TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Partial success in income tax appeal for 2005-06 assessment year, grounds on disallowance & understatement restored for recomputation</h1> <h3>Deeplok Financial Services Limited Versus Income Tax Officer/Ward-6 (1) Kolkata</h3> Deeplok Financial Services Limited Versus Income Tax Officer/Ward-6 (1) Kolkata - TMI Issues involved: Appeal against order of CIT (A) for assessment year 2005-06 on grounds of arbitrariness, exceeding jurisdiction, violation of instructions, disallowance u/s 14A, understatement of income, dismissal of appeal, and additional grounds.Grounds 1-3: Dismissed as not pressed during hearing.Grounds 4 & 5 (Disallowance u/s 14A): Assessee pointed out arithmetical mistake by Assessing Officer in treating long term capital gain, issue restored for recomputation following Godrej Boycee Manufacturing Co. Ltd. vs. DCIT [2010] 328 ITR 81 (Bombay).Ground 6 (Understatement of income): Assessee argued conversion of stock-in-trade to investment not prohibited by Income Tax Act, CIT (A) upheld addition based on CBDT instructions and Supreme Court principles, but error in calculation acknowledged, issue restored for recomputation.Grounds 7 & 8: General in nature, no adjudication required.Conclusion: Appeal partly allowed for statistical purposes, issue of understatement of income restored for recomputation by Assessing Officer based on correct calculation.
TaxTMI 