THE PR COMMISSIONER OF INCOME TAX vs. M/S MPHASIS LTD

The appeal is dismissed accordingly

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

disallowance of foreign exchange loss on forward contract. 13 15. Learned counsel for the revenue has argued before this Court that such loss is a notional and contingent and has to be treated as speculative loss in terms of Section 43(5) of the Income tax Act. He has also argued before this Court that the Tribunal without examining

SMT. PUNEETHA @ PUNEETHA B. A. vs. SRI. D. RAVI

The appeal is dismissed accordingly

Bench: R DEVDAS

disallowance of foreign exchange loss on forward contract. 13 15. Learned counsel for the revenue has argued before this Court that such loss is a notional and contingent and has to be treated as speculative loss in terms of Section 43(5) of the Income tax Act. He has also argued before this Court that the Tribunal without examining

THE COMMISSIONER OF INCOME-TAX vs. M/S DAVANGERE DISTRICT CENTRAL CO-OPERATIVE BANK

In the result, we do not find any merit in this appeal, the same fails

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

disallowed certain amount under section 40(a)(ia). The assessing authority further refused to admit the debited amount in P/L A/c pertaining to provision for non-performing asset (NPA). The assessee challenged the said order passed by the assessing authority before Commissioner of Income Tax (CIT) of appeals. The CIT allowed the appeal and as such Revenue preferred appeal before

MANIPAL HEALTH SYSTEMS

In the result, we do not find any merit in this appeal, the same fails

Bench: ARAVIND KUMAR

disallowed certain amount under section 40(a)(ia). The assessing authority further refused to admit the debited amount in P/L A/c pertaining to provision for non-performing asset (NPA). The assessee challenged the said order passed by the assessing authority before Commissioner of Income Tax (CIT) of appeals. The CIT allowed the appeal and as such Revenue preferred appeal before

THE PR. COMMISSIONER OF INCOME-TAX vs. M/S. DAVANGERE DISTRICT CENTRAL CO-OP BANK LTD.,

In the result, we do not find any merit in this appeal,

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

disallowances were mainly in respect of Provisions for NPA's, RO & SAO's cost, accrued interest on NPA's, addition on account of Bank Reconciliation Provisions. Assessee preferred an appeal before the CIT(A). The CIT(A) partly allowed the appeal. As such Revenue and Assessee both preferred the appeal before the Tribunal. The Tribunal has partly allowed both

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

Bench: S.SUJATHA,S VISHWAJITH SHETTY

1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in law in remanding back the issue to assessing authority with a direction to - 25 - allow the relief as the assessee do not have exempt income and as such no disallowance can be made under section 14A read with rule

M/S DELHI INTERNATIONAL vs. THE PRINCIPAL COMMISSIONER

Bench: S.SUJATHA,S VISHWAJITH SHETTY

1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in law in remanding back the issue to assessing authority with a direction to - 25 - allow the relief as the assessee do not have exempt income and as such no disallowance can be made under section 14A read with rule

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

Bench: S.SUJATHA,S VISHWAJITH SHETTY

1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in law in remanding back the issue to assessing authority with a direction to - 25 - allow the relief as the assessee do not have exempt income and as such no disallowance can be made under section 14A read with rule

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

Bench: S.SUJATHA,S VISHWAJITH SHETTY

1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in law in remanding back the issue to assessing authority with a direction to - 25 - allow the relief as the assessee do not have exempt income and as such no disallowance can be made under section 14A read with rule

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

Bench: S.SUJATHA,S VISHWAJITH SHETTY

1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in law in remanding back the issue to assessing authority with a direction to - 25 - allow the relief as the assessee do not have exempt income and as such no disallowance can be made under section 14A read with rule

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

Bench: S.SUJATHA,S VISHWAJITH SHETTY

1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in law in remanding back the issue to assessing authority with a direction to - 25 - allow the relief as the assessee do not have exempt income and as such no disallowance can be made under section 14A read with rule

THE COMMISSINER OF INCOME TAX (APPEALS) AND ANR vs. THE BIJAPUR DISTRICT CENTRAL

Bench: R.DEVDAS,VINEET KOTHARI

disallowance of such interest paid to the members without TDS, was liable to be made as per the provisions of Section 40 (a) (ia) of the Act. 4. Both the learned counsel at Bar fairly submitted that the said issue is no longer res-integra in view of the CBTD Circular No.19/2015 holding that such Co-operative Banks

THE COMMISSIONER OF INCOME TAX vs. M/S QUEST GLOBAL ENGINEERING SERVICES PVT. LTD.,

In the result, we don to find any

Bench: ALOK ARADHE,R. NATARAJ

145. (2) For the purposes of sub-section (1), gain or loss arising on account of the effects of change in foreign exchange rates shall be in respect of all foreign currency transactions, including those relating to - (i) monetary items and non-monetary items. (ii) translation of financial statements of foreign operations; (iii) forward exchange contracts; (iv) foreign currency translation

PR COMMISSIONER OF INCOME TAX vs. M/S ENNOBLE CONSTRUCTION

Bench: KRISHNA S.DIXIT,P.KRISHNA BHAT

145 of the 1961 Act, the AO acting under Section 143(3) could not have made the ad hoc disallowance; the fact that for the Assessment Year 2008 – 09 some addition was made under the said head, cannot be the sole basis for making such an addition for the subsequent Assessment Year, each assessment being an independent compact. He also

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

In the result, we don to find any

Bench: SATISH CHANDRA SHARMA,R. NATARAJ

145. (2) For the purposes of sub-section (1), gain or loss arising on account of the effects of change in foreign exchange rates shall be in respect of all foreign currency transactions, including those relating to – (i) monetary items and non-monetary items. (ii) translation of financial statements of foreign operations; (iii) forward exchange contracts; (iv) foreign currency translation

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

The appeal is allowed in part

Bench: B.MANOHAR,VINEET SARAN

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 contains

COMMISSIONER OF INCOME TAX-III vs. M/S SHRIRAM CHITS (KAR) PVT LTD

In the result, the appeal is disposed of

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

disallowance of bad debts written off while such issue in the assessee's own case was remitted to the file of the Assessing Officer by the Hon'ble High Court in the A.Y. 1998-99 3 with a direction to reconsider the issue in the light of provision of section 145(1

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

The appeals are disposed of

Bench: ALOK ARADHE,RAVI V HOSMANI

disallowed? (ii) Whether the provisions of Section 14A of the Act read with Rule 8D of the Income Tax Rules should be made applicable to all pending matters as the same is clarifactory in nature in view of the consistent stands taken by the department? (iii) Whether the tribunal was correct in holding that the estimated expenditure cannot be treated