2014 (2) TMI 1023 - ITAT MUMBAI
Essel Propack Ltd. (Formerly Essel Packaging Ltd.) Versus Addl. Commissioner of Income Tax
Disallowance u/s 14A of the Act r.w. Rule 8D of the Rules – Held that:- The decision in Godrej & Boyce Mfg. Co. Ltd. v/s DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] followed – rule 8D is not applicable prior to the assessment year 2008–09 – thus, the ......
2014 (2) TMI 993 - GUJARAT HIGH COURT
COMMISSIONER OF INCOME TAX. Versus KALPATARU POWER TRANSMISSION COMPANY LTD.
Deduction u/s 80HHC of the Act - Whether the Tribunal was right in law in holding that the components of sales tax and central excise do not form part of the sale proceeds for the purpose of Section 80HHC of the Act despite insertion of Section 145A ......
2014 (1) TMI 894 - ITAT MUMBAI
M/s RAYCHEM RPG PVT LTD Versus ADDL COMMISSIONER OF INCOME TAX
Revision u/s 263 of the Act - Wrong set off of short term capital loss against business income – Held that:- If in a given year, the mistake committed by the Assessing Officer is such which results into the reduction of the total income, the assessme ......
2014 (1) TMI 885 - ITAT MUMBAI
ASSTT COMMISSIONER OF INCOME TAX CIRCLE-5(2), MUMBAI Versus M/s JOHNSON & JOHNSON LTD
Penalty u/s 271(1)(c) of the Act - Disallowance u/s 145A - Disallowance of reserve for cash discount - Held that:- The quantum order has set aside by the Tribunal and the matter has been remitted back to the file of the AO - the penalty proceedings w ......
2014 (1) TMI 812 - GUJARAT HIGH COURT
Commissioner of Income Tax Versus M/s. Comed Chemicals Pvt. Ltd.
Whether excise duty is excluded form value closing stock - Held that:- Following Assistant Commissioner of Income Tax Vs. Narmada Chematur Petrochemicals Ltd. [2010 (8) TMI 263 - Gujarat High Court] - the issue / dispute in the present case is with r ......
2013 (12) TMI 785 - ALLAHABAD HIGH COURT
Commissioner Income Tax Versus M/s. KM. Sugar Mills Ltd.
Nature of amount received representing as Capital Replenishment Reserve by way of surplus free sale of sugar quota under the Scheme known as Sugar Incentive Scheme, which is inseparable part of trading receipts - Capital Receipt or revenue receip ......
2013 (12) TMI 239 - ITAT CHANDIGARH
Assistant Commissioner of Income-tax Versus Satish Estate P. Ltd.
Addition on account of undervaluation of closing stock of land – The company M/s. Amritsar Rayon and Silk Mills P. Ltd. filed a suit against the assessee on March 11, 2006 which had an adverse impact on the market value of the impugned asset - The as ......
2013 (11) TMI 1480 - ITAT COCHIN
Peekey Steel Castings Private Ltd. Versus The Assistant Commissioner of Income-tax
Reassessment - Duplicate claim of same payment - valuation of stock - Held that:- The excise duty amount debited in the profit and loss account is included in the value of closing stock - The assessee has disclosed this fact in the significant accoun ......
2013 (11) TMI 939 - ITAT MUMBAI
Raj Petro Specialities (P.) Ltd. Versus Asst. CIT, 10(2), Mumbai
Method of accounting u/s 145A - account for purchase, sale and stock - inclusive of duty or exclusive of duty - Deduction u/s 43B - Held that:- the assessee values its inventories as well as its revenue at inclusive of duties, also excluding the cred ......
2013 (11) TMI 410 - ITAT MUMBAI
M/s SWAN ENERGY LTD Versus ADDL COMMISSIONER OF INCOME TAX
Diversion of income by overriding title or application of income - loan was discharged in pursuance of the decree order of the Jurisdictional High Court - on the basis of consent agreements between assessee and PGFICL, decrees of the High Court, deve ......
2013 (11) TMI 5 - ITAT MUMBAI
Ram Ratna Wires Ltd. Versus Addl. CIT Range 7(2)
Addition made u/s 145A of the Income Tax Act – Excise duty excluded in the closing stock – Held that:- Excise duty of 15.19 Crores was paid by the assessee-company before the due date of filing of return - From the working given by the assessee it is ......
2013 (11) TMI 2 - ITAT MUMBAI
Glaxo Smithkline Pharmaceuticals Ltd (Formerly Glaxo India Ltd) Versus Dy. CIT 6(3), Mumbai
Disallowance of Tender deposits written off - Held that:- Admittedly such write off is related to various small amount deposits as EMD. The submission of tenders floated by the prospective buyers of assessee products and such deposit is the pre condi ......
2013 (10) TMI 1071 - ITAT DELHI
Deputy Commissioner of Income Tax Versus Shri Arvinder Singh Soin
Accrual of income - Addition on account of advance received from the patients by the doctor-assessee - The facts of the case are that the assessee is a doctor by profession. He is a surgeon specialized in liver transplant. In the case of a liver tran ......
2013 (10) TMI 975 - ITAT AHMEDABAD
Asian Tubes Ltd. Versus The Dy. Commissioner of Income Tax
Allowability of rate of interest in case of loan from related party – Held that:- There is no thumb rule of allowability of interest rate. It depends upon case to case and business expediency. Therefore, 20% rate reasonable for A.Y 09-10 for the rela ......
2013 (10) TMI 654 - PUNJAB AND HARYANA HIGH COURT
GV. (God Vishnu) Rice Unit Versus Commissioner of Income-tax
Decrease in gross profit rate - rejection of books of accounts – Valuation of Stock – Held that:- Valuation of stock of rice had also not been made on any proper method of valuation of stock - Item-wise and quality wise closing stock of rice and padd ......