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Commissioner of Income Tax vs. M/s. Paramount Products (P) Ltd.: Remand for Fact-Finding on Eligibility of Weighted Deduction Under Section 35B(1)(b)(iv) of the Income-tax Act on Commission Paid to Foreign Agents Without Verification of Agency Agreements
Facts of the Case
Assessee
and Assessment Years: The case involves a single corporate
assessee, M/s. Paramount Products (P) Ltd., and pertains to two specific
assessment years: 1982-83 and 1983-84.
...
Case Title (Google Search Optimized VS Form): The Commissioner of Income Tax Vs. M/s Harparshad & Company Ltd. (2010) | Deletion of Penalty under Section 271(1)(c) of Income Tax Act for Ex-Facie Bogus Commission Claim without Proof of Business Services Rendered.
2. Facts of the Case
The
respondent-assessee (M/s Harparshad & Company Ltd.) filed its income
tax return for the Assessment Year 1979-1980.
In
the return, the assessee claimed a business deduct...
Commissioner of Income Tax-III vs. Jee Apparel P Ltd: Share Application Money and Identity of Shareholders under Section 68 of the Income Tax Act, 1961
Facts of the CaseThe Assessee-company, M/s Jee Apparel P Ltd, filed
its return of income for the Assessment Year 2004-2005 on October 31, 2004,
declaring a net taxable income of Rs. 1,86,590/-. During the assessment
p...
Commissioner of Income Tax vs. Triveni Engineering & Industries Ltd.: Whether 4th Proviso to Section 32(1) Restricting Aggregate Depreciation is Retrospective or Prospective in Cases of Corporate Amalgamation and Pre-Amendment Block Asset Transfers
2. FACTS OF THE CASE
The
case involves a bunch of statutory income tax appeals filed by the Revenue
against a common assessee, M/s Triveni Engineering & Industries
Ltd.. The primary dispute center...
Commissioner of Income Tax vs. M/s Triveni Engineering & Industries Ltd. — Whether 100% Depreciation can be Claimed Individually by Both Amalgamating and Amalgamated Companies on Same Assets under Section 32(1) Prior to the Introduction of the Fourth Proviso | Delhi High Court Case Law Analysis (ITA No. 258/2009)
3. Facts of the Case
During
the relevant financial year pertaining to Assessment Year (AY) 1995-96,
the plant and machinery in question were initially owned and operated by M/s
Triveni Engineering Wor...
Commissioner of Income Tax vs. Zoom Communication Pvt. Ltd. (Delhi High Court) – Penalty under Section 271(1)(c) for False and Unsustainable Claims of Deduction under Income Tax Act, 1961
Facts of the CaseZoom Communication Pvt. Ltd., engaged in the
business of hiring audio and video equipment, filed its return declaring
taxable income of ₹1,21,49,861.During scrutiny assessment, the Assessing Officer
...
Commissioner of Income Tax vs. M/s Triveni Engineering & Industries Ltd.: Whether Amalgamating and Amalgamated Companies Can Individually Claim 100% Depreciation on the Same Asset Under Section 32(1) Prior to the 4th Proviso and the Overriding Power of Section 40A(7) Over Section 43B Regarding Approved Gratuity Provisions
Facts of the CaseThe assessee, M/s Triveni Engineering & Industries Ltd.,
underwent a corporate amalgamation during the financial year relevant to the
Assessment Year (AY) 1995-96. A scheme of amalgamation approved...
Commissioner of Income Tax vs. Kapil Jain: Jurisdiction of Assessing Officer in Block Assessments under Section 158BD/158BC and Mandatory Limitation for Raising Objections under Section 124(3) of the Income Tax Act, 1961
Facts of the Case
On
September 20, 2009, a search operation was conducted at the premises of
Sh. Sumer Chand Jain, the father of the assessee (Kapil Jain).
Based
on documents seized during this sea...
Dhanesh Gupta & Co. vs Commissioner of Income Tax (Central) & Others (Delhi High Court) – Determination of Special Auditor's Remuneration under Section 142(2D) of the Income Tax Act, 1961
Facts of the CaseThe petitioner, Dhanesh Gupta & Co., a
firm of Chartered Accountants, was appointed as a Special Auditor under
Section 142(2A) of the Income Tax Act for conducting special audits of Sahara
India F...
Commissioner of Income Tax Vs. Triveni Engineering & Industries Ltd. | Double Depreciation Claims via Amalgamation under Section 32(1) prior to Finance Act 1996 and Deduction of Gratuity Fund Provisions under Section 40A(7) vs Section 43B
Facts of the Case
The
Assessee/Respondent: Triveni Engineering & Industries
Ltd.
The
Amalgamation: M/s Triveni Engineering Works Ltd. merged
with the assessee company on October 1, 1994, ...