M/S. KARNATAKA INSTRADE CORPORATION LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal is allowed in part

Bench: B.MANOHAR,VINEET SARAN

Section 145 of the Act. 3. In pursuance of the notice issued, the authorized representative of the assessee filed his reply contending that though the assessee-Company entered into an agreement dated 25-08-1999 with the MCL, the physical possession was handed over during the financial year 2000-01 relevant to assessment year 2001-02. The agreement of sale

M/S DELHI INTERNATIONAL AIRPORT LTD vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX

Bench: S.SUJATHA,S VISHWAJITH SHETTY

3) r/w 153A of the Act for the assessment year under consideration disallowing the claim of the assessee under Section 40(a)(ia) of the Act being the amount of collection charges retained by the airlines on collection - 9 - of passenger service fees amongst other disallowance. Being aggrieved, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals

M/S DELHI INTERNATIONAL vs. THE PRINCIPAL COMMISSIONER

Bench: S.SUJATHA,S VISHWAJITH SHETTY

3) r/w 153A of the Act for the assessment year under consideration disallowing the claim of the assessee under Section 40(a)(ia) of the Act being the amount of collection charges retained by the airlines on collection - 9 - of passenger service fees amongst other disallowance. Being aggrieved, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals

THE PR. COMMISSIONER OF INCOME TAX, vs. M/S. DELHI INTERNATIONAL AIRPORT PVT. LTD.,

Bench: S.SUJATHA,S VISHWAJITH SHETTY

3) r/w 153A of the Act for the assessment year under consideration disallowing the claim of the assessee under Section 40(a)(ia) of the Act being the amount of collection charges retained by the airlines on collection - 9 - of passenger service fees amongst other disallowance. Being aggrieved, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals

M/S DELHI INTERNATIONAL AIRPORT LTD vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX

Bench: S.SUJATHA,S VISHWAJITH SHETTY

3) r/w 153A of the Act for the assessment year under consideration disallowing the claim of the assessee under Section 40(a)(ia) of the Act being the amount of collection charges retained by the airlines on collection - 9 - of passenger service fees amongst other disallowance. Being aggrieved, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals

THE PR. COMMISSIONER OF INCOME TAX, vs. M/S. DELHI INTERNATIONAL AIRPORT PVT. LTD.

Bench: S.SUJATHA,S VISHWAJITH SHETTY

3) r/w 153A of the Act for the assessment year under consideration disallowing the claim of the assessee under Section 40(a)(ia) of the Act being the amount of collection charges retained by the airlines on collection - 9 - of passenger service fees amongst other disallowance. Being aggrieved, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals

THE PR. COMMISSIONER OF INCOME TAX, vs. M/S. DELHI INTERNATIONAL AIRPORT PVT. LTD.,

Bench: S.SUJATHA,S VISHWAJITH SHETTY

3) r/w 153A of the Act for the assessment year under consideration disallowing the claim of the assessee under Section 40(a)(ia) of the Act being the amount of collection charges retained by the airlines on collection - 9 - of passenger service fees amongst other disallowance. Being aggrieved, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals

M/S. ICDS LIMITED vs. THE DEPUTY COMMISSIONER OF INCOME-TAX

In the result, the appeal fails and is hereby dismissed

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

3. Learned counsel for the assessee submitted that the assessee can be charged only on real income which can be calculated after applying the prescribed accounting method as per guidance note of the Institute of Chartered Accountants of India (ICAI). It is further submitted that on conjoint reading of Section 145 of the Act with Section 211 of the Companies

THE PRINCIPAL COMMISSIONER vs. SHRI LAXMI SAHAKARI BANK NIYAMIT

In the result, appeals filed by the Revenue stands

Bench: JOHN MICHAEL CUNHA,S.SUJATHA

145 of the Income Tax Act, 1961? b) Whether on the facts and circumstances of the case and in law the Tribunal was right in concluding that provisions of Section 194A(3)(v) of the Income Tax Act, 1961 applies to all co-operative societies : 4 : including societies engaged in the business of banking? c) Whether on facts and circumstances

