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Ad-hoc provision for transit breakage is contingent liability & not required to be recognised as per AS- 29 of ICAI

Case Name : Seagram Distilleries Pvt. Ltd. (Now Pernod Ricard India Pvt. Ltd.) Vs CIT (Delhi High Court)
Appeal Number : Income tax (Appeal) no.898-901 of 2009 and 237 of 2015
Date of Judgement/Order : 06/10/2015
Related Assessment Year :
Courts : All High Courts (13951) Delhi High Court (3377)
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Sec. 10B Interest on FDRs on margin kept in bank for utilization of letter of credit limits is business Income

Case Name : Principal CIT Vs Universal Precision Screws (Delhi High Court)
Appeal Number : Income Tax (Appeal) No. 392 of 2015
Date of Judgement/Order : 06/10/2015
Related Assessment Year :
Courts : All High Courts (13951) Delhi High Court (3377)
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Search at house of partner cannot be deemed as search on assessee firm

Case Name : ACIT Vs S.P.Cold Storage (ITAT Raipur)
Appeal Number : ITA No.142 To 147/BLPR/2012
Date of Judgement/Order : 30/10/2015
Related Assessment Year :
Courts : All ITAT (14952) ITAT Raipur (101)
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Voluntary disclosure does not release assessee from mischief of penal proceedings

Case Name : S.L. Shiva Raj Vs DCIT (ITAT Hyderabad)
Appeal Number : ITA No. 1002/HYD/2015
Date of Judgement/Order : 30/10/2015
Related Assessment Year : 2002-03
Courts : All ITAT (14952) ITAT Hyderabad (630)
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Adhoc disallowance of expenses without finding any specific defects in books of account not justified

Case Name : M/s Vijay Infrastructure Limited Vs ACIT (ITAT Lucknow)
Appeal Number : Income tax (Appeal) no. 254 of 2015 and Cross Appeal Nos. 12 & 13 of 2015
Date of Judgement/Order : 30/10/2015
Related Assessment Year :
Courts : All ITAT (14952) ITAT Lucknow (120)
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S. 80IB(10) -Canopy/ Porch cannot be treated as part of Built up Area as it is not habitable

Case Name : DCIT Vs Smt. Suman Jagannath Pharande (ITAT Pune)
Appeal Number : ITA Nos. 711 & 712/PN/2012
Date of Judgement/Order : 30/10/2015
Related Assessment Year : 2006-07 to 2009-10
Courts : All ITAT (14952) ITAT Pune (714)
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Expenses not charged to P&L cannot be adjusted to income in TP adjustment

Case Name : M/s DQ Entertainment (International) Ltd Vs ACIT (ITAT Hyderabad)
Appeal Number : ITA No 62/Hyd/2013
Date of Judgement/Order : 30/10/2015
Related Assessment Year :
Courts : All ITAT (14952) ITAT Hyderabad (630)
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Expense allowed for earlier year cannot be disallowed in subsequent years if facts & circumstances are same

Case Name : DCIT Vs M/s Ashiana Ispat Ltd (ITAT Jaipur)
Appeal Number : ITA No. 535/JP/2015
Date of Judgement/Order : 30/10/2015
Related Assessment Year :
Courts : All ITAT (14952) ITAT Jaipur (448)
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AO not empowered to initiate reassessment proceedings upon a mere change of opinion

Case Name : CIT Vs Kelvinator Of India Ltd. (Delhi High Court)
Appeal Number : 99 (2002) DLT 221, 2002 (64) DRJ 109, [2002] 256 ITR 1 / 123 Taxman 433 (Delhi)
Date of Judgement/Order : 19/04/2002
Related Assessment Year :
Courts : All High Courts (13951) Delhi High Court (3377)
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VAT collected but not paid is to be added to income even if amount has not routed through P&L Account

Case Name : Munaf Ibrahim Memon Vs The Income Tax Officer (ITAT Pune)
Appeal Number : ITANo.1806/PN/2013
Date of Judgement/Order : 30/10/2015
Related Assessment Year : 2009-10
Courts : All ITAT (14952) ITAT Pune (714)
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