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Fab India Overseas Pvt. Ltd. vs Commissioner of Income Tax (Delhi High Court) – Scope of Revision under Section 263, Transfer Pricing Reference to TPO, and Distinction Between Lack of Inquiry and Inadequate Inquiry
Facts of the Case
The assessee, Fab India Overseas Pvt. Ltd., was engaged in export
and local trading of handloom products and readymade garments.
For Assessment Year 2004-05, it filed its return declaring inco...
Commissioner of Income Tax v. [Assessee] – Whether UPS is Eligible for 60% Depreciation as Part of Computer System or Only 25% as Power Supply Equipment | Delhi High Court
Facts of the Case
The assessee purchased and used UPS devices along with its computer
systems.
Depreciation at the rate of 60% was claimed on UPS by treating it
as part of the computer system.
The Asses...
Director of Income Tax vs Brahmaputra Capital Financial Services Ltd. | Interest on NPA Not Taxable on Accrual Basis for NBFCs | Delhi High Court
Facts of the Case
The assessee, Brahmaputra Capital Financial Services Ltd.,
was a Non-Banking Financial Company (NBFC).
It had advanced interest-bearing loans aggregating approximately
₹13.57 crore to ...
Director of Income Tax vs. Brahmaputra Capital Financial Services Ltd. (2011) 2011:DHC:2801-DB | Interest on NPA Not Taxable on Accrual Basis for NBFCs Under Real Income Theory
Facts of the CaseThe assessee, Brahmaputra Capital Financial
Services Ltd., a registered Non-Banking Financial Company (NBFC), had advanced
interest-bearing loans aggregating to approximately ₹13.57 crores to certain...
Commissioner of Income Tax vs [Assessee Name] – Delhi High Court Dismisses Income Tax Appeals Due to Low Tax Effect | ITA No. 1468/2010 & ITA No. 1609/2010
Facts of the
Case
The Revenue preferred appeals before the Delhi High
Court against the order passed by the Income Tax Appellate Tribunal. During the
hearing, the Court observed that the tax effect involved in the ...
Commissioner of Income Tax vs [Assessee Name] – Delhi High Court Dismisses Income Tax Appeals Due to Low Tax Effect | ITA No. 1468/2010 & ITA No. 1609/2010
Facts of the
CaseThe Revenue preferred appeals before the Delhi High
Court against the order passed by the Income Tax Appellate Tribunal. During the
hearing, the Court observed that the tax effect involved in the appe...
Director of Income Tax vs. Brahamputra Capital Financial Services Ltd. | Interest on NPA Not Taxable on Accrual Basis for NBFCs under RBI Prudential Norms | Delhi High Court
Facts of the Case
The assessee, Brahamputra Capital Financial Services Ltd.,
was a registered Non-Banking Financial Company (NBFC).
The assessee had advanced interest-bearing loans aggregating to
approxim...
Director of Income Tax vs Brahmaputra Capital Financial Services Ltd. (2011) – Taxability of Interest on Non-Performing Assets (NPA) of NBFC under Section 5 of the Income Tax Act | Delhi High Court
Facts of the CaseThe assessee, Brahmaputra Capital Financial
Services Ltd., a Non-Banking Financial Company (NBFC), had advanced loans
amounting to approximately ₹13.58 crores to certain group concerns. These loans
...
Director of Income Tax vs Brahmaputra Capital Financial Services Ltd. (2011) – Interest on NPA Loans of NBFC Not Taxable on Accrual Basis under Section 5 of the Income Tax Act | Delhi High Court
Facts of the CaseThe assessee, Brahmaputra Capital Financial
Services Ltd., a Non-Banking Financial Company (NBFC), had advanced loans
aggregating approximately ₹13.57 crores to certain group concerns. The loans
wer...
M/s J.K. Synthetics Ltd. vs Commissioner of Income Tax (Delhi High Court) – Deductibility of Guest House Expenses, Abandoned Project Expenditure, Foreign Travel Expenses, Retainership Fees and Interest Liability under the Income-tax Act, 1961
Facts of the Case
The assessee, M/s J.K. Synthetics Ltd., claimed various deductions
and allowances while computing its taxable income for Assessment Year
1984-85.
The Income Tax Appellate Tribunal (ITAT)...