THE COMMISSIONER OF INCOME-TAX vs. KARNATAKA POWER TRANSMISSION

In the result, the appeal fails

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

depreciation of Assessment Years 1988-89 and 1989-90 amounting Rs.72,02,83,028/-, the income was determined to be ‘NIL’. The Commissioner in exercise of powers under Section 263 of the Act vide order dated 12.11.2007 held that the order of assessment dated 26.12.2012 is erroneous and prejudicial to the interest of revenue and consequently set aside the same

THE COMMISSIONER OF INCOME-TAX vs. SRI M.D. YASHODHARAN

In the result, the appeal fails

Bench: B.MANOHAR,DILIP B.BHOSALE

depreciation of Assessment Years 1988-89 and 1989-90 amounting Rs.72,02,83,028/-, the income was determined to be ‘NIL’. The Commissioner in exercise of powers under Section 263 of the Act vide order dated 12.11.2007 held that the order of assessment dated 26.12.2012 is erroneous and prejudicial to the interest of revenue and consequently set aside the same

THE PR. COMMISSIONER OF INCOME TAX vs. M/S KARNATAKA BANK LTD.,

The appeal is dismissed

Bench: S.G.PANDIT,K. V. ARAVIND

depreciation against the appreciation in other investments? 3. Whether the ITAT is justified in not considering that in order to arrive at the real income for the income tax purpose, the assessee should follow suitable adjustments with suitable accounting practices as per section 145

THE COMMISSIONER OF INCOME-TAX vs. M/S. INDUS FILA LTD

In the result, the order passed by the Income Tax

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

145/- in respect of M/s Tulip Apparels Private Limited, the amalgamating company. The Assessing Officer by an order dated 21.12.2010 inter alia did not accept the contention of the assessee that effective date of amalgamation was 31.03.2008. It was further held that amalgamating company got merged with the assessee only after 06.02.2010 i.e., the date on which the scheme

THE COMMISSIONER OF INCOME-TAX vs. M/S. SYNDICATE BANK

The appeals are disposed of

Bench: ALOK ARADHE,RAVI V HOSMANI

depreciation on securities (iv) floating rate notes of London branch (v) DICGC loans (vi) suits filed accounts (vii) miscellaneous provision cannot be added back in accordance with Explanation to Section 115JA of the Act in the light of the judgment of the Apex Court in H.C.L. Comnet where is diminution in the value of assets as contended by the assessee

M/S INDUS TOWERS LTD vs. THE DEPUTY COMMISSIONER OF COMMERCIAL TAXES

In the result, we pass the following order:

Bench: RAVI MALIMATH,N.KUMAR

depreciation, it ‘crms (a i’s that t’it 9rc,cg3dure (icOptLd his hit ir.t o,nc un rlcpriruneru ftt i xtzirurj .zn)qr “LUU’V 1.4 .Ji,_. j%; c ‘ iion l.eu GIL u_’ ic’,S;, citLd 11W’ Lfl%i t Oil the. utaN” ii-Le ii i tqitally 1 3

M/S WIPRO LIMITED vs. THE DEPUTY COMMISSIONER OF INCOME TAX

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

Section 145A of the Income- tax Act which was inserted with effect from assessment year 1999-2000. The said provision states that the valuation of stock should include the amount of any tax duty, cess or fee - 94 - actually paid or incurred to bring the goods to its present location and condition. The Department has followed a consistent stand

THE COMMISSIONER OF INCOME TAX vs. M/S WIPRO LTD

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

Section 145A of the Income- tax Act which was inserted with effect from assessment year 1999-2000. The said provision states that the valuation of stock should include the amount of any tax duty, cess or fee - 94 - actually paid or incurred to bring the goods to its present location and condition. The Department has followed a consistent stand