Judgements by Ayush

On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition of``3,11,85,809/- on account of disallowance of loss on trading of shares as not an allowable expenditure u/s 37(1) in view of violation of clause 11 me

The facts in the case before Hon’ble High Court (supra) are identical to the facts in hand because the assessment order was passed by the AO as per the discussion with CIT and as per the office note dt. 28/12/2006 then the subsequent CIT cannot revis

On this issue assessee contended in the ground that the Assessing Officer has erred in reopening the assessment mainly to disallow under section 14A of the Income Tax Act and took shelter under section 36(1)(iii) to avoid provisions of Section 14A wh

As regards first issue, Assessing Officer made addition of Rs.2,20,000 on account of accrued interest by IVP’s. The Assessing Officer has held that investment in the asset was the income of the assessee and therefore, interest income accrued thereon

We have heard the learned D.R. in this regard and carefully perused the record. Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee

Briefly stated facts of the case are that the assessee company is engaged in the business of manufacturing of PVC sheets, Leathercloth, Flooring Materials and Trading in commodity, filed return declaring loss of Rs.4,79,89,263/-. During the course of

The facts in brief are that the assessee is an AOP, engaged in the business of trading in dyes and chemicals and derive income therefrom filed return of income declaring an income of Rs. 9,39,492/-. During the course of assessment proceedings, the AO

Brief facts of the issue are that while during the scrutiny assessment, the Assessing Officer observed that out of Rs.40,68,500/- received by the assessee towards share capital account, an amount of Rs.39,00,000/- relating to the share application mo

The assessee is engaged in the business of trading in chemicals. The sales shown in the Profit & Loss Accounts were Rs. 3,15,85,478/- and against that purchases were shown as Rs. ,93,31,117/- on which gross profit of Rs. 7.95% was declared. The asse

The appeal by the Revenue was filed on 17.12.2008 and the appeal by the assessee was filed on 27.11.2008. The assessee is a public sector undertaking and, therefore, as per the decision of Hon'ble Supreme Court in the case of ONGC Vs CCE [1995] Suppl