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Commissioner of Income-Tax Versus Computer Point (I) Ltd.

2015 (7) TMI 1087 - BOMBAY HIGH COURT

Tax effect - monetary limit - ITAT direction to deduct the amount of prior year adjustment out of current year's net profit for arriving at the book profit for the purpose of computation of income under section 115J - Held that:- In view of the Instr .....

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TMI 451 - Bombay High Court] the instruction No. 5 of 2014 issued by the Central Board of Direct Taxes would also be applicable to pending appeals and references.

Nothing has been shown to us to indicate that the issue raised in this parti .....

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Court of India ]. In view of the above, we return the reference unanswered. - Income Tax Reference No. 430 of 1997 - Dated:- 24-7-2015 - M. S. Sanklecha And N. M. Jamdar, JJ. For the Petitioner : Nirmal Chandra Mohanty For the Respondent : Pavan Ved .....

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w, the Income-tax Appellate Tribunal is justified in upholding the Commissioner of Income-tax (Appeals)'s direction to deduct the amount of prior year adjustment out of current year's net profit for arriving at the book profit for the purpose .....

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reference is less than ₹ 4 lakhs. Consequently, the reference should be returned unanswered. 3. In the above circumstances we directed the Revenue to examine the issue of the tax effect involved in the present reference application and file an .....

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; 3,03,105. 4. Therefore, in view of the Instruction No. 5 dated 10 July 2014 read with decision of this court in CIT v. Madhukar K. Inamdar (HUF) [2009] 318 ITR 149 (Bom) ; CIT v. Pithwa Engg. Works [2005] 276 ITR 519 (Bom) and CIT v. Smt. Vijaya V. .....

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. Inamdar (HUF) has while dealing with Circular dated May 15, 2008, observed as under (page 152 of 318 ITR) : "8. This court can very well take judicial notice of the fact that by passage of time money value has gone down, the cost of litigation .....

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