2014 (8) TMI 491 - ALLAHABAD HIGH COURT
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 assessees 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 ......
2014 (8) TMI 167 - RAJASTHAN HIGH COURT
Commissioner of Income Tax, Jodhpur Versus M/s. Jain Construction Company Barmer
Deduction on sales tax payment Application of net profit rate without estimation of income Held that:- While making the assessment of income on the basis of net profit rate, the deductions towards depreciation, interest, remuneration to partners ......
2014 (8) TMI 164 - ITAT HYDERABAD
Sri B. Seenaiah, Hyderabad Versus Dy. Commissioner of Income-tax
Assessment of accrued interest on investment Held that:- It was advanced towards share application money and the promissory notes were obtained only as a safety measure since company has not allotted shares to the assessee - if the amount advanced ......
2014 (8) TMI 67 - ITAT LUCKNOW
Prakash Chand Sharma Prop. of M/s. Prakash Box Factory Versus DCIT-VI, Kanpur
Unaccounted job work charges Addition on impounded bill books Held that:- The assessee could not place any evidence to co-relate that the entire job work charges shown were duly recorded in its books of account there was no infirmity in the ord ......
2014 (8) TMI 66 - ITAT LUCKNOW
M/s Dee Control & Electric Pvt. Ltd. Versus ACIT-6 Kanpur
Penalty u/s 271 Rejection of books of accounts and estimated net profit Held that:- The books of account of the assessee were rejected by the AO have invoked the provisions of section 145 of the Act after noting discrepancy in the maintenance of ......
2014 (8) TMI 60 - ITAT AHMEDABAD
The ITO Ward-1(4), Surat Versus M/s. Paras Builders Pvt. Ltd.
Land development charges and related expenses u/s 37(1) Failure to produce books of accounts and documentary evidences Held that:- CIT(A) has given a very cryptic finding by stating that during the year GP margin has been shown at 0.95% as agains ......
2014 (7) TMI 1060 - ITAT MUMBAI
DCIT 18(3), Mumbai Versus M/s. Vijay Sales
Accrual of income Commission received - Year in which taxable - Credit notes were generated in later year - Held that:- The amount received by the assessee was not normal business discount- it was sales-performance based incentives given by the sup ......
2014 (7) TMI 1054 - ITAT MUMBAI
Mrs. Pratima H. Mehta Versus Asstt. Commissioner of Income Tax
Rejection of books of accounts - Principles of natural justice Held that:- The matter should go back to the file of the AO to pass a fresh order, for rejecting the books of account, the AO has not given any valid reasons as no specific defect has b ......
2014 (7) TMI 1028 - ITAT DELHI
M/s TAURAS INDIA LTD Versus DEPUTY COMMISSIONER OF INCOME TAX
Rejection of books of accounts Held that:- The shareholders of the company appointed new auditors who submitted audit report on 01.09.2009 and the assessment was completed on 31.12.2010 without considering the same - it is mandatory to file return ......
2014 (7) TMI 987 - ITAT AHMEDABAD
ASSTT COMMISSIONER OF INCOME TAX Versus M/s TECHNOCRAT CONSULTANTS
Accrual of income / cash system of accounting - difference between income booked and as per TDS certificate - Suppression receipt Held that:- CIT(A) was rightly of the view that it has been certified by the tax auditors that the assessee was having ......
2014 (7) TMI 963 - ITAT LUCKNOW
M/s. Alliance Nirmaan Limited Versus Addl. CIT., 253, Bareilly
Application of section 145(3) Correctness and completeness of accounts Held that:- CIT(A) rightly was of the view that as per the observation of the AO in the assessment order, it is noted that no specific defect was detected by the AO in the boo ......