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Income Tax Case Laws - Section: 43

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Cases for Section: 43
Showing 1 to 15 of 855 Records

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.....

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 . Ac.....

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 .....

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 .....

2016 (1) TMI 648 - ITAT CHENNAI

M/s Scientific Publishing Services Pvt Ltd Versus The Deputy Commissioner Of Income Tax

Revision u/s 263 - claim of the assessee under section 10B wrongly allowed by AO - Held that - In the absence of approval letter for 100 export oriented undertaking from the Board appointed on this behalf by Central Government in exercise of powers conferred by section 14 of Industries (Development and Regulation) Act, 1951 as specified under explanation (i) to section 10B of the Act, we are of the opinion that the ld. PCIT has rightly invoked pr.....

2016 (1) TMI 538 - ITAT CHENNAI

Deputy Commissioner Of Income Tax Company Circle-I (1) , Chennai Versus M/s Asvini Fisheries Pvt Ltd

Treatment of loss arisen on account of foreign exchange derivative contracts - Held that - Assessing Officer has to consider the foreign exchange derivative in proportion to export turnover as regular business transaction of the assessee. If the derivative transaction undertaken by the assessee is in excess of export turnover then that loss suffered in respect of that portion of excess transaction has to be considered as speculative loss only and.....

2015 (12) TMI 1117 - ITAT KOLKATA

DCIT, Circle-3, P7, Kolkata Versus M/s Jaroli Vincom Pvt. Ltd.

Loss on account of non-speculation transaction as speculation - Held that - The trading of derivatives for the entire assessment 2006-07 is out of the definition of speculation business if it is carried out in the recognized stock exchange. The assessee has done the trading in the recognized stock exchange. So it is clear that loss on account of derivative transaction or very much covered in clause (d) of the proviso Section 43(5) of the Act. In .....

2015 (12) TMI 562 - ITAT KOLKATA

M/s. Lohia Securities Ltd. Versus DCIT, Circle-6, Kolkata

Loss in respect of delivery based transactions in respect of purchase and sale of shares - whether to be treated as speculation loss or not? - Held that - From the provisions of section 43(5)(d) of the Act, it is clear that the definition of speculative transaction as contained in section 43(5) of the Act is only for purpose of sections 28 to 41 of the Act. It does not apply to the other sections of the Act. BR BR As per the definition of section.....

2016 (2) TMI 117 - ITAT MUMBAI

M/s. UniDeritend Limited Versus The Additional Commissioner of Income Tax, Range 1 (3) , Mumbai

Addition on account of Capital Subsidy u/s. 41(1) - revenue or capital in nature - Held that - Admittedly, in the case in hand, the capital subsidy, as it is named in the notification of the scheme dated 12.03.1998 of the Government of Maharashtra, has been granted as an incentive to promote and encourage the installation of wind mill for generation of electricity. The said subsidy being provided to the assessee to encourage the setting up of win.....

2015 (11) TMI 1367 - ITAT MUMBAI

Asst. CIT, Room No. 447, Mumbai Versus Pramod H. Lele

Taxability of the gain on the transfer of sweat equity shares allotted to the assessee - Revenue seeks to bring the entire gain to tax as short-term capital gain, the assessee concedes it to be income by way of capital gains, albeit long term in nature and, accordingly, exempt u/s.10(38) of the Act. The Revenue s alternate claims are of the income being assessable as speculation income u/s. 43(5) or even as income from other sources u/s. 56 - Hel.....

2015 (11) TMI 430 - ITAT KOLKATA

I.T.O., Ward-2 (3) , Kolkata Versus M/s. Last Peak Data Pvt. Ltd.

Deduction u/s.10AA - CIT(A) allowed the claim - Held that - 10AA was brought in along with the consolidation and quick development of export initiatives in all the units, past, present and future, located in SEZ s or which were in existence in all parts of India even prior to the promulgation of the SEZ Act, 2005. It is important to note that, for the first time, this section extended the exemption coverage to Computer IT ES besides computer soft.....

2015 (12) TMI 47 - ITAT MUMBAI

Inventurus Knowledge Services Pvt. Ltd. C/o Seren Properties Pvt. Ltd. Versus Income Tax Officer-5 (2) (1) , Mumbai

Disallowance of loss on eligible derivate transactions in foreign exchange - Held that - The assessee company has entered into derivative transactions in foreign currency through recognised stock exchange and has complied with the other conditions as stipulated in Section 43(5) read with proviso(d) and explanation 1 to the said Section 43(5) of the Act for which cogent material is brought on record. BR BR The contract for derivatives in foreign c.....

2015 (10) TMI 1283 - SUPREME COURT

M/s Mangalore Ganesh Beedi Works Versus Commissioner of Income Tax, Mysore & Another

Nature of expenditure - whether the expenses incurred by the Assessee were for protecting the business of the firm or were expenses incurred for personal reasons namely consequent to disputes or differences relating to the ownership of the going concern with the erstwhile partners of the Assessee - Tribunal noted that the legal expenses incurred were for defending the business of the going concern and for protecting its interests and not to be pe.....

2016 (1) TMI 977 - ITAT MUMBAI

The DCIT-7 (2) , Mumbai Versus M/s. Suyash Laboratories Ltd.

Succession of the firm - revaluation of assets - claim of depreciation by the assessee allowed by CIT(A) - cost of acquisition - AO was of the firm belief that the transaction does not constitute transfer in terms of Sec. 2(47) of the Act. According to the AO, the revaluation of the assets was only an increase in the value on paper and depreciation on the revalued assets cannot be allowed as per the provisions of the Act. - Not to be treated as t.....

2015 (11) TMI 1070 - ITAT KOLKATA

I.T.O., Ward-2 (3) , Kolkata Versus M/s. LGW Limited

Disallowance u/s 14A - CIT(A) deleted the addition - Held that - Share application money is only in the nature of an offer to buy shares made by the assessee. It is only after the offer is accepted by the company resulting in a concluded contract, the Assessee becomes the shareholder in a company. Till this time the Assessee becomes a shareholder, the assessee cannot have any rights to claim any dividend that may be declared by the company. In su.....


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