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2015 (7) TMI 997 - BOMBAY HIGH COURT

Commissioner of Income Tax-2, Mumbai Versus M/s SBI Commercial & International Bank Ltd

Interest income on securities - whether has to be taxed on the due basis only, instead of accrual basis as per the mercantile system of accounting followed by the assessee? - Tribunal accepting the plea of the assessee that the interest income on the.....


2015 (7) TMI 996 - DELHI HIGH COURT

Commissioner of Income Tax-II Versus JCB India Ltd.

Development charges - revenue v/s capital expenditure - Held that - The Court is satisfied with the explanation offered by the Assessee that it is incurring development charges on research and testing of components and that this does not result in a .....


2015 (7) TMI 995 - UTTARAKHAND HIGH COURT

Commissioner of Income Tax, Dehradun Versus Oil And Natural Gas Corporation Ltd.

Expenditure incurred on Dry Docking - revenue v/s capital expenditure - Held that - Substantial question of law already answered against the Revenue as decided in 2015 (6) TMI 104 - UTTARAKHAND HIGH COURT wherein held according to the accepted princi.....


2015 (7) TMI 994 - ITAT LUCKNOW

A.C.I.T., Central Circle-1, Kanpur Versus M/s Verma Roadways, Kanpur

Addition under section 41(1) on account of cessation of liability - CIT(A) deleted the addition - Held that - The addition was deleted by CIT(A) on the basis that if these additions are made, the net profit rate of the assessee will be 2.38 as agains.....


2015 (7) TMI 993 - ITAT VISAKHAPATNAM

Hindustan Shipyard Ltd., Visakhapatnam and others Versus Addl. CIT Range-3, Visakhapatnam and others

Disallowance of Prior Period Expenses - CIT(A) deleted the addition made on account of demurrage charges - Held that - These charges are in the nature of late payments/detention charges paid to freight forwarders and clearing agents for keeping the g.....


2015 (7) TMI 992 - ITAT AHMEDABAD

Madhav Corporation, Ahmedabad Versus Asstt. C.I.T. Central Circle 1 (4) , Ahmedabad

Disallowance of deduction claimed u/s 80IB(10) - Held that - Assessee has demonstrated with supportive documentary evidence that it is eligible for the claim of deduction u/s. 80IB(10) of the Act and the same is allowable not only on the profit discl.....


2015 (7) TMI 991 - ITAT AHMEDABAD

Dy. CIT, Circle-2, Range-2, Ahmedabad Versus Shri Parasar Navnitlal Patel, Ahmedabad and others

Remission of unsecured loans - Whether could not be subjected to tax by invoking section 28(iv) of the Act - CIT(A) deleting the addition made by the AO as income u/s.2(24) r.w.s. 28(iv) - Held that - Similar issue in case of CIT(A) V/s. Jindal Equip.....


2015 (7) TMI 990 - ITAT AHMEDABAD

DCIT, Central Circle 2, Surat Versus Shri Moolchand Maganlal Jain, Surat

Addition on share of income from HUFs - CIT(A) deleted the addition - Held that - Section 171 of the Income Tax Act provides assessment after partition of a Hindu undivided family. In the present case, the ld. Assessing Officer did not adhere to any .....


2015 (7) TMI 989 - ITAT MUMBAI

Gurudev Siddha Peeth, Shrish Thakkar Versus ITO, Ward-1 (1) , Kalyan

Offerings at the Samadhi Shrine of Swami Muktanand and at the temple of Bhagwan Nityanand received in donation boxes- Taxing the amount invoking the provisions of section 115BBC - Held that - Reverting to the definition of anonymous donations under s.....


2015 (7) TMI 988 - ITAT HYDERABAD

M/s. Vishnu Chemicals Ltd., Hyderabad Versus The DCIT, Circle 3 (3) Hyderabad

Revision u/s 263 by CIT(A) - A.O. has completed the assessment without any verification or basis for arriving at the conclusion that the expenditure claimed by the assessee is allowable under sections 37(1) or not hit by section 195 - Held that - We .....


