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Income Tax Case Laws - Section: 43

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Cases for Section: 43
Showing 1 to 15 of 871 Records


Indian Aluminium Company Limited Versus Commissioner of Income Tax- III, Kolkata

Disallowance of agency commission paid for arrangement of loan, holding it to be capital expenditure - Whether on a true and proper interpretation of Explanation-8 to Section 43(1) of the Act interest paid on borrowed funds used for acquisition of capital assets by a running concern can be disallowed as deduction under Section 36(1)(iii) of the Act? - Held that - The proviso to Section 36(1)(iii) was introduced with effect from 1st April, 2004 whereas we are concerned in this case with the assessment year 1997-98 and tat the proviso has only prospective effect. See CIT -Vs.- Associated Fiber a ....... - .......

2016 (4) TMI 912 - ITAT KOLKATA

ITO Ward-5 (4) , Kolkata Versus M/s Fortune Interfinance Pvt. Ltd.

Treatment to speculation loss as income from non-speculation business - Held that - We find that the assessee had treated the entire activity of purchase and sale of shares which comprised of both delivery based and non-delivery based trading as one composite business before the application of deeming provision contained in Explanation to Sec.73 of the Act and accordingly, claimed set off of the loss incurred in delivery based trading with profit derived from derivative trading. - We hold that the transactions done by delivery as well as the transactions of derivatives are not hit by Sec.43(5) ....... - .......

2016 (4) TMI 428 - ITAT CHENNAI

M/s KPR Mill Ltd. Versus Deputy Commissioner of Income-Tax And Vica-Versa

Business loss - treated as speculation loss in stead of loss in foreign currency transactions - Held that - In the present case, it is admitted that the transaction carried out by the assessee does not fall in any exceptions provided above and it is not at all carried out through any recognized stock exchange. The claim of the assessee is rightly denied by the AO as well as by CIT (Appeals) as business loss, as there is no relationship with term loan availed by the assessee or interest payable on the said term loan with loss incurred by the assessee and in view of the judgment of the Bombay Hi ....... - .......

2016 (4) TMI 1011 - ITAT MUMBAI

J.G.A Shah Share Brokers P. Ltd. Versus DCIT CIR 4 (3) , Mumbai

Nature of business - Treatment to part of the transactions of the business of the assessee as speculative in view of Explanation to section 73 and the other part as non-speculative, in view of u/s 43(5)(c) - Held that - We find that issue before us is no more res-integra. In the case of ITO v. Snowtex Investment Ltd. (2015 (12) TMI 38 - ITAT KOLKATA ), Hon ble Kolkata Bench has discussed the law in detail and held that in such kind of cases, aggregation of share trading transactions and derivative transactions should be done before applying explanation to section 73. Where the assessee is a de ....... - .......


Asian Financial Services Ltd. Versus Commissioner of Income Tax-3 Kolkata

Interpretation of the Explanation to section 73 - Tribunal held that the loss incurred in eligible transactions within the meaning of proviso (d) to section 43(5) not involving any purchase or sale of shares as such was speculation loss ? - Held that - It would appear that the activities appearing in Clauses (a) to (e) are not to be deemed to be speculative transactions. Therefore, this comes within the category of deemed business which is however distinct and separate from any other business. Now, the question is, whether loss arising out of such deemed business can be set off against the pro ....... - .......

2016 (3) TMI 1069 - ITAT MUMBAI

Dy. Commissioner of Income Tax, Asstt. Commissioner of Income Tax Versus M/s Enercon India Ltd.

Disallowance u/s 14A r.w.r 8D - Held that - The facts are proved by the increase in reserve and surplus over the years which were at ₹ 414 crores as on 31.3.2008 against the investment in subsidiaries which stood ₹ 319.43 crores as on 31.3.2008. We also note that the assessee had taken loans from Financial Institutions amounting to ₹ 722.24 crores, out of which the working capital loan ₹ 258.79 crores and remaining pertains to term loans for the specific purposes. The AO took the entire interest debited to the profit and loss account amounting to ₹ 94.35 crores an ....... - .......

2016 (4) TMI 706 - ITAT MUMBAI

M/s. S. Jogani Exports Pvt. Ltd Versus Asst. Commissioner of Income Tax 5 (3) , Mumbai

MTM losses disallowed - loss in respect of cancellation of forward contracts disallowed being speculative in nature - treatment of forex losses or gains - Held that - Assessee had recognized a loss of ₹ 2,13,43,725/- on forward foreign exchange contract of 83,45,000/- which were made in order to cover the loss due to fluctuation in exchange rate and were pending for maturity at the close of the year. At the same time the assessee also booked a gain of ₹ 4,48,05,788/- on the outstanding export receivable of 1,01,18,500/- following the same accounting system and accounting standard 1 ....... - .......

