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CIT vs. Titan Industries Ltd. | Repurchase of Debentures at Discount – Capital Receipt Not Taxable as Income | Delhi High Court
Facts of the Case
The assessee, Titan Industries Ltd., was engaged in the manufacture
and sale of Quartz and Digital Watches.
The company had earlier issued debentures of ₹140 each for raising
finance.
...
Commissioner of Income Tax v. Zee Turner Ltd. | Delhi High Court Upholds Bad Debt Write-Off Claim Under Sections 36(1)(vii) and 36(2) of the Income Tax Act
Facts of the
CaseThe respondent-assessee, Zee Turner Ltd., claimed
deduction of ₹69,90,000 as bad debt written off in its accounts for the
Assessment Year 2004-05. During assessment proceedings, the Assessing Office...
Commissioner of Income Tax vs. M/s J.K. Synthetics Ltd. (2010) – Depreciation Rate on Cement Manufacturing Plant and Machinery under the Income-tax Act
Facts of the
Case
The assessee, M/s J.K. Synthetics Ltd., claimed depreciation at the
rate of 15% on plant and machinery used in cement manufacturing and
packaging activities.
The Assessing Officer allow...
Commissioner of Income Tax v. Anuj Gupta | Addition on Estimated Venue Charges Deleted as Tribunal's Findings Based on Facts Raise No Substantial Question of Law | Delhi High Court
Facts of the
CaseThe assessee, Anuj Gupta, was engaged in the
business of providing services relating to entertainment games, catering, venue
charges and allied services for parties and events.During assessment procee...
Judicial Scrutiny of Revisionary Powers Under Section 263 of the Income Tax Act: Commissioner of Income Tax vs. Sudhir Thakran & Sukhbir Thakran
Facts of the CaseFollowing a search and seizure operation conducted on November
6, 1996, the Assessing Officer (AO) determined the undisclosed income of the
assessees for a block period. The matter reached the Income T...
Commissioner of Income Tax vs. Nikkita Leasing & Finance Ltd. | Penalty u/s 271(1)(c) Cannot Be Sustained Without Proper Opportunity of Hearing – Delhi High Court
Facts of the Case
The dispute pertained to Assessment Year 1998-99.
Penalty under Section 271(1)(c) of the Income Tax Act, 1961
was imposed upon the assessee.
The Commissioner of Income Tax (Appeals) [CIT(A)]...
Commissioner of Income Tax-VI vs United Biotech Pvt. Ltd. (2010) – Share Application Money Addition under Section 68 Cannot Be Sustained When Identity of Corporate Share Applicants Is Established
Facts of the
CaseUnited Biotech Pvt. Ltd. received share application
money amounting to Rs. 51,50,000/- from various corporate entities.
During assessment proceedings, the Assessing Officer treated the amount as
unex...
Commissioner of Income Tax v. HLT Finance (P) Ltd. [2010:DHC:4036-DB] – Addition under Section 68 on Account of Share Application Money Cannot Be Sustained Once Identity of Share Applicants is Established
Facts of the
Case
The assessee, HLT Finance (P) Ltd., had received share application
money amounting to ₹18,00,000.
During assessment proceedings, the Assessing Officer treated the
amount as unexplain...
Container Corporation of India Ltd. vs Assistant Commissioner of Income Tax | Delhi High Court Allows Withdrawal of Income Tax Appeal with Liberty to Re-file | ITA No. 477/2010
Facts of the
CaseContainer Corporation of India Ltd. (the assessee/appellant)
filed an appeal before the Delhi High Court against the Assistant Commissioner
of Income Tax.Prior to the hearing of the appeal, the appell...
Commissioner of Income Tax vs. M/S. Shivani Textiles Ltd.: Levy of Penalty Under Section 271(1)(c) of Income Tax Act, 1961 Not Automatic Upon Disallowance of Claim If Assessee’s Explanation for Writing Off Bad Debts/Investment Loss is Bona Fide Under Explanation 1
Facts of the Case
The
Revenue preferred an appeal under Section 260A of the Income Tax Act,
1961, against the order dated November 30, 2009, passed by the Income Tax
Appellate Tribunal (ITAT) for the ...