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Director of Income Tax vs Guru Nanak Foundation (ITA No. 679/2005) – Section 11(2) Registration for Accumulated Income Utilized for Purchase of Land for Educational Purposes | Delhi High Court
Facts of the CaseGuru Nanak Foundation, a charitable institution,
sought the benefit of accumulation of income under Section 11(2) of the
Income-tax Act, 1961. The accumulated amount was intended to be utilized for
th...
Indo Pollycoats (P) Ltd. vs. Commissioner of Income Tax: Computation of Deductions Under Chapter VI-A is Packaged with Net Income After Business Losses, Depreciation, and Development Rebate
Facts of the Case
The
appellant, M/s Indo Pollycoats (P) Ltd., claimed deductions under Chapter
VI-A (specifically under Section 80I) of the Income Tax Act, 1961.
The
Income Tax Appellate Tribunal ...
Commissioner of Income Tax vs. Golden Proteins Ltd.: Applicability of Penalty Under Section 271(1)(c) on Assessed Losses and the Impact of Explanation 4 (Post-1976 Amendment)
Facts of the Case
Parties
Involved: The appellant is the Commissioner of Income
Tax (Revenue), represented by Mr. R.D. Jolly and Mr. Rajiv Awasthi,
Advocates. The respondent is Golden Proteins Ltd., w...
Commissioner of Income Tax, Delhi vs M/s SENCMA SA, France & M/s SNECMA India Liaison Office – Penalty under Section 271C for Non-Deduction of TDS on Expatriate Salaries
Facts of the
CaseDuring survey proceedings, the Revenue noticed that
the respondent-assessees, namely M/s SENCMA SA, France and M/s SNECMA
India Liaison Office, had not deducted tax at source on a portion of salary
p...
M/s. Indo Polycoats Pvt. Ltd. vs. Commissioner of Income Tax, New Delhi — Deciding the Overriding Effect of Section 80AB on the Computation of Chapter VI-A Deductions and Affirming that Section 80I Relief is Allowable Only on Net Income After Adjusting Depreciation and Business Losses
Facts of the CaseThe appellant, M/s. Indo Polycoats Pvt. Ltd., filed an appeal
(ITA No. 466/2003) challenging the order of the Income Tax Appellate Tribunal.
The dispute centered around the methodology utilized to comp...
Commissioner of Income Tax, Delhi vs M/s Japan Radio Company Ltd. – Penalty under Sections 271C, 273B & TDS Obligation under Section 192 on Salary Paid Outside India to Expatriate Employees
Facts of the CaseThe respondent-assessee, M/s Japan Radio Company
Ltd., had expatriate employees working in India. Certain portions of their
salaries were paid outside India. The Revenue held that such salary payments
...
THE COMMISSIONER OF INCOME TAX VS M/S PLASHFOOD P. LTD. – DEDUCTION OF EXPENSES INCURRED ON TRANSFER OF SHARES AND CAPITAL GAINS COMPUTATION – SECTION 48 AND SECTION 260A OF THE INCOME TAX ACT, 1961
Facts of the CaseThe assessee sold shares of M/s WIMCO to a foreign
purchaser. The market value of the shares was approximately Rs. 10 per share,
whereas the shares were sold at Rs. 35 per share, resulting in total sal...
Director of Income Tax (Exemption) vs. Arunodya: Tribunal's Jurisdiction to Entertain and Remit Alternative Exemption Claims Under Section 10(22A) When Section 11 Benefit is Denied — A Comprehensive Analysis of ITA No. 238/2004 (Delhi High Court)
Facts of the Case
Assessment
& Denial: The Assessing Officer (AO) denied the
benefit of Section 11 of the Income Tax Act, 1961, to the
respondent-assessee (Arunodya) on the grounds that it had vio...
Commissioner of Income Tax vs M/s Rathi Gases Ltd. – Whether Capital Subsidy Received Under Central Outright Grant Scheme Should Reduce Actual Cost of Assets for Depreciation Purposes | Section 256(1) of the Income-tax Act, 1961
Facts of the
CaseThe assessee, M/s Rathi Gases Ltd., had
received a cash subsidy under the 10% Central Outright Grant Scheme, 1971
for promoting industrial development in backward districts and areas through
the Raja...
COMMISSIONER OF INCOME TAX v. M/S IMPERIAL CABLES P. LTD. – Admissibility of Additional Evidence before CIT(A) under Rule 46A of the Income Tax Rules
Facts of the Case
The Revenue filed an appeal before the Delhi High Court
against the order of the Income Tax Appellate Tribunal relating to Assessment
Year 1998-99. The dispute arose from the allowance of the asses...