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2017 (5) TMI 259 - HC - Income TaxAddition made on account of provisions for losses in stores stock, raw material, finished goods deleted. Guest house expenses are not allowable for claiming depreciation of assets in light of the provisions of Section 37(4) of the Act of 1961. Disallowance on account of change in valuation of closing stock - Held that:- As closing stock becomes the opening stock of the next year and as such the Income Tax Appellate Tribunal was justified to adjust the alleged loss by excluding the interest on government loan and office expenses from the cost of closing stock.See VKJ. BUILDERS AND CONTRACTORS P. LTD. Versus COMMISSIONER OF INCOME-TAX [2009 (8) TMI 101 - SUPREME COURT]. Deletion of levy of interest under Sections 234-B and 234-C when assessment is made on basis of book profit under Section 115-J - Held that:- Hon’ble Supreme Court in Kwality Biscuits Limited case(2006 (4) TMI 121 - SUPREME Court) has already taken the view that in absence of specific provision in the Act for payment of advance tax in cases where income is taxed under Section 115-J or 115-JA, the tax payer is not liable to pay any advance tax.
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