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Income Tax Case Laws - Section: 145A

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Cases for Section: 145A
Showing 1 to 15 of 259 Records

2016 (4) TMI 168 - BOMBAY HIGH COURT

Commissioner of Income Tax-2 Versus Immortal Financial Services Pvt Ltd

Penalty u/s 271(1) (c) - change of the head of income for purposes of taxation - Held that - We find that in the present facts the Tribunal has rendered a finding of fact that the Respondent-Assessee has furnished all details of income in its Return of Income filed. Further on the basis of details furnished by the Respondent, the Assessing Officer had only changed the head of income. The view taken by the Tribunal in the impugned order that mere change of the head of income for purposes of taxation does not warrant a penalty is no longer res integra. This Court in Commissioner of Income Tax v/ ....... - .......

2016 (3) TMI 679 - ITAT DELHI

M/s. DLF Limited Versus Addl. CIT And Vice-Versa

Disallowance u/s 14A r.w.r 8D - Held that - We have also noted that assessee has worked out disallowance on its own of ₹ 1,87,35,000/-. Therefore, in the end, we reverse the order of CIT (A) and direct the AO to restrict the disallowance u/s 14A of the Act to ₹ 1,87,35,000/-, which disallowance has been made by assessee on its own. - Decided in favour of assessee in part - Addition in respect of credit balance in Stale Cheques Account - addition holding that these cheques are outstanding for a very long period and are in the nature of trading receipt - Held that - In view of the de ....... - .......

2016 (3) TMI 420 - ITAT DELHI

Assistant Commissioner of Income Tax v Circle 28 (1) , New Delhi Versus M/s Vinod Raj Co.

Addition to the undisclosed return income - addition made on the basis of GP rate and peak credit - Held that - We find that the AO was not justified to make the addition of ₹ 65,78,933/- in addition to the undisclosed return income of ₹ 21,36,111/- which was filed by the assessee during the course of block proceedings and as such the AO has ignored the block return income of ₹ 21,36,111/- which is the part of the total undisclosed income of the assessee of ₹ 65,78,933/-. It is apparent that the total undisclosed income as per the order of the Ld.CIT(A) and the Tribunal ....... - .......

2016 (4) TMI 852 - ITAT KOLKATA

Income-tax Officer, Wd-31 (1) , Kolkata Versus Sri Uttam Jain, L/H of Hemraj, Begwani

Receipts in cash from the allottee newspapers and periodicals - Estimation of income - rejection of books of accounts - Held that - We find that the assessee had shown receipts in cash from the allottee newspapers and periodicals, it does not mean that the assessee himself was selling the newsprints in cash in unauthorized market. The assessee produced copies of ledger accounts of these parties. The said ledger account was seized during the course of search. On perusal of ledger account of these parties it is observed that the newsprint was supplied to them and payment was also received by the ....... - .......

2016 (3) TMI 324 - DELHI HIGH COURT

Principal Commissioner of Income-Tax-08 Versus M/s Shruti Fastners Ltd.

Reopening of assessment - difference between the closing stock as shown in the books of accounts produced and in the account as shown in the document recovered from the CPU - whether figures obtained from the hard disk of the CPU must be given credence over the figures in the books of accounts produced before the AO and in particular the stock register maintained by the Assessee - Held that - ITAT has given cogent reasons as to why the case of the Revenue cannot be accepted. Inter alia, it is pointed out that no evidence was found which could substantiate the Revenue s contention that there we ....... - .......

2016 (3) TMI 251 - ITAT AHMEDABAD

Jayvantsinh N. Vaghela, Prop of Yuvraj Developers & M/s. Kailash Developers Versus Income Tax Officer

Estimation of NP - Additions at 12 of the receipt - Held that - In the present case, we are therefore of the view that the net profit of 5.55 for the year under consideration also cannot be considered for working out the average profits because, it is after considering the land leveling expenses of ₹ 24.24 lacs which is also disputed by the Revenue. In such a situation, when the books of accounts are rejected, then for estimating the profits, for the reasons stated hereinabove, we are of the view that the average profits should be determined but after excluding the net profit for the imp ....... - .......

2016 (3) TMI 115 - ITAT AHMEDABAD

M/s. G.H. Industries Versus ACIT, Circle 3, Ahmedabad

Addition with respect to unutilized balance of MODVAT credits - inclusion of excise duty to the value of closing stock - Scope of section 145A - Held that - Merely because the Central Government has not notified in the Official Gazette accounting standards to be followed by any class of assessees or in respect of any class of income, it cannot be stated that the Accounting Standards prescribed by the Institute of Chartered Accountants of India or the Accounting Standards reflected in the guidance note cannot be adopted as an accounting method by an Assessee. It further held that notwithstandin ....... - .......

