Income Tax : S. 40(a)(ia) can be invoked only when the two conditions, namely, that tax is deductible at source and such tax has not been deduc...
Income Tax : The contention of the assessee was that the AO framed the assessment arbitrarily on the basis of assessment order for the assessme...
Income Tax : After hearing the rival contentions, ITAT held that that the disallowance made by the assessee, is in excess to the disallowance w...
Income Tax : Entries found in third party books are not binding on the assessee solely on the basis of information received from the investigat...
Income Tax : The contention of the assessee was that the tax effect in this appeal is less than Rs.4,00,000/-, therefore, the department ought ...
These are cross appeals filed by the assessee and the revenue directed against two separate orders of Learned CIT (A) – II Lucknow both dated 07.01.2013 for A.Y. 2008 – 09 and 2009 – 10. All these appeals were heard together and are being disposed by this common order for the sake of convenience.
Since the assessee is following mercantile system of accounting, the expenses of earlier year cannot be allowed in the present year because the assessee had not been able to furnish any evidence to show that the above expenses have crystallized in the present year.
Exchange rate fluctuation arises out of and is directly related to the sale transaction involving the export of goods of the industrial undertaking and, therefore, difference on account of exchange rate fluctuation is entitled to deduction under section 80IB of the Act. This ground of appeal is allowed.
