Briefly stated assessee is a Member of Stock Exchange, Mumbai. Vide order dated 4.4.2001 assessee was debarred from undertaking any fresh business as a stock broker or merchant banker till further orders. This order was confirmed by SEBI vide order d..
Assessee company is deriving income from doing hard chromium plating on textiles, embossing rollers, mirror rollers, machinery parts etc. and rent from its building premises at Worli. Return of income was filed on 26.09.2008 declaring net loss of 1.8..
Capital expenditure debited to P&L account: In the Tax Audit Report, the auditor has identified the amount as capital expenditure. The details of the same have been furnished in the Annexure 1 to the Audit Report. Accordingly, the same was clearly di..
Even on the facts, it is noticed that the D.V.O has estimated the cost of construction at Rs.. 29,06,032/- as against the cost of construction recorded by the assessee of Rs.26,29,160/-. The variation is amount of Rs. 2,76,863/,- which is less than 1..
In appellate proceedings, Ld. CIT(A) allowed the assessee’s claim that the interest income of ` 13,17,241/- was not to be taxed as income from other sources. However, ITAT vide its order in ITA No. 1378/Del/2005 dated 25.3.2008 reversed the order of ..
That in a case were the assessee has filed two sets of audited accounts one before the assessing officer and the other before the Bank for which loans were taken. The CIT(A), erred both in the Laws and in Facts in not invoking the provisions under c..
Whether a manufacturer is required to reverse/pay the amount equivalent to the CENVET credit taken by him in respect of inputs which are proved to have been used in the manufacture of goods which have been cleared under exemption from excise duty, in..
The only issue for consideration relates to disallowance u/s 14A of the Act. The facts of the case stated in brief are that during the year under consideration the assessee company had earned dividend income of Rs.5,32,09,158/- and claimed the same a..
At the time of hearing the learned counsel for the assessee fairly submitted that identical issue has come up in the case of Ramesh D. Tainwala in ITA No. 3853/Mum/2010 wherein the ITAT “D” Bench Mumbai concluded that provisions of section 28(va)(a) ..
The first assessment order was passed in this case u/s.143(3)/144B on 12.04.1984. A search & seizure operation was conducted in the case of the assessee on 04.11 .1982. Various documents and books of accounts were seized and the contents of such seiz..
Adverting first to ground no.1 in the appeal, facts, in brief, as per relevant orders are that return declaring income of ``5,06,170/- filed on 31.07.2008 by the assessee, was selected for scrutiny with the service of a notice u/s 143(2) of the Incom..
We have perused the records and considered the matter carefully. It is clear from the records that the assessee had filed written submissions on 20.9.2010 but the same was put up before the Bench only on 24.9.2010 when the order had already been pass..
The brief facts of the case are that assessee is a trust. It has filed its return of income for assessment year 2008-09 on 30th September, 2008 declaring nil income. According to the Assessing Officer, the assessee trust was created by the settler Sh..
Briefly stated assessee is in the business of manufacturing of Tocopherol Vitamin-E and mixed Tocopherol. AO completed the assessment under section 143(3) disallowing the expenditure claim at `.62,62,182/- and depreciation of `.16,11,204/- on the rea..
The assessee is an individual who is the Managing Director of Cadence Design Systems India Pvt.Ltd. For the AY 2004-05, he filed a return of income at `1,75,05,081/- comprising of salary income at `1,02,72,400/- from Cadence Design Systems India Pvt...
Section 41(1) has been incorporated in the Act to cover a particular facts situation. Section applies where a trading liability was allowed as a deduction in earlier years in computing the business income of the assessee and the assessee has obtained..
Briefly stated, assessee filed return of income declaring total income at `1,57,02,407/- mainly consisting of capital gains. Assessee surrendered its tenancy rights and received an amount of `4,12,00,000/-. Out of this amount assessee has invested an..
If the party, at whose instance the reference is made, fails to appear at the hearing, or fails in taking steps for preparation of the paper books so as to enable hearing of the reference, the court is not bound to answer the reference..
On the facts and in the circumstances of the case and in law the ld. CIT(A) failed to appreciate that expenses of Rs.4,13,52,970/- was not incurred by the assessee wholly and exclusively for the purpose of its own business. On the facts and in t..
Facts, in brief, as per relevant orders are that return declaring nil income after adjusting brought forward loss of ``10,74,016/-. under the normal provisions and book profits of `8,67,496/- in terms of the provisions of section 115JB of the Income-..
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