2015 (3) TMI 106 - ALLAHABAD HIGH COURT
Commissioner Income Tax & Another Versus M/s. Dhampur Sugar Mills Pvt. Ltd.
Undervaluation of the closing stock - Tribunal upholding the order of the CIT(A) in deleting the addition - Held that:- As relying on assessee's own case [2013 (10) TMI 16 - ALLAHABAD HIGH COURT] wherein held that the changed method of accounting ......
2015 (3) TMI 59 - ITAT DELHI
INCOME TAX OFFICER, WARD 2(1), GURGAON Versus SH. RAJESH KUMAR MANGLA
GP addition - CIT(A) deleted the addition - Held that:- CIT(A) has correctly concluded that AO was not justified to reject the books of accounts to estimate the profits of the assessee at the rate higher than that given in the books of account of the ......
2015 (3) TMI 7 - ITAT DELHI
Arun Kumar Dani Versus ITO Ward-35(2) New Delhi
Addition on account of income from business - low gross-profit - rejection of books of accounts - Held that:- Conclusion of the AO, to reject the books of accounts merely on the ground of non-furnishing of list of parties to whom sales have been made ......
2015 (3) TMI 1 - ITAT AHMEDABAD
M/s. Asiatic Industries Versus The DCIT, Central Circle3, Ahmedabad
Excise and VAT for valuation of stock - inclusion v/s exclusion - Held that:- There is submission of the assessee before the authorities below that while the entire amount of excise duty realized on sales was included in the sale amount but out of en ......
2015 (2) TMI 911 - BOMBAY HIGH COURT
The Commissioner of Income Tax-8 Versus M/s. Kayfab Enterprises Pvt. Ltd.
Project management fee - ITAT deleted dis allowances - whether fees accrued in the preceding assessment year i.e. 2006-07 not allowable to the assessee in A. Y. 2007-08 under the mercantile system of accounting? - Held that:- CIT( A) and the Tribunal ......
2015 (2) TMI 906 - DELHI HIGH COURT
Commissioner of Income Tax, Delhi Versus Satish Chandra
Net profit addition - AO proceeded to work out "after rejection of the assessee's books of account" the gross profit rate at 5.35% and on that basis, determined the net profit to be 1.96% - based upon the previous year's assessments - Held th ......
2015 (2) TMI 849 - KARNATAKA HIGH COURT
COMMISSIONER OF INCOME-TAX AND ANOTHER Versus SHOBHA DEVELOPERS P. LTD.
Increase in work-in-progress - whether the income determined by the Assessing Officer on account of increase in work-in-progress is permitted in law ? - whether the notification bearing No. S. O. 69(E), dated January 25, 1996 has application to the ......
2015 (2) TMI 820 - GUJARAT HIGH COURT
HEAVY METAL & TUBES LIMITED Versus DEPUTY COMMISSIONER OF INCOME TAX AHMEDABAD CIRCLE- 4 & 1
Reopening of assessment - assessee is following the exclusive method of accounting for CENVAT, thus the assessee had not included the amount of ₹ 4,69,54,465 in its closing stock - Held that:- AO has sought to reopen the assessment previously f ......
2015 (2) TMI 721 - RAJASTHAN HIGH COURT
Venus Arts & Gems Versus The Income-Tax Officer Ward 1(1), Jaipur
GP addition - AO noticing the defects in the stock register rejected the book results by invoking the provisions of section 145(3) - Tribunal not only rejecting the books results but also upholding the gross profit rate of 11 per cent - Held that:- W ......
2015 (2) TMI 626 - ITAT DELHI
ACIT, CIRCLE 4(1), NEW DELHI Versus M/s JAGRAN AGENTS PVT. LTD.
Penalty under section 271(1)(c) - disallowance of expenditure - bifurcation of expenditure one on account of interest payment of ₹ 40,76.035/- and second on account of misc. expenditure of ₹ 2,32,282/- - CIT(A) deleted the penalty levy - ......
2015 (2) TMI 526 - ITAT MUMBAI
Maharashtra Tourism Development Corporation Limited. Versus DCIT Range- 3(2) Mumbai
Estimation of the net profit - results as reflected in the accounts which had been subjected to tax audit u/s 44AB ignored - rejection of books of accounts - Held that:- The assessee’s income from operational activities and other income have been est ......
2015 (2) TMI 490 - ITAT AMRITSAR
Dy. Commissioner of Income Tax Versus Sh. Rasvinder Singh
Addition to income made on account of net profit rate applied - CIT(A) deleted the addition - double taxation - Held that:- As regards the addition of ₹ 34,48,820/-, the AO has taken gross receipts as per certificate available on record, which ......
2015 (2) TMI 439 - ITAT MUMBAI
Dy. CIT-22(2) Mumbai Versus Sudhir V. Shetty
Method of accounting - While the assessee admittedly follows project completion method, which it claims to do so consistently, the Revenue’s stand is that the percentage completion method is to be adopted - Held that:- The first is the transfer of a ......
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 324 - ITAT AHMEDABAD
ACIT, Gandhinagar Versus Gujarat Info Petro Ltd.
Advances from transport department - Accural of income - Assessee has shown as Current Liabilities - AO treated as income under P&L Account - CIT(A) deleted the addition - assessee contended that the amount was held in fiduciary capacity and was in t ......