acquiring the capital assets
and disallowed the same under the provision of sec.36(1)(iii) of the act.
6. Aggrieved against this addition made ... capitalized, it will be pertinent to discuss provision of
proviso to Sec.361(iii). As per these provisions, interest can be capitalized, if
the following
clause (viia) of Section
36(1) . Hence, the claim is not allowable under these provisions.
The amount is also not allowable ... considered as allowable liability u/s 37(1) then
there would have been no need for the provisions of section
361)(viia) in the Income
facts in deleting the
disallowance of Rs. 2,48,65,361/- U/s. 40(a)(i) of the Act.
7. The basic fact remains that ... relate to deleting of disallowance of Rs.
2,48,65,361/- made u/s. 40(a)(i) of the Act.
10. At the time
u/s. 271(1)(c) of the Act.
3. The roots for the levy of penalty lie in the assessment order dated 24.12.2009
framed ... assessee had claimed deduction of Rs. 1,37,07,361/- u/s.
80IB(10) of the Act.
4. After thorough scrutiny of the claim
Interlink Petroleum Ltd. vs Deputy Commissioner Of Income Tax on 16 October, 2003
Equivalent citations
facts and in the circumstances of the case, the order u/s 250
of the Act passed ... declaring "Nil" income after
claiming deduction of ₹36,99,361/- under section 80P of the Income Tax
Act (Act). During the assessment proceedings
your petitioner is an individual and was issued notice under section 148
read with section 147 of the income tax but your petitioner is illiterate ... made considering the un explained amount of Rs.
11,69,361/-under section 69A also for non availability of record.
2. Sir, Being aggrieved
361 (II). In that decision the question came up for interpretation before the Supreme Court about the definition of "agricultural produce" in Section ... Krishi Utpadan Mandi Samiti [1993] Supp 3 SCC 361 (II) is that agricultural produce in Section 2(a) of the U. P. Krishi Utpadan Mandi
unit was distinguishable, and accordingly the assessee was entitled to deduction under section 80-I in respect of each unit. Regarding the contention ... Prithviraj Bhoorchand v. Asstt. CIT : (1993) 47 ITD 361 (Ahd-Trib).
10. As regards deduction under section 80-I in respect of profit on trading
Ishikawajama - Harima Heavy Industries Ltd. Vs. Director of
Income Tax [207 CTR 361]
* Dy. Commissioner of Income Tax Vs. Divi 's Laboratories ... foreign agents. Therefore, the disallowance of Rs.
60,64,640/-under section 40(a)(ia) made by the AO is directed to be
deleted
