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Deductibility of Settlement Payments for Patent Infringement Disputes: Analysis of Commissioner of Income Tax vs. Desiccant Rotors International Pvt. Ltd. under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
respondent-assessee is an Indian company engaged in the manufacturing of
environmental control systems.
The
assessee exported its products to a Canadian customer, M/s Venmar
...
Commissioner of Income Tax v. Siri Ram Syal Hydro Power Pvt. Ltd. | Section 68 Income Tax Act – Addition on Account of Share Application Money Deleted When Identity of Investor Established | Delhi High Court
Facts of the CaseThe Revenue filed an appeal under Section 260A of the Income
Tax Act, 1961 challenging the order of the Income Tax Appellate Tribunal for
Assessment Year 2006-07.The Assessing Officer had made an addit...
Commissioner of Income Tax v. Sanjay Mohan Aggarwal | Delhi High Court | Addition under Section 68 for Unexplained Cash Credits in Hawala Entry Transactions Restored
Facts of the Case
A
search and seizure operation under Section 132 of the Income Tax Act was
conducted on 02.12.1997 at the business and residential premises of the
assessee, Sanjay Mohan Aggarwal, an...
ICAI LLP Aggregation Guidelines 2024: A Game Changer for Chartered Accountant Firms – Benefits, Opportunities and Strategic Growth
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Chartered Accountants)NOTIFICATIONNew Delhi, 23rd January, 2025No. 1-CACAF/LLP-F/2025- In exercise of the powers conferred by Section 15(2) (fa) of the Chartered Accoun...
Comprehensive Analysis of the Delhi High Court Judgment: Taxability of Interest Income on Fixed Deposits During the Pre-Production Phase in the Case of CIT-II vs. Madhya Bharat Energy Corpn. Ltd.
Facts of the CaseThe respondent, Madhya Bharat Energy Corpn. Ltd., was
incorporated with the primary objective of establishing a power plant in Madhya
Pradesh. To participate in the bidding process initiated by the Mad...
Commissioner of Income Tax vs M/s DCM Limited: An In-Depth Judicial Analysis on the Deductibility of Excise Duty, Contested Property Tax Provisions, and Revenue Expenditure for Business Expansion Under the Income Tax Act
Facts of the CaseThe matter originated from the assessment proceedings for the
Assessment Year 1981-82 regarding M/s DCM Limited. The assessee, engaged in
manufacturing, sold goods outside the State of Uttar Pradesh an...
Decoding the Tax Treatment of Royalty Payments: A Comprehensive Analysis of CIT vs. G4S Securities System (India) Pvt. Ltd. on Revenue vs. Capital Expenditure under Section 37(1)
Facts of the CaseThe assessee, G4S Securities System (India) Pvt. Ltd., is a
private limited company primarily engaged in providing security guard services,
staff training, and computer software development. On 20.06.2...
Commissioner of Income Tax-IV vs. M/s G4S Securities System (India) Pvt. Ltd.: Whether Royalty Paid @ 1% of Net Sales for Running Use of Trade Mark and Technical Know-How Constitutes Revenue Expenditure Under Section 37(1) or Capital Expenditure Involving Enduring Advantage
Facts of the Case
The
Assessee: M/s G4S Securities System (India) Pvt. Ltd.
is a private limited company engaged in providing guard services,
development of computer software, and staff training.
T...
Commissioner of Income Tax-IV v. DCM Financial Services Ltd. | Delhi High Court | Reassessment Notice under Section 148 Held Time-Barred – Consequential Orders Invalid
Facts of the Case
The
assessee, M/s DCM Financial Services Ltd., filed its return of income on
30.11.1997 for Assessment Year 1997-98.
The
return included income computed under Section 115JA of the ...
PSB Industries India Pvt. Ltd. vs. Commissioner of Income Tax — Validity of Penalty Under Section 271(1)(c) for Deliberate Understatement of Deemed Annual Value Under Section 23(1)(a) via Artificially Depressed Rent and Massive Interest-Free Security Deposits
Facts of the Case
Memorandum
and Lease Agreements: The Appellant/Assessee (PSB Industries
India Pvt. Ltd.) entered into a lease arrangement (initially via a
Memorandum of Intent dated March 24, 2001, ...