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The Commissioner of Income Tax vs. M/s Shahi Export House: Whether Netting of Interest is Allowable u/s 80HHC of the Income Tax Act on Fixed Deposit Receipts Pledged for Securing Bank Guarantees to Procure Export Quotas having an Immediate Nexus with Export Business
Facts of the Case
Assessee's
Earnings: The assessee earned interest amounting to
Rs. 14,24,027/- on certain Fixed Deposit Receipts (FDRs).
Nature
of Deposits: These deposits were not made out of su...
Commissioner of Income Tax vs. M/s. Vishal Holding & Capital (P) Ltd. — Genuineness of Share Transactions Under Section 68 of Income Tax Act, 1961: Whether Additions for Alleged Accommodation Entries Based Solely on Investigation Wing Reports Without Independent Verification by Assessing Officer are Legally Sustainable?
Facts of the Case
The
respondent-assessee, M/s. Vishal Holding & Capital (P) Ltd., filed a
statutory return of income for the Assessment Year 2000-2001, declaring a
total income of ₹4,024/-, whi...
The Commissioner of Income Tax Vs. Jindal Photo Ltd. – Recomputation and Disallowance of Section 80-IB Deduction via Allocation of Overhead Expenses in Ratio of Turnover Invalidation Based on Devoid of Substantial Question of Law
Facts of the Case
The
respondent-assessee, M/s Jindal Photo Ltd., filed an income tax return
declaring a total income of ₹17,97,37,894/-, which was processed under
Section 143(1) of the Income Tax A...
Commissioner of Income Tax-II, New Delhi vs. M/S Krishna Maruti Ltd.: Delhi High Court Judgement on the Non-Imposition of Penalty Under Section 271(1)(c) of the Income Tax Act, 1961, Affirming That Mere Disallowance of Claims for Deduction Under Section 80-IA, Additional Depreciation, and Bad Debts Does Not Amount to Furnishing Inaccurate Particulars of Income or Concealment
Facts of the Case
The
Assessing Officer (AO) assessed the income of the respondent-assessee at
₹5,21,28,628/- against a declared income of ₹4,49,56,750/- for the
assessment year 1997-98.
The
...
Commissioner of Income Tax vs Roger Enterprises Pvt. Ltd. | Delhi High Court | Section 271(1)(c) & Section 271(1B) of Income Tax Act | Retrospective Amendment and Remand to ITAT
Facts of the
CaseThe Income Tax Appellate Tribunal (ITAT) passed a
combined order dated 11 December 2006 in respect of three appeals relating to
Roger Enterprises Pvt. Ltd. for Assessment Years 1981-82, 1982-83, and 1...
Commissioner of Income Tax vs. M/s. Shell Bitumen India (P) Ltd. [ITA 815/2010]: Whether Consultancy Charges Incurred for Market Study Reports Constitute Revenue or Capital Expenditure under Section 260A of the Income Tax Act, 1961
Facts of the Case
Parties
involved: The Appellant is the Commissioner of Income
Tax (Revenue), and the Respondent is M/s. Shell Bitumen India (P) Ltd.
The
Dispute: The appeal arises under Section 2...
Commissioner of Income Tax vs. Jackson House: Legal Precedent on Section 145(3) and Section 133A Regarding the Impermissibility of Rejecting Audited Books of Account and Making Ad-Hoc Estimations of Gross Profit or Excess Stock Additions Without Proving Specific Defects
Facts of the Case
The
respondent-assessee is a partnership firm engaged in manufacturing and
exporting readymade garments.
On
March 11, 2004, a survey operation under Section 133A was conducted at ...
Commissioner of Income Tax vs. GKN Driveline Ltd. | Delhi High Court Dismisses Revenue Appeal Following Earlier Binding Precedent under Income Tax Act, 1961 | ITA No. 579/2010
Facts of the Case
The Commissioner of Income Tax preferred an appeal before the Delhi
High Court against GKN Driveline Ltd.
At the time of hearing, the Revenue acknowledged that the
controversy involved i...
Commissioner of Income Tax Vs. M/s. Jackson House: Deletion of Income Tax Additions on Unexplained Stock Investment, Estimation of Gross Profit, and Rejection of Books of Accounts under Section 145(3) and Section 133A Survey Findings Upheld by Delhi High Court
Facts of the Case
Assessee
Profile: The respondent-assessee is a partnership
firm actively engaged in the manufacturing and export business of
readymade garments.
Survey
Operation: On March 1...
Commissioner of Income Tax v. Ultratech Finance & Investment Ltd.: High Court Judgment on Deletion of Unexplained Cash Credits and Share Application Money under Section 68 of the Income Tax Act, 1961
Facts of the CaseThe Appellant, the Commissioner of Income Tax, filed this
appeal under Section 260A of the Income Tax Act, 1961, challenging a previous
order passed on 23rd June, 2009 by the Income Tax Appellate Tribu...