Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (5) TMI 674 - AT - Income TaxDisallowing the loss due to Exchange rate fluctuation to the extent of loan which was not paid during the year - Hld that:- Loss incurred on revenue side on account of foreign exchange fluctuation is allowable Treat the reimbursement of CST as business receipt for the purpose of claiming exemption u/s 10B. Insurance claims received do not qualify for the exemption u/s 10B as they are cannot be held to be receipts, derived from the industrial undertakings. Treat the refund as business receipt for the purposes of claim of exemption under section 10B. Staff agreement deposit forfeited do not qualify for the exemption u/s 10B as these are not held to be receipts derived from the industrial undertakings. Treat the refund as business receipt for the purposes of claim of exemption under section 10B. Disallowing the Deduction u/s 35D in respect of Euro Issue - set aside the order of the CIT(A) and restore the issue to the file of the AO for passing a fresh order after necessary examination in accordance with law, and after allowing opportunity to the assessee. Disallowing the Interest attributable to Investments made by the company in dividend earning assets - Held that:- Remit the matter back to the file of the AO to recompute the disallowance u/s 14A in the light of the decision of the Hon'ble Bombay High Court in the case of Godrej & Boyce Mfg. Co.Ltd. vs DCIT (2010 (8) TMI 77 - BOMBAY HIGH COURT ). Adding back provision for doubtful debts and advances while computing book profits u/s 115JB - Held that:- Adjustments cannot be made once the assessment is to be framed under MAT provisions, hence the addition made by the revenue authorities is deleted. Exclude excise duty and sales tax from the total turnover for the purpose of computation of deduction u/s 80HHC
|