 286 - ITAT MUMBAI] followed - merely because Modvat credit is an ......
2014 (2) TMI 951 - MADRAS HIGH COURT
MARG Constructions Ltd. Versus The Assistant Commissioner of Income Tax
Depreciation - Legality of lease agreements – Genuineness of the transaction - Entitlement for depreciation – Assets put to use or not - Whether the lease agreements entered by the assessee with the six concerns are sham transactions and whether they ......
2014 (2) TMI 942 - ITAT JAIPUR
M/s. Ceramic Industries Versus The ACIT, Circle- 4, Jaipur
Substitution of addition on account of suppression of sales – Estimation of wastage not considered – Held that:- The AO is not justified in rejecting the books of account by invoking Provisions of Section 145(3) of the Act – the additions made by the ......
2014 (2) TMI 847 - GUJARAT HIGH COURT
RAJMOTI INDUSTRIES Versus JOINT COMMISSIONER OF INCOME TAX
Rejection of books of accounts u/s 145 of the Act – Estimation of GP rate @2%, whether on lower side or higher side - Held that:- The AO as well as the Tribunal noticed a rather irregular pattern of output by the assessee in comparison to the electri ......
2014 (2) TMI 786 - ITAT AHMEDABAD
M/s. Ace Tours & Information Centre Versus Asstt. Commissioner of Income Tax
Rejection of book result as per section 145(3) of the Act – Survey u/s 133A of the Act – Held that:- The books of account maintained without proper supporting evidence - Assessee contended that no specific defect has been pointed out by the AO before ......
2014 (2) TMI 645 - ITAT DELHI
ITO, Ward-11 (4), Faridabad Versus Smt. Ramesh Khaneja
Deletion made on account of shares not included in closing stock - Reduction of valuation of scripts - Held that:- The assessee has been dealing into the business of shares through two share brokers namely M/s Vogue Commercial Co. Ltd. and M/s Divya ......
2014 (2) TMI 578 - ITAT JAIPUR
The ACIT Circle- 6, Jaipur Versus M/s. Aditya Propcon (P) Ltd.
Deletion made on excess cost claimed on sales made - Admission of additional evidences – Held that:- There is no finding of the assessing officer that any of the information regarding financial statement or books of account was no provided by the ass ......
2014 (2) TMI 571 - ITAT AHMEDABAD
DCIT, Circle-9, Surat Versus M/s. Ruchi Exports
Deletion made on account of disallowance of labour charges – Held that:- CIT(A) held that book results cannot be regarded as defective on the ground of non- maintenance of quality wise details of diamonds – Relying upon M/s. Dhami Brothers Versus ACI ......
2014 (2) TMI 566 - ALLAHABAD HIGH COURT
Commissioner of Income Tax (Central) Versus M/s. Sahara India (Firm)
Non charging of interest on dues - accrual of income - Application of Section 145(1) of the Act – Sufficient evidences not brought – Chargeability of Interest - Held that:- The assessee failed to produce any evidence to establish that assessee was ha ......