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Income Tax Case Laws - Section: 71

 
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Cases for Section: 71
Showing 1 to 15 of 114 Records
 

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 323 - MADRAS HIGH COURT

Commissioner of Income Tax Versus Dr. MAM. Ramaswamy

Set-off of loss sustained in business against betting and gambling income - whether only the net income is to be taxed u/s 115BB? - assessee is a breeder and owner of race horses - Held that:- This Court is not inclined to accept the view as propound ......

2015 (2) TMI 213 - ALLAHABAD HIGH COURT

Arun Gupta and others Versus Union of India and others

Reopening of assessment - the interest received is much less than interest paid resulting substantial business loss, it transpires that it is a case of diversion of business funds for non-business purpose - Held that:- T here is no sufficiency or ade ......

2014 (9) TMI 353 - ITAT MUMBAI

Sumaria Appliances Pvt. Ltd. Versus The ACIT, Ward 7 (2), Mumbai

Computation of STCG on depreciable assets – addition of ₹ 29,77,989.21 was made by the assessee with regard to unsold property only after the date of sale i.e. after 20/4/2006. - reduction of such addition from STCG - Held that:- The addition s ......

2014 (6) TMI 734 - ITAT MUMBAI

DCIT 19(3), Mumbai Versus M/s Jupiter Construction

Loss from business or profession - set off of business loss against the income shown under the head income from house property u/s. 71 - Conversion of the closing stock into capital asset – Held that:- The assessee had converted the stock in trade i ......

2015 (3) TMI 612 - ITAT COCHIN

M/s Kerala Sponge Iron Ltd. Versus The Asst Commr of Income Tax Circle I Palakkad

Disallowance of higher rate of depreciation claimed on assets classified by the assessee as "pollution control equipment" - Held that:- It is a settled proposition of law that the Income-tax Act has to be construed in a strict manner. The depreciatio ......

2014 (4) TMI 350 - ITAT HYDERABAD

Secunderabad Club, Secunderabad Versus Income Tax Officer

Claim of exemption from tax – Interest earned on fixed deposits – Principle of mutuality – Held that:- The decision in CIT Vs. Secunderabad Club [2011 (8) TMI 752 - Andhra Pradesh High Court] followed – if an incorporated entity is engaged in trade, ......

2014 (3) TMI 365 - ITAT MUMBAI

Shri Lachmandas Jiwnani Versus The ITO 12(3) (2), Mumbai

Disallowance of interest u/s 24(b) of the Act - Whether the said amount advanced by Saraswat Bank to the assessee in the form of rent advance could be considered as amount borrowed by the assessee from the said Bank for purchase of the property – Hel ......

2013 (12) TMI 1321 - KARNATAKA HIGH COURT

CIT & DCIT Versus M/s McDOWELL & CO LTD

Carry forward of capital loss. - Whether sale of polymer division and sale of land in Gujarat are separate transactions – Held that:- The polymer unit which is at Vizag was acquired in the year 1978 - The industrial land in Gujarat was acquired in th ......

2013 (11) TMI 310 - ITAT HYDERABAD

M/s ICONIC DESIGNS PVT LTD Versus ITO

Denial of set-off of losses with income u/s 71 - intra head adjustments - Change in the name of company - AO observed from the Director’s annual report that there is not merely a change in the name but a total change in line of business and denied th ......

2013 (5) TMI 609 - ITAT MUMBAI

M/s. MPPL Enterprise P. Ltd. Versus DCIT - 8(2), Mumbai

Jurisdiction power u/s 263 by CIT(A) - CIT(A) directing AO to disallow deduction of brokerage expenses - Held that:- On the basis of the documents placed on record before the CIT and also here the service charges are claimed in the course of regular ......

2013 (3) TMI 349 - ALLAHABAD HIGH COURT

Commissioner Income Tax Respondent Versus M/s Kisan Engineering Works Ltd.

Jurisdiction power u/s 263 by CIT(A) - as per CIT(A) the set off of unabsorbed depreciation and investment allowance is to be restricted to 2/3rd of such allowance and it is not permissible to be set off against any head of income other than the inco ......

2013 (11) TMI 1282 - ITAT MUMBAI

Hercules Hoists Ltd. Versus ACIT

Determination of Business Income – Set off of Depreciation/ Losses - Disallowance of Deduction u/s 80-IA(5) of Income Tax Act, 1961 – Held that:- There was firstly nothing in the language of the section to suggest its applicability only for the year/ ......

2013 (2) TMI 212 - DELHI HIGH COURT

COMMISSIONER OF INCOME TAX, DELHI-VIII Versus ASHOK MITTAL

Re computation of income - first sett-off the carry forward speculative losses against the speculative profit and then set-off the business losses to the extent of the balance speculation profit and other income - Held that:- There is no merit in the ......

2013 (1) TMI 510 - ITAT CHANDIGARH

Liberty Plywood (P.) Ltd. Versus Assistant Commissioner of Income-tax. Ambala

Survey u/s 133A - unaccounted income - whether the surrender income of Rs. 70.00 lakhs should be treated as business income so as to set off brought forward losses u/s 70 of the Act as well as the depreciation u/s 32(2) - Held that:- Once the item of ......

 
   
 
 
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