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Income Tax Case Laws - Section: 145A

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Cases for Section: 145A
Showing 1 to 15 of 234 Records



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 (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 (2) TMI 402 - ITAT DELHI

M/s. Fazal Frozen Foods (Pvt.) Ltd. Versus Commissioner of Income-tax, Meerut.

Revision u/s 263 - as per CIT(A) AO has not examined the GP result of the assessee - Held that - As find that in earlier years, the books of account of the assessee were accepted by the AO and so were the trading results. We find in the year under consideration, the assessee has shown GP rate of 7.04 whereas in the previous assessment year it was 6.42 , which has been accepted by the Department. We also find that pursuant to the impugned CIT orde.....

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 36 - ITAT PUNE

ACIT, Circle-10, Pune Versus Sharad Sahakari Bank Ltd. and Vica-Versa

Addition on account of interest on Non Performing Assets - assessee is following the mercantile system of accounting - CIT(A) deleted the addition - Held that - As decided in Unclaimed dividend in Deogiri Nagari Sahakari Bank Ltd. 2015 (1) TMI 1218 - BOMBAY HIGH COURT question amounts to excess provisions for dividend made by the Assessee on an earlier occasion which has been reversed by the Assessee in the year under consideration and transferre.....

2016 (1) TMI 1079 - ITAT MUMBAI

ACIT –Cir -8 (2) , Mumbai Versus Harnam Syntex P Ltd. and M/s Harnam Syntex P Ltd. Versus DCIT –Cir -8 (2) , Mumbai

Change in method of accounting for the excise duty from exclusive method to inclusive method - old brought forward CENVAT credit balance from the sales in the name of changing the method of accounting to comply with the provisions of section 145A - Held that - Prior period accumulation has to be given credit during the year, when purchases and sales are accounted with or without excise duty, and if such exercise is carried out there would be diff.....


M/s. Gopaliji Ambika Pd Versus C.I.T.

Bags of Dhania and Chillies lost and damaged by the Railways - ITAT sustaining the valuation of the closing stocks of such goods at the same rate as that of non-damaged goods - Held that - The Commissioner of Income- tax (Appeals) has rightly held the closing stock is to be valued either at the cost price or the market rate whichever is less and accordingly valued closing stock of Chillies and Dhania on the basis of the cost price. - Decided agai.....

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.....

2015 (12) TMI 1373 - ITAT MUMBAI

M/s. Unichem Laboratories Ltd. Versus The Additional Commissioner of Income Tax, Mumbai

Reallocation of expenses while granting Deduction u/s.80IB & 801C - Held that - It cannot be said that the benefit of R & D activity at Goa- PTD unit has benefited all the manufacturing units of the assessee during the year. Even as discussed above, the assessee has not allocated expenditure of Banglore R&D unit on the ground that the assessee s formulation units were not deriving benefit from the activity carried in Bangalore unit, hence.....

2016 (2) TMI 159 - ITAT JAIPUR

M/s K.G. Petrochem Ltd. Versus Assistant Commissioner of Income Tax

Adjustment of excise duty on opening stock U/s 145A - Held that - The assessee furnished all the details before the lower authorities at the time of appellate proceedings and at the time of first appeal made before the ITAT thereafter in set aside proceeding, these details were given to the Assessing Officer. BR BR As decided in CIT Vs. Mahavir Alluminum Ltd 2007 (11) TMI 41 - HIGH COURT OF DELHI there is no question of any double benefit being g.....

2015 (12) TMI 767 - ITAT MUMBAI

Sunshield Chemicals Pvt. Ltd. Versus Income Tax Officer- 7 (2) (3) , Mumbai

Set off of unabsorbed depreciation - Held that - Perusal of the wordings of Section 32(2) as applicable to assessment year 2007-08 i.e. the impugned assessment year will reveal that the wordings are similar to the wordings as applicable for assessment year 2002-03. Respectfully following the decision of Hon ble Supreme Court in the case of CIT v. Virmani Industries Private Limited (1995 (10) TMI 1 - SUPREME Court ) we hold that the assessee compa.....

2016 (1) TMI 682 - ITAT KOLKATA

West Bengal Housing Infrastructure Development Corporation Ltd. - Versus - Dy. C.I.T., Circle-11, Kolkata And I.T.O., Ward-11 (1) , Kolkata And Vice-Versa

TDS u/s 194A - Disallowance u/s 40(a)(ia) - compensation paid in the form of interest by the appellant to various allottees for delays occurred in delivering the respective plots - non deduction of tds - Held that - There was neither borrowing or debt incurred by the assessee. The arguments of the ld. DR that the expression moneys borrowed or debt incurred is further qualified by the word claim or other similar right or obligation and the liabili.....

2015 (12) TMI 1170 - ITAT MUMBAI

Pfizer Limited Versus ACIT Range 8 (2) , Mumbai

Transfer pricing adjustment - international transactions of provision of support services in respect of Clinical Study Management and Monitoring Support Services - Held that - While deciding this issue, the DRP has not given detailed reasoning to arrive at its conclusion. The real issues raised by the assessee in detailed submissions filed before the DRP have not been dealt with properly. It appears that the DRP could not properly appreciate the .....

2016 (1) TMI 361 - ITAT KOLKATA

I.T.O Ward 35 (4) , Kolkata Versus M/s. Mahendra Traders

Addition made towards valuation of stock of scrap - Held that - There is no scope for valuation of stock at market price as worked out by the Learned AO. The valuation of stock at cost or net realizable price whichever is lower is an accepted and established rule of commercial practice as was held by the Hon ble Supreme Court in the case of Chainrup Sampatram vs CIT reported in (1953 (10) TMI 2 - SUPREME Court). Even otherwise, we find that the L.....


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