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Addition for alleged suppression of production based on mere variation in electricity consumption not sustainable

Case Name : ACIT Vs M/s. Nilesh Steel & Alloys Pvt. Ltd. (ITAT Pune)
Appeal Number : Income tax (Appeal) Nos. 1636 & 1637 and 1589 & 1590 of 2012
Date of Judgement/Order : 30/11/2015
Related Assessment Year : 2004-05 & 2009-10
Courts : All ITAT (14951) ITAT Pune (714)
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Gain on Sale of Shares cannot be treated as business income for Mere Sale of Share in Short Span of time

Case Name : Hema Hiren Dand Vs JCIT (ITAT Mumbai)
Appeal Number : ITA No.3469/Mum/2012
Date of Judgement/Order : 18/02/2015
Related Assessment Year :
Courts : All ITAT (14951) ITAT Mumbai (3583)
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Reassessment proceeding based on ED information without correlating with returns filed is invalid

Case Name : Commissioner of Income Tax Vs M/s. Indo Arab Air Services (Delhi High Court)
Appeal Number : I.T.A. No. 292/2015
Date of Judgement/Order : 20/10/2015
Related Assessment Year :
Courts : All High Courts (13948) Delhi High Court (3376)
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SC on Allowability of Interest expenses when Interest Free Loan been given to Sister Concern & Director

Case Name : Hero Cycles (P) Ltd Vs CIT (Supreme Court of India)
Appeal Number : Civil Appeal No. 514 Of 2008
Date of Judgement/Order : 05/11/2015
Related Assessment Year :
Courts : Supreme Court of India (2373)
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Section 143(1) intimation is not an assessment and no question of change of opinion

Case Name : Deputy Commissioner of Income Tax & another Vs zuari Estate Development & Investment Company Ltd. (Supreme Court of India)
Appeal Number : Civil Appeal no. 6758 of 2004
Date of Judgement/Order : 17/04/2015
Related Assessment Year :
Courts : Supreme Court of India (2373)

Disallowance u/s 69C not sustainable where all purchases recorded in books of account accepted by AO

Case Name : ACIT Vs M/s Command Detective & Securities Pvt. Ltd. (ITAT Delhi)
Appeal Number : Income Tax (Appeal) Nos. 4129 - 4134 of 2012, Cross Appeal Nos. 338-343 of 2012
Date of Judgement/Order : 09/10/2015
Related Assessment Year : 2008-09
Courts : All ITAT (14951) ITAT Delhi (3705)
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AO not authorised to replace sale consideration with fair market value by adding prospective benefits

Case Name : ACIT Vs Smt. Divya Jain (ITAT Delhi)
Appeal Number : Income Tax (Appeal) No. 4315 of 2011 and Cross Appeal No. 355 of 2011
Date of Judgement/Order : 09/10/2015
Related Assessment Year : 2007-08
Courts : All ITAT (14951) ITAT Delhi (3705)
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Substratum for formation of belief that income liable to tax has escaped assessment has to form part of reasons recorded

Case Name : Varshaben Sanatbhai Patel Vs ITO (Gujarat High Court)
Appeal Number : Sepcial Civil Application no. 12873 of 2014
Date of Judgement/Order : 13/10/2015
Related Assessment Year :
Courts : All High Courts (13948) Gujarat High Court (1139)
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S. 14A AO must establish nexus between expenditure & exempt income, give reason for disallowance & it should not exceed the exempt income

Case Name : DCM Ltd Vs DCIT (ITAT Delhi)
Appeal Number : I.T.A .No. 4467/Del/2012
Date of Judgement/Order : 01/09/2015
Related Assessment Year :
Courts : All ITAT (14951) ITAT Delhi (3705)
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Loss due to fluctuation in foreign exchange as on the date of balance sheet allowable

Case Name : Bechtel India Pvt. Ltd. Vs DCIT (ITAT Delhi)
Appeal Number : Appeal No. I.T.A.No.882/Del/2014
Date of Judgement/Order : 14/10/2015
Related Assessment Year :
Courts : All ITAT (14951) ITAT Delhi (3705)
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