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M/s. Punjab Stainless Steel Industries vs. Commissioner of Income Tax-VII & Anr.: Delhi High Court Upholds Interest Disallowance Under Section 36(1)(iii) for Interest-Free Advances to Sister Concern in Absence of Commercial Expediency
Facts
of the Case·
Assessee
Profile & Financial Disallowance: The appellant/assessee, M/s. Punjab Stainless
Steel Industries, filed an appeal against the disallowa...
Commissioner of Income Tax vs Assessee – Foreign Tax Credit and Refund under Article 24 of the India–UK Double Taxation Avoidance Agreement (DTAA) and Section 154 of the Income-tax Act | Delhi High Court
FACTS OF THE CASE
The
appeal arose from an order of the Income Tax Appellate Tribunal concerning
entitlement to relief under the India–UK DTAA.
The
appellant relied upon Article 24 of the Do...
Commissioner of Income Tax vs. Sahara Airlines Ltd. (2009) | Applicability of TDS Under Section 195 on Software Payments for Ticket Reservation Systems to Foreign Companies (M/s. Amadeus Marketing & M/s. Galileo International): Royalty vs. Business Income Under DTAA
Facts of the Case
The
Respondent/Assessee, Sahara Airlines Ltd., entered into commercial
arrangements with two foreign companies: M/s. Amadeus Marketing (a Spanish
company) and M/s. Galileo Internatio...
S.M. Wahi vs. Director of Income Tax & Anr. (2010:DHC:2727-DB) | Section 48 of the Income Tax Act, 1961 – Delhi High Court Holds Entire Indexed Cost of Acquisition Must Be Allowed Against Capital Gains Received Under Settlement.
Facts
of the Case·
Property
Purchase and Financing:
The appellant, a Non-Resident Indian and Swiss National, financed the entire
purchase of a residential property at...
Commissioner of Income Tax vs. Goyal M G Gases Ltd. | Section 41(1), Section 115JB & Section 263 of the Income Tax Act – Loan Liability Write-Back Not Taxable as Remission of Trading Liability
Facts of the
CaseThe assessee-company filed its return for
Assessment Year 2002-03 declaring nil income. Under the normal provisions of
the Income Tax Act, the income resulted in a loss of ₹1,46,90,960.
Consequentl...
Commissioner of Income Tax vs Assessee – Foreign Exchange Fluctuation Loss Allowability under Section 37(1) of the Income-tax Act in Light of CIT v. Woodward Governor India Pvt. Ltd. | Delhi High Court
FACTS OF THE CASE
The
Revenue preferred an appeal before the Delhi High Court under the
Income-tax Act.
The
issue sought to be raised by the Revenue had already been adjudicated upon
by the Su...
Commissioner of Income Tax vs. Sahara Airlines Ltd. (2009) | Section 195 TDS Liability on Global Reservation Software Payments to Foreign CRS Companies Under DTAA: Delhi High Court Ruling on Business Income vs. Royalty
Facts of the CaseThe respondent/assessee, Sahara Airlines Ltd., entered into
operational agreements with two prominent foreign companies: M/s. Amadeus
Marketing (a Spanish entity) and M/s. Galileo International (an Ame...
Commissioner of Income Tax vs Modi Mundipharma Pvt. Ltd. – Allowability of Commission Paid to Agents for Government Institutional Sales under Section 37(1) of the Income-tax Act, 1961 | Delhi High Court
FACTS OF THE CASE
The
assessee was engaged in the manufacture and supply of pharmaceutical
formulations.
The
assessee paid commission to various agents and agencies for assisting in
tran...
Commissioner of Income Tax Vs. Sahara Airlines Ltd.: Whether Payments to Foreign Computer Reservation System (CRS) Providers for Airline Ticketing Software Constitute 'Royalty' or 'Business Income' and the Exemption of Tax Deduction at Source (TDS) under Section 195 of the Income Tax Act, 1961
Facts of the Case
The
Respondent/Assessee, Sahara Airlines Ltd., entered into operational
arrangements with two international companies: M/s. Amadeus Marketing
(a Spanish company) and M/s. Galileo Int...
Commissioner of Income Tax vs Woodward Governor India Ltd. (Delhi High Court) – Allowability of Provision for Warranty Expenses as Accrued Liability under Sections 37(1) and 145 of the Income Tax Act, 1961
Facts of the
CaseThe assessee, Woodward Governor India Ltd., claimed
warranty expenses aggregating to ₹67,05,149 during the relevant assessment
year. The claim comprised:
Warranty expenses incurred on actual basis...