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2015 (8) TMI 1164 - ITAT JAIPUR

Shri Dinesh Agarwal Versus The Income Tax Officer, Ward-4 (2) , Jaipur.

Undisclosed income added by the AO on account of cash shortage - CIT(A) confirmed part addition - Held that - The bank authorities have certified that assessee has withdrawn ₹ 8,90,000/-on 20.11.2005 which was entered in the bank register on 21.....

2015 (8) TMI 1163 - ITAT JAIPUR

Income Tax Officer Ward 1 (2) , Jaipur Versus Bharti Malpani and Vica-Versa

Trading addition - Justification of Gross Profit Rate - bogus purchases - Held that - This Bench has already decided identical issue in the case of Shri Anuj Kumar Varshney Vs. ITO & others gems and jewellery cases 2015 (4) TMI 533 - ITAT JAIPUR .....

2015 (8) TMI 1162 - ITAT BANGALORE

M/s. Ahad Builders Inc. Versus Asst. Commissioner of Income Tax, Circle 7 (2) , Bangalore.

Unexplained cash credits - identity and credit worthiness of the creditors and the genuineness of the transactions had not been established - CIT (Appeals) denying the admission of additional evidence submitted by the assessee in appellate proceeding.....

2015 (8) TMI 1161 - ITAT KOLKATA

Calcutta Cycle Co. Hooghly Versus D.C.I.T., Circle-2, Midnapore

Reopening of assessment - AO invoked the provision of section 40(a)(ia) r.w.s. 194C - Held that - From the facts and circumstances of the instant case and respectfully following the judicial precedents o310 ITR 561 n the impugned subject including th.....

2015 (8) TMI 1160 - ITAT AHMEDABAD

My Home Developers Versus ITO, Ward-7 (2) , Surat

Income disclosed during the survey - treated as Income from Other Sources or Business Income - disallowance of deduction u/s 80IB on the income disclosed during the survey - Held that - We do not find any justification for the different stand of the .....

2015 (8) TMI 1159 - ITAT AHMEDABAD

Shri Hsamukhlal Versus The ITO Wrd-2 (2) Surat

Addition made by following the valuation method u/s.50C - Held that - In the present case, the AO had made addition on the basis of the difference in value of the property declared by the assessee as sale consideration and the value that was adopted .....

2015 (8) TMI 1158 - ITAT MUMBAI

M/s. Envision Investment & Finance Pvt. Ltd. Versus The DCIT, Range 9 (1) , Mumbai

Set off of loss from trading in shares against profit earned - whether CIT(A) erred in holding that provisions of section 43(5), clause (d) is applicable from 25.01.2006 being the date of notification of Bombay Stock Exchange (BSE) & National Sto.....

2015 (8) TMI 1157 - ITAT AHMEDABAD

Babubhai Jesangbhai Desai Versus The CIT-III Ahmedabad

Revision u/s.263 - sufficient opportunity non granted - Held that - U/s.263 CIT is empowered to call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the AO is erroneous in so far as it.....

2015 (8) TMI 1156 - ITAT CHENNAI

The Deputy Commissioner of Income Tax Versus M/s Shasun Pharmaceuticals Ltd.

Loss on the loan borrowed in foreign currency due to exchange rate fluctuation - CIT(A) allowed claim as revenue loss - Held that - This Tribunal after referring to the judgment of Apex Court in Sutlej Cotton Mills Ltd. (1978 (9) TMI 1 - SUPREME Cour.....

2015 (8) TMI 1155 - ITAT KOLKATA

Jaharlal Mukherjee Versus I.T.O., Ward-29 (1) , Kolkata

Disallowance u/s 40(a)(ia) - applicability of provision of section 44AD - whether the provision of section 40(a)(ia) of the Act can be made applicable for the assessee when his income is determined in accordance with the presumptive scheme u/s 44AD o.....

2015 (8) TMI 1154 - ITAT HYDERABAD

ACIT (TDS) , TDS Circle 2 (1) , Hyderabad Versus Sri S. Panduranga Rao

TDS liability - purchase of telecast rights from the film producers - whether is not in the nature of royalty payment and therefore not liable for TDS u/s 194J - Held that - What the assessee has paid to the producers is consideration towards acquisi.....

2015 (8) TMI 1153 - ITAT HYDERABAD

Mr. Ch. Govardhan Naidu, Prodduturu. Versus DCIT, Central Circle-1 (2) , Hyderabad.

Revision u/s 263 - errors in the orders passed by the A.O. under section 143(3) read with section 153A for all the five years - agricultural income was accepted by the A.O. without making necessary enquiries - Held that - It is observed that in the c.....

2015 (8) TMI 1152 - ITAT HYDERABAD

Sankshema Versus Dy. Director of Income Tax (Exemptions) -I, Hyderabad.

Eligibility to claim exemption u/s 11 - whether the transactions with Kapil Chit Funds are in violation of the provisions u/s 11(5) of the I.T.Act? - Held that - The assessee has spent the entire income earned in the year for the objects of the trust.....

2015 (8) TMI 1151 - ITAT CHENNAI

L & T Housing Finance Ltd Versus The Deputy Commissioner of Income-tax, Chennai

Disallowance u/s.14A - assessee earned dividend income which was claimed as exempt under sec.10(34) - AO observed that funds for a company come in a common kitty. and they compromise of borrowed funds, share capital and retained earnings (reserves an.....

2015 (8) TMI 1150 - ITAT HYDERABAD

Asstt. Commissioner of Income Tax, Circle 2 (2) Hyderabad and others Versus M/s. East India Petroleum Private Limited Hyderabad and others

Waiver of principal loan amount claimed as capital receipt in the revised computation of income - CIT(A) directed the AO to compute the correct figure of brought forward losses and give credit to the assessee wherever the law so demands - Held that -.....

2015 (8) TMI 1149 - ITAT MUMBAI

Asstt. Commissioner of Income Tax Versus Late Smt. Manjula S. Badani By L/H Shashikant G. Badani

Income from purchase and sale of shares - Long Term Capital Gain as well as Short Term Capital Gains V/S business income - Held that - We uphold the finding of fact given by the first appellate authority, based on the period of holding, the income de.....

2015 (8) TMI 1148 - ITAT MUMBAI

Asst. Commissioner of Income Tax Versus M/s Akash Land Developers

Deductions u/s 80IB(10)(10) - whether the assessee constructed residential cum commercial complex in violation of the Act? - CIT(A) allowed claim - Held that - If the totality of facts available on record is kept in juxtaposition with the order of th.....

2015 (8) TMI 1147 - ITAT CHENNAI

P. Bhavani and R. Jayalakshmi L/R R. Kumar Versus The Assistant Commissioner of Income Tax, Central Circle I (5) , Chennai

Entitlement to deduction under section 80-IB - Held that - Since the assessee had filed the return of income belatedly on September 20, 2010, the assessee was not entitled for deduction under section 80-IB of the Act. The assessee has made a plea bef.....

2015 (8) TMI 1146 - ITAT DELHI

DD Township Ltd. Versus DCIT Cir. 10 (1) , New Delhi

Disallowance under section 36(1)(iii) - utilisation of interest bearing funds for non-business activities - Held that - The entire thrust of the assessee s submissions from the very beginning was that the amounts were advanced to group concerns, keep.....

2015 (8) TMI 1145 - ITAT COCHIN

ITO, Wd. 2 Thiruvalla Versus Most Rev Dr Joseph Marthoma

Unexplained investment/deposit found in the bank deposits - addition under section 69 - CIT(A) delted the addition - Held that - The bank account standing in the name of the assessee does not belong to the assessee in his individual capacity and he w.....

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