2014 (9) TMI 427 - GUJARAT HIGH COURT
COMMISSIONER OF INCOME TAX II Versus SAMAY TILES LTD
Rejection of books of accounts u/s 145(3) Adoption of GP @ 20% against 40% - Held that:- The assessee had suppressed sales and had also suppressed the expenses - once the books of accounts of the assessee are rejected, a fair estimate of the profit ......
2014 (9) TMI 323 - DELHI HIGH COURT
Commissioner of Income Tax (C) -III Versus SVP Industries Ltd.
Addition of closing stock of finished goods - Whether the Tribunal was right in holding that no addition could be made in excess in the value of closing stock of finished goods made originally by the AO Held that:- Revenue did not contend that MODV ......
2014 (9) TMI 271 - DELHI HIGH COURT
Commissioner of Income Tax-II Versus M/s. Lakshmi Sugar Mills Co. Limited
Allowability of excise duty u/s 43B r.w. section 145A - valuation of closing stock - Duty shown as payable but not paid to be allowed as expenditure or not Held that:- The manufactured sugar was lying in stock and the same were not cleared from the ......
2014 (9) TMI 165 - ITAT MUMBAI
Rich Graviss Products P Ltd. Versus The Addl. Commissioner of Income tax
Nature of expenses capital or not u/s 37(1) - Professional fees disallowed u/s 40(a)(i) TDS not deducted on payment made to Non-resident Held that:- The payment was made to the M/s RPC, a USA company for providing marketing and sale support to pr ......
2014 (9) TMI 159 - ITAT AHMEDABAD
M/s ARPAN AROMATICS Versus ADDITIONAL COMMISSIONER OF INCOME
Unexplained secured loans Claim of interest disallowed Held that:- The primary onus is on the assessee to conclusively prove the source of the sum of money found credited in the books of accounts of the assessee - the AO had asked the assessee ti ......
2014 (8) TMI 842 - ITAT MUMBAI
Asstt. Commissioner of Income Tax-4(2) Versus M/s. Hindustan Organics Chemicals Ltd.
Bond issue expenses incurred for raising capital Held that:- The matter has been decided by the High Court in assessees own case for the earlier assessment year in the judgment of Commissioner of Income Tax-4 Versus M/s. Hindustan Organics Chemica ......
2014 (7) TMI 998 - ANDHRA PRADESH HIGH COURT
M/s. Arjundas Rajkumar And Others Versus Commissioner of Income-tax, Hyderabad
Existence of partnership firm - Nature of the firm and legal consequences flowing from it - Intention to carry on business - Whether the firm was only a nominal entity - Held that:- The firm is brought into existence through a registered document and ......
2014 (7) TMI 426 - ITAT MUMBAI
CEAT Limited Versus Add. CIT, Range 6(2), Mumbai
Foreign Travel Expenses - Expenditure incurred for non-business purpose Held that:- On hearing both the parties and on perusal of the relevant material, it would be reasonable to remand the issue to the file of the AO to examine the same and to tak ......
2014 (7) TMI 342 - ITAT AHMEDABAD
M/s. Priyanka Developers Pvt. Ltd. Versus DCIT, Circle-1, Surat
Reopening of assessment u/s 147/148 of the Act - Valuation of closing stock u/s 145A of the Act - Unutilized CENVAT credit Held that:- No evidence of reversal before Excise Authority has been filed even during the Appellate proceedings - there has ......
2014 (7) TMI 331 - ITAT AHMEDABAD
The ITO., Ward-2(3), Bhavnagar Versus M/s. Ganga Industries
Valuation of closing stock - Addition of unutilized CENVAT credit Contravention to Sec. 145A of the Act - Method of accounting Held that:- CIT(A) while granting partial relief to Assessee has noted that Assessee was following inclusive method of ......
2014 (7) TMI 210 - ITAT MUMBAI
M/s. Vandana Global Limited Versus ADCIT, Range-4(3), Mumbai
Valuation of purchases and sales of goods and inventory Increase in value of closing stock Balance under CENVAT account added - Held that:- The decision in COMMISSIONER OF INCOME-TAX Versus MAHALAXMI GLASS WORKS P. LTD. [2009 (4) TMI 182 - BOMBAY ......
2014 (6) TMI 743 - ITAT AHMEDABAD
The ACIT, (OSD) -1, Circle-4, Ahmedabad Versus Jagdish Aluminium Pvt. Ltd.
Valuation of closing stock - unutilized CENVAT credit Provisions of section 145A of the Act not properly appreciated Held that:- CIT(A) while deleting the addition has given a finding that Assessee was following exclusive method of excise duty an ......
2014 (6) TMI 567 - ITAT DELHI
ITO, Ward 24(3), New Delhi Versus Shibani Rastogi
Additions on account of difference between the purchase and cost of sales - Facts properly not appreciated Held that:- CIT(A) was rightly of the view that the AO having failed to point out any quantitative discrepancy in the sales and purchases or ......
2014 (6) TMI 561 - ITAT MUMBAI
Asstt. Commissioner of Income Tax Versus M/s. Schwabe Incoat
Valuation of stock - Deletion of Excise duty/modvat credit Invocation of section 145A of the Act Held that:- When the assessee is following exclusive method of accounting for the valuation of purchase and sale of goods as well as inventory, the f ......
2014 (6) TMI 349 - ITAT AHMEDABAD
ACIT, CC-1(1), Ahmedabad Versus Gujarat Ambuja Exports Ltd.
Unutilized CENVAT credit balance A.O. has treated it as revenue receipt - Held that:- Following CIT Vs Unique Industries [2008 (5) TMI 238 - GUJARAT HIGH COURT] - The assessee treated it as an advance payment of excise duty paid on purchases of ......