Addition on account of lower yield of production compared to ...

Income Adjustment Based on Incorrect Yield Comparison Challenged; Billets Misclassified by Assessing Officer.

October 30, 2021

Case Laws Income Tax AT

Addition on account of lower yield of production compared to industrial average - estimation of income based on average yield across the business @ 89% - the yield percentage as referred by the AO in the assessment year with which comparison has been made does not relate to SMS division as the billets have been mentioned in the table as raw material whereas billets are finished products of SMS division. It appears that AO has proceeded on misconception of facts. Thus, on this point too, the action of the AO is not justifiable. - AT

View Source

← Previous Next →

Addition on account of lower yield of production compared to ...

Income Adjustment Based on Incorrect Yield Comparison Challenged; Billets Misclassified by Assessing Officer.

October 30, 2021

Case Laws Income Tax AT

You may also like:

TP Adjustment - Provision of Administrative and Agency Services - Determination of Arm's Length Price (ALP) - allocation of expenses relating to income streams between...

The ITAT considered the validity of an order u/s 143(1)(a) where the AO made adjustments based on the tax auditor's entry for penalty or fine. The AO communicated the...

The ITAT deleted the addition made by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] regarding the adjustment u/s 92CA(3) of...

Yield of paddy - estimation of income - It is clear that the yield shown by the assessee is definitely on the lower side - addition confirmed - HC

Interest income on tax refund, though required to be reported under 'income from other sources', was erroneously shown as business income by assessee firm. Despite...

Deduction claimed u/s 36(1)(viii) for interest income from housing finance for non-residential purposes was disallowed, excluding such amounts from computing eligible...

The High Court dismissed the petition challenging the assessment order u/s 144C of the Income Tax Act. The Assessing Officer clarified that the impugned order was passed...

Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

Refund - area based exemption - Commencement of production of new product after the cut-of date i.e. 31.12.2005 or increased the capacity of the production - Concast...

Validity of Intimation passed u/s 143(1) - Rectification of arithmetical error or prima facie incorrect claim - CPC is entitled to make adjustments as per 1st proviso of...

Disallowance u/s 14A - Assessee offered a suo-motto disallowance - By merely stating, that as the assessee was maintaining consolidated accounts, therefore, in the...

Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

Agricultural income OR Business income - AO observed that, the yielding from the assessee’s mango garden cannot be more than 90 tons as against 168.3 tons - The fact is...

Addition u/s 14A r.w.r. 8D - Whether all shares held in ‘stock-in-trade’ should be considered for disallowance under section 14A or only those shares which yielded the...

Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

Quick Updates: