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Neeraj Gupta v. Commissioner of Income Tax (Delhi High Court) – Notice under Section 143(2) Issued Beyond Limitation Period Renders Block Assessment Invalid | Sections 143(2), 158BC(c) & 260A of the Income-tax Act, 1961
Facts of the
Case
A block assessment was undertaken for the block period from
01.04.1990 to 18.01.2001.
The Income Tax Appellate Tribunal passed an order dated 30.01.2009
against the assessee.
Aggrieve...
The Commissioner of Income Tax, Delhi-IV vs. M/s Gautam Motors | Allowability of Business Expenditures under Section 36(1)(iii) and Section 40A(2)(b) of the Income Tax Act, 1961: Core Principles Governing Commercial Expediency, Deductibility of Bank Interest on Borrowed Capital, and Inter-Corporate Transactions via Sister Concerns
Facts of the Case
The
Assessee: The respondent-assessee, M/s Gautam Motors,
filed its income tax return for the Assessment Year (AY) 2000-01.
The
Business Context: The assessee operated as a commer...
Commissioner of Income Tax, Delhi-VII vs. M/s Talangang Cooperative Group Housing Society Ltd. | Delhi High Court | Section 260A, 80P, 234B & Principle of Mutuality under the Income Tax Act, 1961
Facts of the
CaseThe assessee, M/s Talangang Cooperative Group
Housing Society Ltd., filed its return of income for Assessment Year 2001-02
declaring a loss. The case was selected for scrutiny and notices under Sectio...
Rajan Gupta v. Commissioner of Income Tax (Delhi High Court) – Notice under Section 143(2) Issued Beyond Limitation Period Invalidates Block Assessment under Section 158BC
Facts of the
Case
A search was conducted on 18.01.2001 and was completed in March 2001.
Notice under Section 158BC was served upon the assessee on
03.12.2001.
The assessee filed the block return on 31....
Commissioner of Income Tax vs. Sudhir Thakran (and Sukhbir Thakran): Scope of Revisionary Jurisdiction Under Section 263 and Validity of Assessment Orders Passed on Merits in De Novo Remand Proceedings Following Search and Seizure Operations
Facts of the Case
Search
and Seizure: A search, seizure, and survey operation was
conducted on November 6, 1996, leading to the seizure of several books of
account and related documents.
Initial
...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. Eltec SGS (P) Ltd. | Deduction under Sections 80IB and 80HHC – Treatment of Duty Drawback while Computing Business Profits | Delhi High Court
Facts of the
Case
The assessee claimed deduction under both Section 80IB and Section
80HHC of the Income Tax Act, 1961.
The deduction under Section 80IB related to duty drawback earned
from exports.
Th...
Commissioner of Income Tax-II vs. Jaquar & Co. Ltd. (Delhi High Court) – Penalty under Section 271(1)(c) Not Leviable on Estimated Gross Profit Additions Where Assessee Furnished Bona Fide Explanation
Facts of the
CaseThe assessee, Jaquar & Co. Ltd., engaged in the
business of manufacturing bathroom fittings, was subjected to a search
operation. Pursuant to the search, assessment proceedings resulted in:
Addi...
Director of Income Tax (Exemption) vs. The Gita Education Society: Scope of Enquiry for Renewal of Section 80G Approval and Bonafide Steps Towards Charitable Objectives
Facts of the Case
Formation
and Initial Approval: The assessee, The Gita Education
Society, is an educational society formed on February 23, 2004. It was
granted initial approval under Section 80G of ...
Director of Income Tax (Exemption) vs. M/s Bagri Foundation (Delhi High Court) – Donation out of 15% Accumulation Permissible under Section 11(1)(a); Explanation to Section 11(2) Applies Only to Accumulation Beyond Prescribed Limit
Facts of the
CaseThe assessee, M/s Bagri Foundation, was a
charitable trust duly registered under Section 12AA and recognized under
Section 80G(5)(vi) of the Income Tax Act. For Assessment Year 2003-04, it filed
its ...
Royal Exports vs Assistant Commissioner of Income Tax (Delhi High Court) – Eligibility of Section 10A Deduction on Interest Earned from Fixed Deposit Receipts (FDRs) Having Nexus with Export Business | ITA No. 730/2010
Facts of the
Case
The assessee, Royal Exports, was engaged in the business of export
of jewellery.
During the relevant assessment year, the assessee earned interest
of Rs. 8,35,507/- on Fixed Deposit Rec...