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Income Tax Case Laws - Section: 71

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Cases for Section: 71
Showing 1 to 15 of 136 Records

2016 (1) TMI 1084 - ITAT DELHI

NEC HCL System Technologies Ltd. Versus ACIT Circle-13 (1) New Delhi And Vica-Versa

Eligibilty to claim deduction u/s 10A - Set off loss of eligible unit against the business income of the assessee rejected - Held that - In the circular no. 7/DV/2013 FILE NO.279/MISC./M-116/2012-ITJ , DATED 16-7-2013 at para No. one that it has been brought to the notice of the Board that the provisions of 10A/10AA/10B/10BA of the Income-tax Act, with regard to applicability of Chapter IV of the Act and set off and carry forward of losses, are b.....

2016 (2) TMI 236 - ITAT CHENNAI

M/s. Super Auto Forge Private Ltd Versus The Assistant Commissioner of Income Tax, Company Circle VI (4) , Chennai

Disallowance u/s. 14A - Held that - The assessee company has made investment from earlier years and received dividend income every year and demonstrated that funds utilized for investments are surplus funds or interest free funds. The assessee earned exempt income ;1,64,06,932/-. Since Rule 8D provisions was introduced with effect from 24.03.2008, which was prospective in operation and cannot be regarded as being retrospective as held by Delhi Hi.....

2016 (1) TMI 807 - ITAT AHMEDABAD

Income Tax Officer, Ward-8 (1) , Ahmedabad Versus The Ahmedabad Advance Mills Ltd. And Vica-Versa

Set off of accumulated losses against Long Term Capital Gain (LTCG) AND Short Term Capital Gain (STCG) even beyond 8 years - CIT(A) allowed the claim - validity of orders of BIFR - Held that - Since the order of BIFR is inconsistent with the provisions of IT Act as far as setting off of accumulated losses beyond eight years against capital gain are concerned. But still BIFR order will prevail over the inconsistent provisions of IT Act. Accordingl.....

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.....

2016 (1) TMI 634 - ITAT CHENNAI

Assistant Commissioner of Income Tax, Company Circle-II (3) , Chennai Versus M/s. ISC Investments & Finance P. Ltd.

Loss set off against the interest income - continuity of business activity after sale of business - whether entire undertaking is not sold as stock-lock barrel and there is no slump sale? - Held that - As the assessee has not transferred the entire undertakings but only portion of it was transferred by way of business transfer agreement and the assessee has carried on the business of job work of outsourcing of ATMs business in the financial years.....

2015 (11) TMI 1065 - ITAT KOLKATA

Sri Deo Kumar Saraf Versus Assistant Commissioner of Income-tax, Circle-49, Kolkata

Levy of penalty u/s. 271(1)(c) - bogus speculation profit - Held that - In the present case, the assessee has disclosed income from speculation profit only and the case is that he could not prove that this is speculation income or any other income for the want of evidence and merely he has not challenged the quantum addition. Assessee may file an appeal against an order of imposition of penalty even though he might not have filed an appeal agains.....

2015 (11) TMI 587 - ITAT CHENNAI

M/s. Erode Annai Spinning Mills P. Ltd. Versus The Assistant Commissioner of Income-tax, Central Circle-1, Coimbatore

Depreciation of earlier year was not allowed to be set off against the income offered as unexplained cash deposit made in the account of axis bank - Held that - As decided in Chandra Kumar v. ACIT 2009 (11) TMI 549 - ITAT MADRAS-A according to section 71(2A) of the Act, if the net result of computation of income under the head Profits and gains of business or profession is a loss, then a set-off of such loss cannot be made against income assessab.....

2015 (10) TMI 2175 - ITAT MUMBAI

Shri Nitin Chandrakant Desai Versus ACIT-11 (1) , Mumbai

Gifts made - whether transaction resulted into transfer of capital asset u/s 45 giving rise to capital gain? - CIT(A) confirming the application of provisions of Section 50B to the aforesaid gift made by the assessee - Held that - Fact worth mentioning is that in the gift deed dated 31/12/2007, the signatories are the assessee on one part and in second part also the assessee and Ms. Neha Nitin Dessai (as Director of the Company), thus, the donor .....

2015 (11) TMI 1261 - ITAT LUCKNOW

DCIT, - 6, Kanpur Versus M/s Dinesh Oils Ltd and Vica-Versa

Loss incurred in share dealing - CIT(A) allowed the set off against income from brokerage and commission - Held that - As per the exception in Explanation to Section 73, if more than 50 of the Gross Total Income of the assessee consists of income chargeable under Four heads excluding income from business, then the provisions of Explanation to section 73 are not applicable. There is no infirmity in the order of CIT (A) on this aspect because the s.....

2015 (8) TMI 877 - ITAT KOLKATA

Linc Pen & Plastics Limited Versus Deputy Commis sioner of Income Tax, Central Circle-VII, Kolkata and Vica-Versa

Deduction under section 80IB disallowed - CIT(A) excluded from the profits eligible for deduction under sect ion 80IB, i.e. Rebate on Central Sales Tax payable as per Schedule 10 of Pilerne Unit and Commission on High Sea Sales payable as per Schedule 11 of other operational income - Held that - By considering the totality of the facts, we restore both the issues to the file of Assessing Officer for considering it afresh regarding eligibility of .....


Krishnamegh Yarn Industries Versus Asstt. Commissioner of Income Tax

Stock of raw material disclosed at the time of survey - Whether can be added both u/s 69B as well as 69C of the Act? - Held that - It is an undisputed fact that during scrutiny, the assessee himself has disclosed the fact that in his books of account, he had shown less stock to the tune of ₹ 10,06,987/-. It is also an admitted fact that when the physical stock was examined by the authority, the value of the said stock was ₹ 13,33,485/.....

2015 (10) TMI 1873 - ITAT DELHI

Income Tax Officer, Ward-11 (4) , New Delhi Versus M/s. Inbev India International Pvt. Ltd.

Allowance of pre-operative expenses against the income from other sources - setting up off business losses against the income under the head income from other sources - Held that - The Assessing Officer had not determined the business losses by holding that the respondent assessee company had not commenced his business operations and he doubted the trading activities carried on by the assessee company on the ground that the trading activity alleg.....

2015 (8) TMI 605 - ITAT BANGALORE

M/s. Sterling Developers Pvt. Ltd. Versus Joint Commissioner of Income-Tax (OSD) , Circle-12 (3) , Bangalore

Disallowance u/s 14A - Held that - It is not disputed that there was no dividend or exempt income claimed by assessee during the relevant previous year. Other income shown by the assessee in its Schedule 15 shows dividend income as nil. No doubt there is a sum of ₹ 160,701,177/- appearing as miscellaneous income in the P & L account. However, this was the subject of an analysis by the AO wherein the AO himself has given a finding that &.....

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 is impermissible was justified. In these circumstances, the reliance placed by the assessee, upon the aforesaid circular is unpersuasive. Decided in favour of the Revenue. BR BR Set off of the loss cl.....

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 under consideration, being the first assessment year, after the expiry of the tax holiday period, cannot be allowed - Tribunal allowed the claim - Held that - Subject to the provisions of section 10A.....


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