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Income Tax Case Laws - Section: 145

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Cases for Section: 145
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Reopening of assessment - valuation of stock questioned - Held that - As during the original scrutiny assessment, the issue of valuation of stock had been examined at length. We may recall that the assessee is engaged in the business of jewelery. During a survey operation conducted on 3.2.2010, unaccounted cash was found and difference in stock in the books and physical verification were revealed. During the assessment proceedings, there was cons.....



Profit estimation - ITAT reducing the profit estimated from 16 to 8 - Held that - The entire examination was on the basis of evidence on record and would not call for any question of law. It is true that the provisions of section 44AD of the Act would not ipso facto apply to every acts of the Tribunal merely adopting a yardstick in absence of any other concrete evidence to enable itself to estimate the true profit of the assessee. BR BR With resp.....

2016 (1) TMI 1085 - ITAT JAIPUR

Jypore Manufacturing Jewellers (P) Ltd., The ACIT Central Circle- 3, Jaipur Versus The JCIT (OSD) , Central Circle- 3, Jaipur, Jypore Manufacturing Jewellers (P) Ltd.

Validity of assessments u/s 153A - Held that - Original notice was issued u/s 153A and there as neither any warrant or search on assessee. Similarly while issuing notice u/s 153C no satisfaction in this behalf in the case of Modi group nor there was any assessment in the case of Shri Govind Dev as the 153A proceedings were dropped in that case. The satisfaction recorded by AO initiating 153C is silent regarding the pending proceeding initiated u/.....

2016 (2) TMI 304 - BOMBAY HIGH COURT

The Commissioner of Income Tax-15, Mumbai Versus M/s Sai Shraddha Construction

Accepted method of accounting - assessment on Best Judgment basis - Held that - As project completion method is one of the accepted method of accounting and the same was regularly followed by the respondent-assessee in computing it s taxable income. It is for the assessee to choose the method of accounting and employ it regularly. It is not the case of the revenue that the project completion method of accounting is not regularly employed by the a.....

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 384 - MADRAS HIGH COURT

Commissioner of Income Tax Versus Shaik Usman Ali

Addition made towards difference in closing stock - assessment by Sales Tax Authorities - whether the stock statement submitted to the Sales Tax authorities was erroneous? - Held that - As decided in The Commissioner of Income Tax Versus Smt. Sakuntala Devi Khetan 2013 (3) TMI 270 - MADRAS HIGH COURT it has been held that the Assessing Officer has to adopt the figures and turn over finally assessed by the Sales Tax Authorities. This decision is b.....

2016 (2) TMI 123 - ITAT KOLKATA

A.C.I.T, Cir-3, Asansol Versus M/s. Bharat Hi-Tech (Cement) Pvt. Ltd

Addition on suppression of closing stock - Held that - As find from the stock reconciliation statement submitted by the Learned AR which was filed based on the directions from the Bench to the Learned AR, that the stock statements contain both raw materials and finished goods and there was absolutely no quantity difference between what has been submitted to the bank vis- a- vis the audited balance sheet filed along with the return except in respe.....

2016 (2) TMI 162 - ITAT JAIPUR

M/s Singhal Natural Stones Pvt. Ltd. Versus ITO, Ward 4 (2) , Jaipur

Penalty u/s 271(1)(c) - enhanced value of closing stock - Held that - The assessee has submitted that the value of ₹ 682/- is computed by the assessee himself and is appearing in the detail stock valuation and it is simply a calculation mistake on his part, wherein he had considered the value of ₹ 488/- instead of ₹ 682/ The assessee has however not provided any explanation regarding the basis/criteria for .....

2016 (2) TMI 163 - ITAT JAIPUR

The DCIT, Circle-4, Jaipur Versus M/s Janta Construction Co.

NP rate determination - Held that - NP rate which should be considered for examination is NP rate before depreciation, interest and remuneration to partners. Nothing has been brought to your notice for deviating from the said settled position. Further, during the year under consideration, the NP rate before depreciation, interest and remuneration to partners is disclosed by the assessee at 9.02 which is on a progressive scale hence there is no ba.....

2016 (2) TMI 83 - ITAT CHENNAI

The Assistant Commissioner of Income Tax Company Circle II (3) , Chennai Versus M/s. Integrated Finance Company Ltd

Addition on rebate on Hire purchase written off - Addition on additional Finance charges on account of change in method of accounting from Mercantile basis to Cash basis - CIT(A) deleted the addition - Held that - The assessee company being in finance and leasing Business has claimed rebate on hire purchase written off in the books of accounts based upon the guidelines and accounting policies of ICAI. But no information was submitted to substanti.....

2016 (1) TMI 1082 - ITAT JAIPUR

Jaipur Development Authority Versus Assistant Commissioner of Income Tax, Circle- (5) , Jaipur and Deputy Commissioner of Income Tax, Circle- (5) , Jaipur Versus Jaipur Development Authority

Registration granted U/s 12AA withdrawn - assessee is not entitled exemption U/s 11,12 and 13 - change of accounting policy - Held that - The assessee has been granted registration by the order of the Coordinate Bench wherein the coordinate Bench has held that the assessee s activities are charitable and are not covered U/s 2(15) of the Act. Therefore, the Assessing Officer is directed to give benefit of Section 11 and 12 of the Act to the assess.....

2016 (2) TMI 190 - ITAT JAIPUR

Vijay Kumar Saxena Versus The ACIT, Circle-2, Kota.

Rejection of books of accounts - adoption of NP rate of 9 - Held that - As ample opportunities have been given to the assessee to produce the books of accounts, the assessee being contractor, is statutorily bound to maintain bills, vouchers, cash book, stock register etc. and in the absence of maintenance of the said records, the AO is left with no option but to invoke section 145(3) of the IT Act and estimate the income of the assessee. Even oth.....

2016 (2) TMI 266 - ITAT KOLKATA

Income Tax Officer, Ward-12 (3) , Kolkata Versus M/s UMT Investment Ltd.

Foreign exchange gain taxability - restatement of foreign currency loan - foreign currency loan which has been recognized in the profit and loss account in accordance with Accounting Standard 11 (AS 11) issued by the Institute of Chartered Accountants of India (ICAI) - Held that - The Loan agreement clearly mentions that the loan is meant for general corporate purposes only which means it is meant for revenue account. If it is meant for any capit.....

2016 (2) TMI 394 - ITAT MUMBAI

Dy. Commissioner of Income Tax 7 (2) Versus M/s. Rolson Industries (I) Ltd.

Valuation of closing stock on the basis of average rate of the purchase for the entire year - CIT(A) calculated the value of closing stock on the basis of FIFO Method (First In First Out) - Held that - CIT(A) considered the value on material of last 3 months and accordingly assessed the value of closing stock. The assessee company is engaged in the business of manufacturing and export of textile and fabrics. No doubt the assessee company has to p.....

2016 (1) TMI 720 - ITAT MUMBAI

The Income Tax Officer Versus M/s Trendsetter Construction Pvt. Ltd.

TDS Credit - Accrual of income against advance received - method of accounting - project completion of method - Postponement of income received as remuneration for profession/technical services rendered - whether claim of the TDS was liable to be disallowed - it was submitted that when the assessee has not offered the corresponding tax in the year under consideration, then the claim of the TDS was liable to be disallowed. BR BR Held that - The am.....


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