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M/S. Spml Infra Limited , Kolkata vs Dcit, Circle - 8(2), Kolkata , Kolkata on 17 January, 2020
cites
Section 14A in The Income Tax Act, 1961 [Entire Act]
Section 115JB in The Income Tax Act, 1961 [Entire Act]
Section 142 in The Income Tax Act, 1961 [Entire Act]
Mazagaon Dock Ltd vs The Commissioner Of Income-Tax And ... on 12 May, 1958
[Para 15]
■ A perusal of the accounting statement of the assessee for the year under
consideration shows that in the financial statement, the auditors have
provided as follows: Contract prices are either fixed or subject to price
escalation clauses. Revenue from contracts is recognized on the basis of
percentage completion method, and the level of completion depends on the
nature and type of each contract. In addition, if it is expected that the
contract will make a loss, the estimated loss is provided for in the books of
account. [Para 16]
■ Considering the facts of the case in the light of the accounting standard and
the decisions of the Tribunal rendered in the cases of Mazagaon Dock Ltd.
v. Jt. CIT [2009]29SOT356(Mum.) and Jacobs Engg. India (P.)
Section 36 in The Income Tax Act, 1961 [Entire Act]
Section 145 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
M/S.Redington (India) Ltd vs The Additional Commissioner Of Income ... on 26 June, 2015
ITA Nos. 1228 & 1211/Kol/2018
Assessment Year:2011-12
The Madras High Court judgment in the case of Redington (India) Ltd. vs. The
Additional Commissioner of Income Tax, Company, Range-V [2017] 392 ITR 633
(Mad) (copy enclosed at page 72-75 of paper book), wherein it was held that:
M/S Madras Industrial ... vs The Commissioner Of Income Tax,Tamil ... on 4 April, 1997
"15. The exemption extended to dividend income would relate only to the previous
year when the income was earned and none other and consequently the
expenditure incurred in connection therewith should also be dealt with in the
same previous year. Thus, by application of the matching concept, in a year
where there is no exempt income, there cannot be a disallowance of expenditure
in relation to such assumed income. Madras Industrial Investment Corpn.
Ltd. v. CIT [1997] 225 ITR 802/91 Taxman 340 (SC).