2015 (3) TMI 974 - ITAT LUCKNOW
M/s Rkshah Hospital & Diagnostic Centre Pvt. Ltd. And Others Versus ACIT., Central Circle-5 And Others
Estimation of income - applying 20% net profit rate - whether bank account No. 12505 and 7968 do not belong to the assessee company? - assessment year 2004-05 - Held that:- When Dr. A. K. Shah, M.D. of the assessee company has admitted in the stateme ......
2015 (3) TMI 927 - ITAT AHMEDABAD
The Income tax Officer & Others Versus Gujarat Paraffins Pvt. Ltd. & Other
Inclusion of CENVAT credit for valuing the closing stock - CIT(A) deleted the addition - Held that:- CIT(A) while deleting the addition has noted that if adjustment on account of CENVAT credit is made to the closing stock then corresponding adjustmen ......
2015 (3) TMI 847 - DELHI HIGH COURT
CIT-I Versus M/s. Malibu Estate P. Ltd.
Income recognition - accountancy practices of the assessee for the relevant year - AO recomputed the income by treating advances against properties which had NIL outstanding balances, as sales and consequently the income of the assessee as felt that ......
2015 (3) TMI 894 - MADRAS HIGH COURT
M/s. Integrated Finance Co. Ltd Versus The Joint Commissioner of Income tax
Accrual of interest income - Hire Purchase Finance charges - whether should be assessable to tax on sum of Digits basis as against Equated Monthly Instalments basis regularly followed by the Appellant? - Tribunal held that the appellant is not entitl ......
2015 (4) TMI 1 - ITAT LUCKNOW
Dy. CIT. -6, Kanpur Versus M/s. Kapila Krishi Udyog Ltd.
Excess stock valuation - CIT(A) deleted the addition - Held that:- a clear finding has been given by CIT(A) that physical removal from stacks and weighment in respect of approximately 1,00,000 bags of agricultural products was not possible in such ti ......
2015 (3) TMI 923 - ITAT MUMBAI
The Dy. Commissioner of Income Tax – Circle 22(1) Versus M/s. Gem Corporation
Estimation of gross profit on sale of almonds - assessee is aggrieved by the decision of Ld CIT(A) in enhancing the income by peak credit amount of ₹ 45,01,668/- and also in confirming the gross profit addition by ₹ 1,13,69,590/- - Held t ......
2015 (3) TMI 806 - DELHI HIGH COURT
Commissioner of Income Tax, Delhi-II Versus Mahavir Concast Ltd.
Rejection of books of accounts - application of 6% G.P. Rate - transactions with sister concern are liable to be examined as per the provisions of sec 40A(2) - Held that:- CIT(A) to hold that the action of the AO of rejecting the books of accounts is ......
2015 (3) TMI 799 - ITAT HYDERABAD
Sunder Synthetics Private Limited Versus Deputy Commissioner of Income Tax
Additions of Sundry Creditors - CIT(A) deleted the addition - Held that:- We agree with the observation of the Ld.CIT(A) that the methodology adopted by the Assessing Officer prima facie suffers from certain deficiencies. Entire closing balance cann ......
2015 (3) TMI 840 - DELHI HIGH COURT
Commissioner of Income Tax-12 Versus Lall Construction Co.
N.P. estimation - ITAT instead of estimation of income at 8% on the basis of Section 44AD, as done by AO directed application of 2.5% as the net profit margin - Held that:- The ITAT apparently took note of the profit rate for other previous years and ......
2015 (3) TMI 404 - DELHI HIGH COURT
RL. Traders Versus Income Tax Officer
GP rejection - ITAT rejecting the assessee’s accounts on the footing that quantitative tally of the ingredients and raw materials were not maintained and proceeded to arrive at an improper GP Rate as well as the turn-over figures - Held that:- The as ......
2015 (3) TMI 610 - ITAT MUMBAI
Bharat Dana Bera C/o., Jayesh Sanghrajka & Co. Versus The Income tax Officer
Ingenuine sundry creditors - CIT(A) sustained part addition - Held that:- The assessee was not able to furnish the bank statement copy, however, the AO procured the bank statement from the bank and found certain discrepancies in the statement regardi ......
2015 (3) TMI 403 - DELHI HIGH COURT
Commissioner of Income Tax-1 Versus Ansal Land Mark Township (P) Ltd.
Revenue recognition - Applicability of accounting standard was AS-7 rejected - differential treatment of revenue on the basis of whether it was development of plots or construction of flats. The assessee had inter alia contended that AS-9 has provide ......
2015 (3) TMI 533 - ITAT MUMBAI
M/s. Ceat Limited Versus Addl. Commissioner of Income Tax
Disallowance u/s. 14A r.w. Rule -8D - argument of assessee that no disallowance on account of interest is called for as the own funds of the assessee which include share capital and reserves and surplus is much more than the investment made by the as ......
2015 (3) TMI 891 - MADRAS HIGH COURT
Commissioner of Income Tax, Chennai Versus SK. Usman Ali
Difference in value of closing stock - difference reckoned on the basis of the value determined by the bank and the value disclosed by the books of account as furnished to the commercial taxes department - Tribunal deleted the addition - Held that:- ......
2015 (3) TMI 354 - ITAT MUMBAI
ACIT – 17(1), Mumbai Versus M/s. Paramount Forge
Payment of employees contribution towards provident fund disallowed - Held that:- The payment has been made within due date of filing of return of income i.e. 30/9/2008 and there is a judgment in favour of the assessee in the case of CIT vs. Ghatge P ......