2016 (3) TMI 863 - ITAT MUMBAI

The ACIT-10 (1) , Mumbai Versus M/s. Sprandi India Pvt. Ltd.

Addition u/s 41(1) - amount payable by the assessee company to 5 creditors - Held that - Hon ble Supreme Court in the case of CIT Vs Sugauli Sugar Works (P) Ltd. (1999 (2) TMI 5 - SUPREME Court) held that mere unilateral entry made by the assessee in accounts, there is no cessation of liability. In the case on hand, the assessee has not even written back the creditors in its accounts. The Hon ble Bombay High Court in the case of Indian Rayon & Industries (2010 (3) TMI 299 - BOMBAY HIGH COURT) held that there is no remission or cessation of liability within the meaning of Sec. 41(1) of the ....... - .......

2016 (2) TMI 606 - BOMBAY HIGH COURT

The Commissioner of Income Tax (Large Tax Payer Unit) Versus M/s Union Bank of India

Loss on revaluation of investments - valuation of stock in trade - ITAT allowed the claim - Held that - We find that the issue as raised before us is no more res integra. This Court had an occasion to deal with identical question in the case of Commissioner of Income Tax Vs. HDFC Bank, reported in 2014 (8) TMI 119 - BOMBAY HIGH COURT and held the assessee has maintained the accounts in terms of the RBI Regulations and he has shown it as investment. But consistently for more than two decades it has been shown as stock-in-trade and depreciation is claimed and allowed. Therefore, notwithstanding ....... - .......

2016 (3) TMI 364 - ITAT CHENNAI

M/s The KTM Jewellery Ltd. Versus The Deputy Commissioner of Income-Tax

Estimation of profits - rejection of books of accounts - Held that - When there was no error or mistake pointed out by the Assessing Officer in respect of other businesses, rejection of the entire books of account is not justified. Even with regard to trading in bullion, the assessee-company purchased gold bullion to the extent of ₹ 1,85,34,411/- from M/s Gajaanand Jewellery Mart Pvt. Ltd, Coimbatore. The ledger account appearing in the books of account of the assessee shows sale of ₹ 2,23,39,087/-. The Assessing Officer has not considered the opening balance of the bullion for the ....... - .......

2016 (3) TMI 497 - ITAT MUMBAI

Lakozy Electronics and Services Versus Income Tax Officer 15 (1) (1) , Mumbai.

Additions pertaining to excess stock found during the course of search - Held that - We notice that the assessee has been claiming that that the excess stock found during the course of search does not belong to it and the said contentions have been rejected by the tax authorities for want of documentary evidences. Now, the assessee has filed certain additional evidences, in the form of affidavits claimed to have been obtained from the original owners of the stocks, to substantiate its claim. Since the assessee has obtained the affidavits only recently, in the interest of natural justice, we ar ....... - .......

2016 (3) TMI 637 - ITAT LUCKNOW

Shri Rohit Rai Sethi Vesus Addl. C.I.T., Range-III, Lucknow.

Adoption of 5 gross profit rate - Held that - It is noted by CIT(A) that the assessee has not furnished the details of sales and sundry debtors and the assessee has also not maintained any stock register from which the sales made by the assessee could be verified. He has also noted that in earlier two years, the gross profit rate declared by the assessee was 6.88 and 7.44 and against this factual background, adoption of 5 , gross profit rate in the present year is quite reasonable in the facts of the present case and hence, on this issue, we do not find any reason to interfere in the order of ....... - .......



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 considerable debate about the valuation of the stock in the nature of jewelery. The assessee contended that much of the stock may be old and that therefor ....... - .......

2016 (3) TMI 447 - ITAT DELHI

ITO, Ward 35 (4) , New Delhi Versus Shri Anil Kumar Garg and Vica-Versa

N.P. determination - Held that - AO adopted net profit rate of 6 . No reason has been given by the AO to adopt this figure. And AO while working out the closing stock had ignored all other expenses debited by the assessee in P&L account and only included the construction expenses. The AO erred in adopting net profit rate at 6 without valid reasons and exclusion of other expenses as pointed out to value the closing stock, makes the order of the AO erroneous and not sustainable. We concur with the finding a ....... - .......


Jagmal Singh and another, Satbir Singh Versus State of Haryana and another

Taxability of interest awarded on enhanced compensation - amendment through Section 145-A - Held that - Supreme Court in Commissioner of Income-tax, Faridabad Versus Ghanshyam (HUF) 2009 (7) TMI 12 - SUPREME COURT held that the interest awarded on enhanced compensation is not taxable. The effect of the judgment has been statutorily abrogated by virtue of the amendment. The award of the Collector itself has been passed subsequent to the amendment on November 10, 2010. - The orders already passed are rec ....... - .......


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