1.   DCIT, Dehradun Vs M/s Dolphin Drilling PTE Ltd –Delhi ITAT- Section 44BB (1), 32 & Rule 115(1)

Assessee is a non-resident company, incorporated in Singapore gives on hire its drillship to its sister concern for execution of ONGC contract files loss return after claiming depreciation AO rejects the assessee's books of account on the ground of improper method of translating business transactions into currency of accounting and estimates the income u/s 44BB(1) - CIT(A) allows the appeal - held, Clause 2(c) of the Explanation to Rule 115(1) provides that the exchange rate as on the last day of the relevant financial year is to be adopted for the purpose of conversion of income from profits and gains of business or profession into Indian Rupees. ITAT held that there is no infirmity in the CIT (A)'s order. As regards to the allowabilty of depreciation is concerned it has been held that depreciation is fully allowable. As regards to the disallowance under section 40(a)(i) is concerned the matter is restored to the filed of the AO            

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2. DCIT Mumbai Vs M/s Glenmark Laboratories Ltd; Mumbai ITAT- Income-tax-Section 80 HHC, 115JB

It has been held that that Assessee’s claim of deduction u/s 80HHC even while computing the book profit u/s 115JB is allowable in view of the Special Bench decision in Syncome Formulations (I) Ltd.

3.  CIT Vs M/s SUGAVANEESHWARA SPG MILLS LTD- Supreme Court- Section 37

Income tax - Sec 37 - Is assessee entitled to deduction in view of the law laid down by the Apex Court in the case of Sri Mangayarkarasi Mills Private Limited - Issue remanded to High Court without expressing any opinion on merits of the case 

(Click here for Judgment)