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2024 (1) TMI 428 - SCH - Income TaxAddition u/s 36(1)(vii) on account of provisions of bad and doubtful debts, Addition on account of foreign exchange fluctuation - Addition made on account of disallowance of depreciation - effective ownership - Addition made while computing book profits u/s.115 JB - HELD THAT:- We are not inclined to interfere with the impugned judgment and order passed by the High Court. [2017 (5) TMI 1497 - RAJASTHAN HIGH COURT] Hence, the Special Leave Petition is dismissed. Allowance of business expenditure u/s. 37 incurred on foreign tour of wife of the Director of the Company,100% deduction u/s.80IA specifically when the assessee company itself and claimed deduction @ 30% u/s. 80IA, Computation of Minimum Alternate Taxation (MAT) u/s 115JA, Cancelling the rectification order under Section 154 and deleting the interest levied u/s.234C by ITA, Validity of revised return - justification of holding that the revised return u/s 139(5) was a valid return, Addition account of downward impact of Retention Price Subsidy, Addition in respect of fees paid to a consultant for drafting the shareholders agreement, Addition made on account of purchase of software being capital in nature, Depreciation on catalyst not allowable under Section 32 - Accrual of income, MAT computation - AO jurisdiction, Allowable business expenditure, Addition u/s 40A - HELD THAT:- Post along with CHAMBAL FERTILIZERS AND CHEMICALS LTD [2019 (11) TMI 1581 - SUPREME COURT] Levy of penalty u/s 271(1)(c) - MAT - computation of income u/s 115JB - adjustments towards bad debts - As decided by HC [2017 (5) TMI 1606 - RAJASTHAN HIGH COURT] penalty cannot not be imposed on the assessee since, the original appeal was decided in favour of the assessee - HELD THAT:- We adjourn this matter for two weeks to enable Mr. Arijit Prasad, learned senior counsel to verify, if any similar matters are pending.
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