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Commissioner of Income Tax vs. M/s Seagram Distilleries Ltd.: Whether Depreciation Can Be Forced on Assessee Prior to Explanation 5 to Section 32 of Income Tax Act
Facts of the Case
The
Revenue preferred an appeal against the decision of the Income Tax
Appellate Tribunal (ITAT) concerning the assessment year 2002-03.
In
the assessment order dated March 30, 20...
The Commissioner of Income Tax - II vs. M/s. Jindal Equipments Leasing & Consultancy Services Ltd.: Whether the Unilateral Write-Off and Waiver of a Principal Loan Amount by a Sister Concern Concern Constitutes Taxable Business Income Under Section 28(iv) or Section 41(1) of the Income Tax Act, 1961, or Qualifies Strictly as a Non-Taxable Capital Receipt
Facts of the Case
Assessee
Status: The respondent-assessee is an investment
company registered as a Non-Banking Financial Company (NBFC) with the
Reserve Bank of India (RBI).
The
Transaction:...
Commissioner of Income Tax vs. Mohan Meakin Ltd. | Delhi High Court Dismisses Revenue Appeal on Excise Duty Valuation, Change in Accounting Method & Bonus Deduction Claims | ITA No. 1018/2006
Facts of the Case
The
appeal was filed by the Commissioner of Income Tax against the order
passed by the Income Tax Appellate Tribunal dated 22 December 2006 in ITA
No. 4972/Del/1993 relating to Asses...
Commissioner of Income Tax, Delhi-IV vs. Décor Investment & Finance Ltd.: High Court of Delhi Ruling on Judicial Consistency in Section 68 Cash Credit Additions and Clubbed Appeals Under Section 260A
Facts of the CaseThe Appellant, Commissioner of Income Tax, Delhi-IV,
preferred a statutory Income Tax Appeal designated as ITA No. 467/2008
under the provisions of the Income Tax Act, 1961. The targeted Respondent in
...
Commissioner of Income Tax vs ECS Limited | Delhi High Court Upholds Penalty u/s 271(1)(c) for Incorrect Claim of Deduction under Section 80-O
Facts of the CaseThe respondent-assessee, ECS Limited, was engaged in providing
consultancy services to foreign clients and earned income in convertible
foreign exchange. The assessee claimed deduction under Section 80...
Commissioner of Income Tax - V vs. Rail Track India Ltd. | Comprehensive Analysis on the Taxability of Income, Commercial Expediency, and Business Deductions under Section 37(1) of the Income Tax Act, 1961
Facts of the CaseThe appellant, representing the Revenue department
(Commissioner of Income Tax - V), initiated statutory appellate proceedings
under Section 260A of the Income Tax Act, 1961, challenging a prior order
...
Commissioner of Income Tax, Delhi-II vs Khaitan Chemicals & Fertilizers Ltd. | Delhi High Court on Allowability of Unreceived Subsidy as Business Expenditure under Section 37(1) of the Income-tax Act, 1961
Facts of the CaseThe assessee, engaged in the business of selling fertilizers,
had provisionally accounted for subsidy receivable from the Government.
Subsequently, upon communication of the final subsidy rates by the ...
The Commissioner of Income Tax, Delhi-III vs. M/s Seagram Distilleries Ltd. | Assessing Officer Cannot Reduce WDV Based on Hypothetical Depreciation under Section 32
Facts of the Case
The
Revenue preferred an appeal against the decision of the Income Tax
Appellate Tribunal (ITAT) concerning the appropriate extent of
depreciation to be allowed to the assessee for t...
Commissioner of Income Tax, Delhi-II vs. M/s Kishori Lal Construction Ltd. (with ITA 633/2008 & ITA 467/2008): Scope of Section 68 of the Income Tax Act on Realization of Past Debt and Discharge of Initial Onus of Proof in Unexplained Cash Credits.
Facts of the Case
Business
Profile: The respondent-assessee is a corporate
entity engaged in the purchase and sale of iron, steel, and corporate
shares.
Assessment
Year & Notice: For the ...
Commissioner of Income Tax vs. M/s Seagram Distilleries Ltd. | No Reduction in WDV Based on Hypothetical, Unclaimed Depreciation Under Section 32
Facts of the Case
The
present appeal was preferred by the Revenue (Income Tax Department)
against the decision of the Income Tax Appellate Tribunal (ITAT)
concerning the assessment year 2002-03.
Th...