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2016 (12) TMI 1145 - AT - Income TaxAddition on account of alleged balance sheet difference - Held that:- Addition is indeed devoid of any legally sustainable merits inasmuch as the entry is reasonably explained and just because a machinery is not shown, due to accounting error, it cannot be added to income. Thus we direct the Assessing Officer to delete the addition on account of balance sheet difference. - Decided in favour of assessee Disallowance of the exemption u/s 10AA in respect of total business income - Held that:- The issue is now settled, in favour of the assessee, by Hon’ble Bombay High Court’s judgement in the case of CIT vs. Gem Plus Jewellery India Limited [2010 (6) TMI 65 - BOMBAY HIGH COURT] .The Assessing Officer is, therefore, directed to grant exemption under section 10AA in respect of assessed business income.- Decided in favour of assessee
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