2016 (3) TMI 820 - ITAT HYDERABAD

DCIT, Circle-16 (2) , Hyderabad Versus M/s. Ushodaya Enterprises

Disallowance of depreciation - Addition towards Film Software Library as the same is not intangible asset and it is to be treated as Plant & Machinery - depreciation 15 or 25 - Held that - an intangible asset can also be treated as plant, provided, it becomes an integral part of the tools used by the entity to carry on its business. In the case before us, the films and TV programmes are essential for the assessee company to carry on its business of telecasting of films and other programmes, but there is no caveat that the assessee company has to telecast only these films and programmes and ....... - .......

2016 (3) TMI 120 - ITAT AHMEDABAD

Naroda Enviro Projects Ltd. Versus Income Tax Officer, Ward 5 (1) , Ahmedabad

Reducing the subsidy for the purpose of calculation of depreciation - Held that - Section 43(6)(c) of the Act, the WDV of an asset can be computed only in the manner provided thereunder namely by adding the actual cost of any asset falling within that block acquired during the previous year or by deducting the money payable in respect of any asset within the block, which is sold, discarded or demolished or destroyed during the previous year together with the amount of scrap value. It has further held that the statute does not contemplate any other category for computing the WDV of a block of a ....... - .......

2016 (3) TMI 909 - ITAT PUNE

M/s. Suraj Cotex Versus The Income Tax Officer, Ward-1 (3) , Jalna

Disallowance of Depreciation by reducing Written down value of assets by subsidy received - treatment of subsidy received by the assessee - Held that - The comparison of the Package Scheme of Incentives, 1993 and Package Scheme of Incentives, 2001 reflects that two schemes are similarly offered for establishing SSI units in under-developed areas. Under the first Scheme, in the case of Rohit Exhaust Systems Pvt. Ltd. Vs. ACIT (2015 (3) TMI 1151 - ITAT PUNE), the assessee therein had established a unit in the district of Aurangabad. However, the assessee before us has established a unit in the d ....... - .......

2016 (3) TMI 592 - MADRAS HIGH COURT

M/s. Rajapalayam Mills Limited Versus The Deputy Commissioner of Income Tax

Short term capital loss on sale of shares - treated as a speculative loss by virtue of Explanation to Section 73 of the Act when actual delivery and possession has been made in respect of sale of shares - Held that - The nature of the transaction alleged is important, it has been stated the order of Commissioner of Appeals that the appellant has not purchased the shares as a dealer; shares were purchased because of certain financial problems of the sister company viz., Madras Cements Limited. Subsequently, when the shares were sold the market had not been favourable to the assessee and that is ....... - .......

2016 (1) TMI 945 - DELHI HIGH COURT

The Principal Commissioner of Income Tax-08 Versus M/s Xeros India Ltd.

Depreciation on the de-capitalized assets on the written down value ( WDV ) basis on the block of assets in terms of Section 43(6) (c) - itat allowed the claim - as per revenue some of the assets had been converted into stock-in-trade at nominal value - Held that - As noted by the ITAT this method of de-capitalising assets which have ceased to be of utility has been consistently followed by the Assessee. The Revenue has been unable to demonstrate how the Revenue s interest is adversely affected thereby or if there is any escapement of income from assessment. On the other hand if indeed the pro ....... - .......

2016 (2) TMI 267 - ITAT MUMBAI

Fugro Rovtech Limited Versus Asstt. Director of Income Tax (International Taxation) -3 (2) , Mumbai

Inclusion of demobilization revenue in gross receipts for the purpose of computing tax u/s 44BB - Held that - The view taken by the AO that the demobilisation revenue pertaining to the entire period of 36 days is includible in the revenue u/s 44BB of the Act is supported by the two decisions EMGS Project Office Vs. DDIT 2012 (11) TMI 584 - ITAT DELHI and CIT Vs. Sedco Forex International Drilling Inc 2007 (9) TMI 196 - UTTARAKHAND HIGH COURT . Accordingly, we do not find any infirmity in the decision taken by him on this issue and accordingly affirm the same. - Rejection of claim for deduction ....... - .......

2016 (2) TMI 270 - ITAT MUMBAI

Office of the DCIT-20 (2). Mumbai Versus Shri. Manish Rajnikant Desai

Addition on account of short term capital on sale of gala - Held that - The factory gala sold by the assessee was part of the blocked assets in the business of the assessee who was engaged in the business of manufacturing of self adhesive labels and stickers. The said gala remained the part of the block of fixed assets of the assessee. However, the assessee did not claim and depreciation on the said gala because the same was given on rent during the 2 years i.e. AY 2007-08 and AY 2008-09. In the AY 2009-10 the said gala was sold and the sale proceeds in respect of the said gala was treated in ....... - .......

2016 (1) TMI 375 - DELHI HIGH COURT

Commissioner of Income Tax Versus Dharampal Satyapal

Computation of Slump sale - ITAT held that for computing the net worth under Section 50B, Section 43(6)(c)(i)(C) is not applicable in case of slump sale of the undertaking includes the entire block of assets - whether the entire block of assets was sold, the written down value of the block of assets as existing must be taken at the aggregate value of the total assets? - Held that - The ITAT had accepted the Assessee s contention that in case the entire block of assets was sold, the written down value of the block of assets as existing must be taken at the aggregate value of the total assets. W ....... - .......


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