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Commissioner of Income Tax vs. Shashi Charla [2010] 2010:DHC:2572-DB (Delhi High Court) I Capital Gains on Sale of Company-Owned Property Cannot Be Assessed in Hands of Directors Under Section 49(1) Based on Family Arrangement – Delhi High Court
Facts of the CaseThe property situated at C-101, Maya Puri
Industrial Area, Delhi, measuring approximately 2829 square yards, was
acquired on 17.01.1966 by Ambitious Gold Nibs Company Private Limited
from the De...
Commissioner of Income Tax vs. Shashi Charla, Atul Charla, Baldev Raj Charla & Jyoti Charla [2010] 2010:DHC:2570-DB (Delhi High Court) under Section 45
Facts of the CaseA private limited company, Ambitious Gold Nibs
Company Pvt. Ltd., had acquired an industrial property measuring 2829
square yards situated at C-101, Maya Puri Industrial Area, Delhi, from the
De...
Commissioner of Income Tax vs Info Vergix Technologies Limited (Delhi High Court) – Allowability of Deferred Revenue Expenditure Claimed as Revenue Expenditure under the Income-tax Act
Facts of the Case
The
assessee had reflected certain expenses as deferred revenue expenditure in
its books of account.
In
the return of income, the assessee claimed the entire expenditure as
r...
Commissioner of Income Tax-XII vs. Smt. Poonam Rani [2010] 2010:DHC:2592-DB (Delhi High Court) under Section 145(3) of the Income-tax Act, 1961
Facts of the CaseThe assessee, Smt. Poonam Rani, was engaged in the
business of manufacturing copper wire.For Assessment Year 2003-04, the assessee filed
her return declaring a gross profit rate of 1.4%, as compa...
Commissioner of Income Tax vs Vimal Moulders (India) Ltd. | Addition on Alleged Stock Discrepancy Cannot Survive Without Independent Evidence After CESTAT Exoneration | Delhi High Court
Facts of the CaseThe Anti-Evasion Wing of the Central Excise
Department conducted a visit to the factory premises of Vimal Moulders (India)
Ltd. and reported discrepancies in stock.Relying upon the findings emerging fr...
Commissioner of Income Tax vs. Dr. Percy Batlivala (& Consolidated Appeals) | Whether Hypothetical Tax Deducted under Tax Equalization Policy is Taxable as Salary Income under Section 15 of the Income Tax Act, 1961: Delhi High Court Verdict
Facts of the Case
The
Assessees in all the consolidated appeals were foreign nationals who were
deputed to India on specific assignments by their respective foreign
employers.
While
on assign...
Commissioner of Income Tax vs. SIL Investments Ltd. [2010] 2010:DHC:2591-DB (Delhi High Court) under Section 147 of the Income-tax Act, 1961
Facts of the CaseThe assessee, SIL Investments Ltd., had originally
been assessed for Assessment Years 2001-02 and 2002-03. Subsequently, the
Revenue sought to reopen the completed assessments under Sections 147 ...
Kali Metals Pvt. Ltd., Kamdhenu Cement Ltd. & Kamdhenu Industries Ltd. Vs. Commissioner of Income Tax (CIT) Delhi & Anr. – Validity of Case Transfer Orders Under Section 127 of the Income Tax Act, 1961 Without Affording a Mandatory Reasonable Opportunity of Being Heard and the Adherence to Principles of Natural Justice.
Facts of the Case
Impugned
Transfer Order: On January 19, 2009, the Commissioner of
Income Tax (CIT), Delhi-II, New Delhi, issued an order under Section 127
of the Income Tax Act, 1961, transferring t...
Commissioner of Income Tax vs. SIL Investments Ltd. | Reassessment under Section 147 Cannot Be Reopened Beyond Four Years Solely Due to Retrospective Amendment to Section 80HHC – Delhi High Court
Facts of the
CaseThe assessee, SIL Investments Ltd., had filed its
income tax returns and the assessments were originally completed under the
provisions of the Income-tax Act.Subsequently, Section 80HHC was amended
r...
Director of Income Tax vs M.S. Education Society (Delhi High Court) – Revenue Appeals Dismissed as No Substantial Question of Law Arose under Section 260A of the Income Tax Act
Facts of the Case
The Income Tax Appellate Tribunal passed a common order dated 22
January 2009 covering Assessment Years 1995-96, 1996-97 and 1998-99.
Aggrieved by the Tribunal's decision, the Revenue filed a...