2015 (7) TMI 987 - ITAT HYDERABAD

Mr. K. Anil Kumar, Hyderabad Versus The DCIT, Central Circle-7, Hyderabad

Unexplained investment - assessee has taken a new stand at the time of hearing by stating that the amounts of investment made by the assessee during the years under consideration and treated as unexplained by the A.O. were actually sourced from the f.....


2015 (7) TMI 986 - ITAT AHMEDABAD

Desai Construction P. Ltd., Valsad Versus ACIT, Central Circle-2, Surat

Validity of assessment u/s. 143(3) r.w.s. 153A - assessee s claim has been disallowed u/s. 80IA - Held that - Search was conducted at the premises of assessee on 24.09.2008, wherein assessee admitted undisclosed income in respect of its other activit.....


2015 (7) TMI 985 - ITAT MUMBAI

Partners Hardvard Medical International Inc., C/o Pricewaterhouse Coopers (P) Ltd, and others Versus The Asstt. Director of Income Tax (International Taxation) -3 (1) , Mumbai and others

Fees received under consulting agreement from Wokhard Hospitals and M/s Carol Info Services are taxable as Fee for included services - The tax authorities have examined only the agreements and have drawn conclusion against the assessee. They have not.....


2015 (7) TMI 984 - ITAT MUMBAI

M/s Birla Sun Life Asset Management Company Ltd. Versus Dy. Commissioner of Income Tax

Disallowance on account of provision for leave encashment under section 43B - Held that - It will be proper to dispose of this appeal in the light of the order of the Hon ble Supreme Court in the case of CIT vs. Exide Industries Ltd. (2009 (5) TMI 89.....


2015 (7) TMI 983 - ITAT DELHI

ACIT, Circle-1 (1) , New Delhi Versus All E. Technologies Pvt. Ltd.

Re-compute the deduction u/s 10A - disallowance made by the AO was allowed ignoring the facts that the foreign exchange fluctuation gain received has not been earned by the assessee through export of software - Held that - There is no dispute as the .....


2015 (7) TMI 982 - ITAT HYDERABAD

The Dy. Commissioner of Income Tax Circle-1 (3) , Hyderabad Versus M/s Fenoplast Ltd.

Carry forward depreciation to assessee disallowed u/s. 154/ rws 263 - CIT(A) allowed claim - Held that - The restriction of eight years was removed. Even though Special Bench decision of the ITAT in the case of DCIT Vs. Times Guaranty Ltd., 2010 (6) .....


2015 (7) TMI 981 - ITAT MUMBAI

Smt. Usha Shrawan Rathod Versus Asst. CIT 19 (3) , Mumbai

Addition made u/s. 68 - Held that - The unsecured loans received during the year of ₹ 3,00,000/- have been held to be unexplained cash-credits within the meaning of section 68 of the Act. We find that in the impugned assessment, which has been .....


2015 (7) TMI 980 - ITAT MUMBAI

DCIT-11 (2) and others Versus M/s. C.C. Choskhi & Co. and others

Diversion of income by overriding title - payment to expartners or spouses of deceased partners - CIT(A) deleted addition - whether the aforesaid payment is nothing but diversion of income by overriding title? - plea of the assessee was that, the amo.....


2015 (7) TMI 979 - ITAT AHMEDABAD

Asstt. CIT, Cen. Cir-2, Baroda Versus M/s Parshwa Corporation, Nadiad.

Reopening of assessment - Addition on account of negative cash balance as on 31.03.2002 - Unexplained receipts - CIT(A) deleted the addition - Held that - The impugned order of reassessment passed by the AO without disposing off the objections raised.....


2015 (7) TMI 978 - ITAT PANAJI

M/s. The Goa State Co-Op Bank Versus ITO (TDS) Ward-1 Panaji-Goa

Eligibility for exemption u/s. 194A(3)(v) from TDS on interest paid/credited on time deposits to its members - assessee is a cooperative bank - Held that - Considering all the facts in totality in the light of the memorandum explaining the provisions.....


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