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COMMISSIONER OF INCOME TAX DELHI Vs. THE INCOME TAX APPELLATE TRIBUNAL & ORS. — Scope of Rectification Under Section 254(2) of the Income Tax Act, 1961: Delhi High Court Holds That ITAT Cannot Recall Its Order In Toto For Fresh De Novo Rehearing on Debatable Grounds
Facts of the Case·
Assessee Profile: Shri Ratti Ram Gotewala along with his family was
a partner in M/s. Rati Ram Ram Vinod and M/s. Rati Ram Ram Vinod and Company, a
D...
M/s Sony India Pvt. Ltd. vs. The Commissioner of Income-Tax: Disallowance of Contributions to Unapproved Gratuity and Superannuation Funds under Section 36(1)(iv) and Section 36(1)(v) and Inapplicability of Residuary Deductions under Section 37 of the Income Tax Act, 1961
Facts of the Case·
For the Assessment Year 1998-99, the
appellant, M/s Sony India Pvt. Ltd., filed a revised return declaring an income
of ₹1,15,76,566. · ...
APMC Azadpur v. Commissioner of Income-Tax & Anr. — Scope of 'Local Authority' under Section 10(20) of Income-Tax Act, 1961 After Finance Act, 2002
Facts of the Case·
Establishment and
Function: The appellant, Agricultural Produce
Market Committee (APMC), Azadpur, was established under the Delhi Agricultural
Produ...
Shri R. C. Gupta vs. Income Tax Officer | Validity of Arbitrary Rejection of Interest Waiver under Rule 40 & Rule 117A of Income Tax Rules, 1962
Facts of the Case·
The Petitioner was employed as a Cost
Accountant with a private firm. Following a search operations on his employer's
premises, the Petitioner’s re...
Commissioner of Income-Tax, Delhi vs. M/s. Majestic Hotel Ltd. — Absolute Liability of Interest Under Section 201(1A) for TDS Default Under Section 194A: Irrelevance of Bona Fide Belief and Terminal Date of Computation When Taxes Are Paid by Deductee
Facts of the CaseThe respondent-company runs a five-star hotel in
Ludhiana, Punjab. During a survey conducted at its premises, it was discovered
that the company failed to deduct tax at source (TDS) under Section 194A ...
Commissioner of Income Tax, Delhi vs M/s Majestic Hotel Ltd. – TDS on Interest Paid to TFCI, Assessee in Default under Sections 201(1) & 201(1A) of the Income-tax Act, 1961
Facts of the
CaseM/s Majestic Hotel Ltd., a company operating a
five-star hotel in Ludhiana, Punjab, had obtained loans from Tourism Finance
Corporation of India Ltd. (TFCI). During a survey conducted by the Income Ta...
Commissioner of Income Tax vs M/s Standard Brands Ltd. – Penalty under Section 271D Cannot Survive When Alleged Cash Receipt Is Treated as Undisclosed Income in Block Assessment
Facts of the
CaseThe assessee had received an amount of ₹3,00,000 in
cash from M/s D.S. Imports during the block period from 1 April 1986 to 31
March 1997.According to the Assessing Officer, the amount
represented ...
Commissioner of Income Tax vs Nestle India Ltd. (ITA No. 269/2002) – Valuation of Closing Stock, Excise Duty Adjustment and Section 43B of the Income-tax Act
Facts of the CaseThe Revenue challenged the order dated 19 September
2001 passed by the Income Tax Appellate Tribunal, Delhi Bench ‘B’, concerning
Assessment Year 1991-92 and connected appeals. The dispute originat...
Commissioner of Income Tax vs M/s Vikram Aditya & Associates Pvt. Ltd. – Section 263 Revision, Dividend Stripping and Scope of Revisional Jurisdiction under the Income-tax Act, 1961 (Delhi High Court)
Facts of the CaseThe assessee purchased units of mutual funds on 9
February 2001 and sold them on 11 February 2001. During this period, it
received dividend income amounting to approximately ₹43.54 lakhs. Although th...
Commissioner of Income Tax, Delhi vs M/s Mesco Laboratories Ltd. (2006) – Reassessment under Sections 147 & 148 Invalid Without Rational Nexus Between Reasons and Escaped Income
Facts of the
CaseThe Revenue challenged the order of the Income Tax
Appellate Tribunal for Assessment Year 1995-96. The dispute concerned the
validity of reassessment proceedings initiated by the Assessing Officer und...