Suppressed production or not - loss of material - The assessee ...

Income Tax

March 12, 2019

Suppressed production or not - loss of material - The assessee had itself produced voluminous evidence. This is not a case where the Assessing Officer had caught the assessee by surprise. There may be minor discrepancy or inaccurate recording of non-essential facts by the CIT(A) and the Tribunal. However, the same would not vitiate the very order or shake the foundation of their orders.

View Source

← Previous Next →

Suppressed production or not - loss of material - The assessee ...

Income Tax

March 12, 2019

You may also like:

Nature of loss - capital loss or trading loss - Material (silver) loan taken by assessee - At time of return of Material, price has gone high and resulted in loss - n...

Rejection of books of accounts - Suppressed production - determination of quantum of clay which can be extracted/produced from mines - there is no material on record...

Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

Addition on account of suppressed production on the basis of electricity consumption - the AO failed to appreciate the facts and did not attempt to establish a direct...

TP Adjustment - non granting of adjustment on import duty - as necessary consumption of the material is only booked in the profit and loss account for which the...

Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

Classification of goods - Sugarcane Juice - sugarcane juice is produced by way of crushing of sugarcane and hence not produced by farmer. Also process changes it's form...

Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

Foreign exchange hedging loss - AO has failed to bring any material evidence on record to support its stand that the loss suffered by the Assessee was speculative loss - AT

Loss on sale of land - ‘Business Loss’ or ‘Capital Loss’ - The present land transaction may be the first transaction of the assessee firm but the sister concern of the...

Valuation loss treated as speculation loss - It is a fact that shares traded by the assessee were not of any of the good companies. The assessee had in the normal course...

Disallowance of assessee's claim of exceptional losses on account of certain trades - Actually if there is any loss incurred on the said transaction, the same shall have...

Business loss or not - Payment of additional Custom Duty after the department of Customs found that goods were under-valued - the duty was paid in the names of other...

Nature of loss - Speculative loss or normal business loss - Marked to market loss on hedging of the transaction - The Appellate Tribunal held that speculative...

Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

Quick Updates: