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Commissioner of Income Tax, Delhi-II vs Monnet Industries Ltd. | Interest on Borrowed Capital for Expansion of Existing Business Allowable as Revenue Expenditure under Section 36(1)(iii) of the Income-tax Act
Facts of the Case
Monnet Industries Ltd. was engaged in the manufacture and trading
of ferro alloys through its plant located in Raipur.
During the financial years 1994-95 and 1995-96, the company
establi...
Commissioner of Income Tax-V vs Natraj Stationery Products (P) Ltd. | Deduction under Section 80-IB Cannot Be Denied Merely Due to Subsequent Statutory Bifurcation of Section 80-IA – Delhi High Court
Facts of the Case
The assessee established an industrial undertaking for
manufacturing photo albums during the previous year relevant to Assessment
Year 1994-95.
Production commenced on 24.03.1994.
The ...
Commissioner of Income Tax vs Delhi Brass & Metal Works Ltd. – Interest on Fixed Deposits Not Eligible for Section 80HHC Deduction | Delhi High Court
Facts of the Case
The respondent-assessee was engaged in the business of exporting
readymade garments and was a 100% exporter.
The assessee maintained fixed deposits with a bank out of surplus
funds.
Du...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. DCM Shriram Consolidated Ltd. | Delhi High Court | Section 115JA MAT – Profits from Captive Power Plants Eligible for Deduction
Facts of the Case
The assessee, DCM Shriram Consolidated Ltd., operated multiple
manufacturing divisions, including fertilizer, cement, chemicals and
textile units.
The assessee had established four Capti...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. M/s DCM Shriram Consolidated Ltd. | Delhi High Court Upholds Deduction of Captive Power Generation Profits under Section 115JA of the Income Tax Act
Facts of the
CaseThe Revenue preferred an appeal under Section 260A
of the Income Tax Act, 1961 against the order of the Income Tax Appellate
Tribunal relating to Assessment Year 2000-01.The dispute pertained to the a...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. M/s DCM Shriram Consolidated Ltd. | Delhi High Court
Facts of the Case
The assessee, M/s DCM Shriram Consolidated Ltd., was engaged in
generation of electricity.
The electricity generated by the assessee was entirely utilized for
captive consumption.
Whil...
Commissioner of Income Tax, Delhi-IV vs Uppal Hotels Ltd | No Taxable Accrual of Interest on Modified Agreement | Delhi High Court
Facts
of the Case1.
The
assessee had entered into an agreement dated 03.07.2002.2.
The
Assessing Officer held that there was delay in payment of instalment...
Commissioner of Income Tax v. Shri Sanjiv Mishra – Non-Compete Fee Held as Capital Receipt Not Taxable Under the Income-tax Act
Facts of the
Case
Shri Sanjiv Mishra entered into an agreement dated 14.10.1994
containing a negative covenant.
Under the agreement, the assessee agreed that he would not,
directly or indirectly, establi...
Director of Income Tax (Exemption), Delhi v. Japan Chamber of Commerce & Industry in India | Registration under Section 12A Cannot Be Denied Merely Because Certain Objects Are Ancillary to Main Charitable Objects
Facts of the CaseThe respondent, Japan Chamber of Commerce &
Industry in India, is a society registered under the Societies Registration
Act, 1860. The society was established with the principal objective of
promo...
CIT Central-III, New Delhi vs Hitashi Estates Limited | Tenancy Rights are Capital Assets and Not Stock-in-Trade Merely Due to Accounting Treatment
Facts of the CaseThe assessee had taken Property No. 7, Kasturba
Gandhi Marg (KG Marg), New Delhi on rent and subsequently incurred substantial
expenditure towards improvements in the rented premises. The premises rema...