ACIT Vs M/s. Lumax Automotive Systems Ltd. (ITAT Delhi) The assessee-company explained that it has closed down its Aurangabad unit due to heavy losses suffered by the assessee-company. The assessee-company in this year has declared loss of Rs.4.34 crores in the return of income and after making addition as well, the net taxable loss have […]
Shri Ratan Babulal Lath Vs DCIT (ITAT Bangalore) Entire addition is on the basis of the statements of the assessee and Shri. Navneet Kumar Singhania recorded by the CBI. Before the AO, assessee has specifically denied such statements recorded by the CBI and has sought cross-examination of Shri. Navneet Kumar Singhania which were not afforded […]
Adhunik Infrastructure (P)Ltd. Vs JCIT (ITAT Kolkata) ITAT held that even if an assessee is merely developing the infrastructural facility (without operating and maintaining the same), it is entitled to deduction u/s 80-1A. Further, condition (b) laid out in sub-section (4) of section 80-IA mandates the existence of an agreement with the Government. Moreover, if […]
The brief facts of the case are that the assessee case was selected for scrutiny through CASS and notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act) was issued and served upon the assessee requiring him to furnish necessary details and documents along with supporting evidence.
ACIT Vs V. V. N. Varadhan Kumar (ITAT Chennai) Ld.CIT(A) had made a clear cut finding after examining the books of accounts of the assessee that the amount received by the assessee was only repayment of loan extended by the assessee to the company. It appears that the assessee in his books of account instead […]
Where due to pending disputes with debtors, sales commission could not be paid to agents for longer period, taxation of such liability payable to agents under section 41(1) was not justified.
As AO failed to arrive at satisfaction as to non-correctness of assessee’s claim as regards no expenditure against exempt income, invocation of rule 8D was in contravention of section 14A(2) and, therefore, disallowance was deleted.
It is not in dispute that the assessee had been following LIFO method regularly for valuation of closing stock since its inception. It is not in dispute that the LIFO method adopted by the assessee had been accepted by the revenue in the past. It is not in dispute that the LIFO method is also one of the recognized methods for valuation of closing stock.
These are the appeals filed by assessee against the order of CIT(A)-16, Mumbai dated 14/08/2015 for A.Y.1997-98 and 2003-04, in the matter of imposition of penalty u/s.271 (1 )(c) of the IT Act.
Dnyanoba Shajirao Jadhav Vs ITO (ITAT Pune) Interest awarded u/s. 23(1A) and 23(2) r.w.s. 28 of the L.A. Act is in the nature of solitium and an integral part of compensation. It is an admitted position that the receipt of compensation awarded under L.A. Act is a capital receipt. Whereas, interest awarded u/s. 34 of the […]
