2015 (3) TMI 925 - ITAT AHMEDABAD
Suraj Limited Versus DCIT, Circle-8, Ahmedabad And Other
Treatment to loss - business loss v/s speculation loss - Held that:- Ld. Counsel for the assessee has demonstrated that one of the objects of the assessee-company is financing and major portion of the capital is deployed for the purpose of advancing ......
2015 (3) TMI 535 - ITAT BANGALORE
Dy. Commissioner of Income Tax, Circle 12(4), Bangalore. Versus M/s. Tejas Networks Limited
Product Development Expenditure disallowed - CIT(A) sustained the disallowance as the expenditure resulted in the acquisition of rights in or arising out of scientific research - Held that:- The expenditure that is sought to be excluded u/s.43(4)(ii) ......
2015 (3) TMI 319 - ITAT DELHI
Bilt Power Limited, now known as Avantha Power & Infrastructure Limited Versus Addl. Commissioner of Income-tax, Range-2, New Delhi
Disallowance on account of depreciation - transfer of assets was a “scheme of demerger” duly approved by the Hon’ble High Court of Delhi - whether provisions of Explanation 3 to section 43(1) of the I.T. Act were explicitly applicable in the assessee ......
2015 (3) TMI 313 - ITAT DELHI
DCIT, CIRCLE 2(1) Versus MS AVANTHA POWER & INFRASTRUCTURE LTD.
Disallowance of depreciation u/s 32 - invoking Explanation 3 of Section 43(1) of the I.T. Act, 1961 - CIT(A) deleted the addition - Held that:- The benefit of enhanced depreciation got almost mitigated because of interest payment of the outsider viz. ......
2015 (3) TMI 94 - ALLAHABAD HIGH COURT
The Commissioner of Income Tax, Moradabad & Anr. Versus M/s Dhampur Sugar Mills Ltd.
Sale of bagasse to sister concern - sale at lower rate in comparison to market rate - Tribunal upholding the order of CIT (A) in deletion the addition - Held that:- An agreement with the sister concern at the beginning of the accounting year at consi ......
2015 (3) TMI 91 - ITAT BANGALORE
M/s. ING Vysya Bank Ltd. Versus The Assistant Commissioner of Income Tax,
Income claimed exempt under Section 10(23G) - assessee is a scheduled bank and carries on banking business - Held that:- Before us, the limited request of the learned counsel for the assessee was hat the necessary approvals from the CBDT is available ......
2015 (3) TMI 4 - ITAT HYDERABAD
M/s. Vijay Textiles Limited Versus Dy. Commissioner of Income-tax Circle 3(3), Hyderabad
Disallowance of loss arising from the derivative transactions - whether loss speculative in nature? - as contended by the assessee, there was foreign currency exposure, as a result of conversion of rupee loans of the assessee into foreign currency lo ......
2015 (2) TMI 988 - ITAT BANGALORE
M/s. ING Vysya Bank Ltd. Versus Asst. Commissioner of Income Tax
Expenditure on purchase of software disallowed - Held that:- Respectfully following the decisions of the Hon'ble High Court of Karnataka in the case of IBM India Ltd. (2013 (10) TMI 1225 - KARNATAKA HIGH COURT) and the co-ordinate bench of this T ......
2015 (2) TMI 401 - ITAT BANGALORE
Shankara Infrastructure Materials Ltd. Versus Assistant Commissioner of Income-tax, Circle-12 (3), Bangalore
Accrual of income or loss - Provision for FCNR fluctuation loss - Applicability of Accounting Standards 11 ('AS-11') - Held that:- The liability has neither been ascertained nor crystallised as on the Balance Sheet date. Further, the transac ......
2015 (2) TMI 361 - KARNATAKA HIGH COURT
THE COMMISSIONER OF INCOME-TAX AND THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(4) BANGALORE Versus M/s. FIRST SECURITIES PVT. LTD.
Jobbing and arbitrage - whether be considered as a speculative transaction? - Losses in speculation business - assessee is a share broker and a member of both National Stock Exchange and Bangalore Stock Exchange Ltd - Held that:- Section 73 has no ap ......
2015 (2) TMI 318 - ITAT MUMBAI
Metro Exporters Pvt. Ltd. Versus Asst. CIT, Circle 6(3), Mumbai
Rectification of mistake - non-application of the provision of section 32(1)(iii) in the instant case - Held that:- The order by the tribunal suffers from a mistake apparent from record; the assessee being admittedly a company in the manufacturing of ......
2015 (1) TMI 916 - ITAT HYDERABAD
Sri Karam Ali Khan Versus Income Tax Officer
Taxability of certain rental income in the hands of the assessee - Inheritance at Muslim Law - right of assessee to divide the property or to divide the rent among the family members - Held that:- We are not convinced with the claim of the assessee ......
2015 (1) TMI 701 - GUJARAT HIGH COURT
COMMISSIONER OF INCOME TAX IV Versus SANDVIK CHOKSHI LTD.
Depreciation disallowed - interest expenditure on unpaid purchase consideration - AO invoked the Explanation - 3 of Section 43(1) - Tribunal deleted addition holding that claim of depreciation on enhanced value of assets by the assessee was not with ......
2015 (1) TMI 567 - CALCUTTA HIGH COURT
Messrs Maud Tea & Seed Co. Ltd Versus Commissioner of Income-Tax, West Bengal-II, Kolkata
Speculative transaction - transactions entered into by the appellant in respect of ACC shares and the loss of ₹ 14.82 lacs incurred - adverse price fluctuation - Scope of section 43(5) - Held that:- The undisputed facts in this case, contain in ......
2015 (1) TMI 561 - ITAT MUMBAI
M/s. Godrej & Boyce Mfg. Co. Ltd. Versus The Additional Commissioner of Income Tax
Grant of depreciation - written value of block of assets as per books of account of the assets taken over from the demerged company v/s written down value as per the provisions of Income Tax Act of the transferred assets of the demerged company adopt ......