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Income Tax Case Laws - Section: 71

Cases for Section: 71
Showing 1 to 15 of 119 Records

2015 (6) TMI 100 - DELHI HIGH COURT

C.I.T Versus Honeywell International (India) Pvt Ltd, Qualcomm India Pvt Ltd

Set off of losses of the amorphous division against the profit of the other Units - Held that - The Court after analyzing all the decisions was of the opinion that previous ruling in Tei Technologies (2012 (9) TMI 47 - DELHI HIGH COURT) that set off .....

2015 (4) TMI 410 - BOMBAY HIGH COURT

The Commissioner of Income Tax8 Versus M/s. Shantivijay Jewels Ltd.

Set off of unabsorbed business loss brought forward against the profits of the erstwhile 10A unit - claim for set off disallowed by AO as such claim of set off or brought forward business loss against the profits of the erstwhile 10A unit in the year.....

2015 (6) TMI 944 - ITAT MUMBAI

Income Tax Officer & Others Versus Shri Deepak Popatlal Gala & Others

Disallowance of export commission - Held that - The assessee has failed to furnish the details relating to commission payments and the services rendered by the agent to the assessee. In the absence of such details, one cannot ascertain about the natu.....

2015 (4) TMI 436 - ITAT CHENNAI

Shri. S. Rajagopal Versus The Income Tax Officer

Revision u/s 263 - unaccounted interest payments - Held that - In this present case, the Assessing Officer completed assessment u/s.143(3) on 30.11.2011 which means that the Assessing Officer applied his mind and came to the conclusion that the asses.....

2015 (3) TMI 925 - ITAT AHMEDABAD

Suraj Limited Versus DCIT, Circle-8, Ahmedabad And Other

Treatment to loss - business loss v/s speculation loss - Held that - Ld. Counsel for the assessee has demonstrated that one of the objects of the assessee-company is financing and major portion of the capital is deployed for the purpose of advancing .....

2015 (3) TMI 323 - MADRAS HIGH COURT

Commissioner of Income Tax Versus Dr. MAM. Ramaswamy

Set-off of loss sustained in business against betting and gambling income - whether only the net income is to be taxed u/s 115BB? - assessee is a breeder and owner of race horses - Held that - This Court is not inclined to accept the view as propound.....


Arun Gupta and others Versus Union of India and others

Reopening of assessment - the interest received is much less than interest paid resulting substantial business loss, it transpires that it is a case of diversion of business funds for non-business purpose - Held that - T here is no sufficiency or ade.....

2014 (9) TMI 353 - ITAT MUMBAI

Sumaria Appliances Pvt. Ltd. Versus The ACIT, Ward 7 (2), Mumbai

Computation of STCG on depreciable assets addition of ₹ 29,77,989.21 was made by the assessee with regard to unsold property only after the date of sale i.e. after 20/4/2006. - reduction of such addition from STCG - Held that - The addition sho.....

2014 (6) TMI 734 - ITAT MUMBAI

DCIT 19(3), Mumbai Versus M/s Jupiter Construction

Loss from business or profession - set off of business loss against the income shown under the head income from house property u/s. 71 - Conversion of the closing stock into capital asset Held that - The assessee had converted the stock in trade in t.....

2015 (3) TMI 612 - ITAT COCHIN

M/s Kerala Sponge Iron Ltd. Versus The Asst Commr of Income Tax Circle I Palakkad

Disallowance of higher rate of depreciation claimed on assets classified by the assessee as pollution control equipment - Held that - It is a settled proposition of law that the Income-tax Act has to be construed in a strict manner. The depreciation .....

2014 (4) TMI 350 - ITAT HYDERABAD

Secunderabad Club, Secunderabad Versus Income Tax Officer

Claim of exemption from tax Interest earned on fixed deposits Principle of mutuality Held that - The decision in CIT Vs. Secunderabad Club 2011 (8) TMI 752 - Andhra Pradesh High Court followed if an incorporated entity is engaged in trade, the profit.....

2014 (3) TMI 365 - ITAT MUMBAI

Shri Lachmandas Jiwnani Versus The ITO 12(3) (2), Mumbai

Disallowance of interest u/s 24(b) of the Act - Whether the said amount advanced by Saraswat Bank to the assessee in the form of rent advance could be considered as amount borrowed by the assessee from the said Bank for purchase of the property Held .....

2015 (6) TMI 811 - GUJRAT HIGH COURT

Commissioner of Income tax Versus Navinchandra & Co.

Penalty u/s.271(1)(c) - whether claiming speculation loss as business loss deliberately amount to filing of inaccurate particulars and adjusting the same against income from other sources, whereas the clause (d) inserted by the Finance Act, 2005 unde.....



Carry forward of capital loss. - Whether sale of polymer division and sale of land in Gujarat are separate transactions Held that - The polymer unit which is at Vizag was acquired in the year 1978 - The industrial land in Gujarat was acquired in the .....

2013 (11) TMI 310 - ITAT HYDERABAD


Denial of set-off of losses with income u/s 71 - intra head adjustments - Change in the name of company - AO observed from the Director s annual report that there is not merely a change in the name but a total change in line of business and denied th.....

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