Search Results Page

Search Results

1 - 8 of 8 (0.34 seconds)
Documents citing M/S Southern Rocks & Minerals Private ... vs The Acit,, Guntur on 11 October, 2017

Dcit Corporate Circle 2(2) , Chennai vs Indus Finance Corporation Limited , ... on 18 January, 2018

case of M/s. Beach Minerals Company Private Limited vs ACIT in ITA No. 2110 & 2188/Mds/2010 dated 06.08.2015 and deleted the disallowance u/s. 14A of the Act for the computation of book profit u/s. 115JB of the Act. 3.2 The CIT(A) failed to appreciate the fact that the above said decision of the ITAT has not been accepted by the department and further appeal had been filed which is still pending.
Income Tax Appellate Tribunal - Chennai Cites 3 - Cited by 0 - Full Document

Acit, New Delhi vs M/S. Punjab And Sind Bank, New Delhi on 9 January, 2019

7. It is the argument of the learned DR that though the assessee has been relying on the orders of the tribunal for the assessment year 2007-08 to 2009-10 questions involved in those matters are entirely different from the facts involved in this matter. It is the submission of the Ld. DR that in the present appeal the fact is that the revenue is challenging the deduction on the ground that the assessee on one hand is taking benefit of deduction on diminution of the value of securities in the closing stock and on the other hand not carrying forward the impact of this claim of diminution on the value of securities in the opening stock. Ld. DR placed reliance on the decision of the Hon'ble Apex Court in the case of Southern Technologies Vs. ACIT [2010] 187 Taxman 346 (SC).
Income Tax Appellate Tribunal - Delhi Cites 14 - Cited by 0 - Full Document

Forbes Campbell Finance Limited, ... vs Dcit Company Circle Ii(1), Chennai on 27 June, 2019

6.1 We have considered the rival submissions. While computing the tax as per provisions of section 115JB of the Act, the Assessing Officer made additions to the book profit with respect to the disallowance made under section 14A of the Act read with Rules-8D. Similar issue was subject matter in appeal before the Tribunal in the case of Beach Minerals Company Pvt. Ltd. v. ACIT in I.T.A. No. 2110/Mds/2014 & dated 06.08.2015 and the 5 I.T.A. No. 902/Chny/18 Tribunal has adjudicated the case as under:
Income Tax Appellate Tribunal - Chennai Cites 17 - Cited by 0 - Full Document

Alliance One Industries India Pvt ... vs The Dcit,, Guntur on 8 November, 2017

5. We have heard both the parties, perused the materials available on record and gone through the orders of the authorities below. The assessee has incurred a loss in forward contracts for hedging the receivables. There is no dispute with regard to the fact that the forward contracts are entered against the hedging of receivables. The assessee is an exporter of tobacco and the total export turnover of the assessee was ` 227.96 crores out of export which export turnover was 223.69 crores. The turnover of hedging was less than the export turnover and there is no dispute on this fact. The assessee is not engaged in the business of foreign exchange trade and the hedging is incidental to business carried on by the assessee. On the similar facts and 6 ITA No.653 & 655/Vizag/2014 M/s. Alliance One Industries Pvt. Ltd., Guntur circumstances, this Tribunal, in the case of ACIT Circle-1 Vs. Southern Rocks & Minerals (P) Ltd. in ITA No.195/Vizag/2015 dated 11.10.2017 allowed the appeal of the assessee following the decision of Hon'ble ITAT Mumbai Bench in the case of London Star Diamond Company (I) Pvt. Ltd. Vs. DCIT in ITA No.6169/M/2012 and the decision of this tribunal in the case of ACIT, Circle-1, Rajahmundry Vs. Ramalingeswara Rice and Oil Mill on similar facts which reads as under:
Income Tax Appellate Tribunal - Panji Cites 16 - Cited by 0 - Full Document

The Acit,, Guntur vs M/S. Deccan Tabacco Exports (P) Ltd,, ... on 20 December, 2017

In the decision relied by the assessee in the case of London Star Diamond company Ltd. (supra), the Coordinate Bench held that hedging need not be 1 : 1 basis. The coordinate bench of ITAT, Visakhapatnam in the cited case held that no disallowance of loss under forward contract just because assessee had Nil export turnover due to ban on export. In the 12 ITA No.337/VIZ/2016 M/s Deccan Tobacco Exports Pvt. Ltd., Guntur instant case the assesshad made export turnover of Rs.40.00 crores and the AO had not made out a case that the total turnover from the derivative transactions was more than the export turnover.
Income Tax Appellate Tribunal - Panji Cites 8 - Cited by 0 - Full Document

Ito, Chennai vs Opg Energy Private Litd.,, Chennai on 18 January, 2018

7. We heard Shri AR.V. Sreenivasan, the Ld. Departmental Representative and Shri V. Ravichandran, the Ld. representative for the assessee. The CIT(Appeals) by placing reliance on the order of this Tribunal in Beach Minerals Company Pvt. Ltd. v. ACIT (64 taxmann.com 218) found that disallowance made under Section 14A of the Act cannot be disallowed while computing book profit under Section 115JB of the Act. The CIT(Appeals) has rightly placed his reliance on the order of this Tribunal, therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed.
Income Tax Appellate Tribunal - Chennai Cites 5 - Cited by 1 - Full Document
1