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Commissioner of Income Tax vs. Bharti Televenture Ltd. – Delhi High Court Judgement on Deletion of Interest Disallowance Under Section 36(1)(iii) and Applicability of Commercial Expediency for Interest-Free Advances to Wholly-Owned Subsidiaries out of Mixed Common Funds
Facts of the Case
The
Revenue filed three appeals against a common order dated 24th July, 2009,
passed by the Income Tax Appellate Tribunal (ITAT). The appeals cover
Assessment Year (AY) 2001-02 (ITA ...
CIT vs Khandelwal Construction Co. – Delhi High Court 2011 | ITA No. 136/2009 | Section 37 of Income Tax Act
Facts of the Case:The appellant, CIT (Commissioner of Income Tax),
challenged the order of the Income Tax Appellate Tribunal (ITAT) that allowed
certain deductions claimed by the respondent, Khandelwal Construction Co....
Commissioner of Income Tax, Delhi-I vs. Bharti Televenture Ltd.: Allowability of Interest Deduction Under Section 36(1)(iii) on Interest-Free Advances to Subsidiaries Based on Commercial Expediency
Facts of the Case
The
Revenue preferred three consolidated appeals under Section 260A against a
common order of the Income Tax Appellate Tribunal (ITAT) dated July 24,
2009, spanning Assessment Years ...
Commissioner of Income Tax, Delhi vs Modi Stone Ltd – ITA Nos. 955/2006, 1203/2006, 98/2007 | Burden of Proof on Assessee for Commission/Discount Claims I Section 40A(2)(b) of Income Tax Act, 1961
Facts of the Case:
Modi
Stone Ltd., the assessee, claimed commission payments and discounts under
its profit & loss accounts for assessment years 1995-96, 1996-97, and
1997-98.
Details
and...
Commissioner of Income Tax, Delhi vs Modi Stone Ltd.: Burden of Proof on Assessee for Commission/Discount Claims under Income Tax Law under Section 37(1) of Income Tax Act, 1961.
Facts of the Case:
The
respondent, Modi Stone Ltd., claimed commission and discount payments as
deductions in its income tax returns for assessment years 1995-96,
1996-97, and 1997-98.
The
amo...
Friends Clearing Agency (P) Ltd. vs. Commissioner of Income Tax-II: Allowance of Accrued Interest Liability and Deletion of Ad-hoc Disallowances under the Income Tax Act
Facts of the Case
The
case relates to the Assessment Year (AY) 1992-93 where the Assessee-Appellant,
Friends Clearing Agency (P) Ltd., had availed of a credit facility from
J&K Bank Ltd.
On
...
Commissioner of Income Tax vs Casio India Ltd: Allowability of Advertisement, Sales Promotion, Stamping Fees & Leasehold Improvements under Income Tax Act
Facts of the CaseCasio India Ltd. (assessee) filed its return for AY 1998-99
declaring a loss of ₹70.21 lacs. During assessment, the AO noticed ₹4.18 crores
claimed for advertisement and sales promotion, including ...
Funds Corporation & Another vs Assistant Director of Income Tax, New Delhi & Others | Delhi High Court | W.P.(C) Nos. 2895/2011 & 2896/2011
FACTS OF THE CASE1.
eFunds
Corporation and another petitioner filed W.P.(C) No. 2895/2011 before the Delhi
High Court.2.
eFunds
IT Solution Group Inc. file...
Commissioner of Income Tax vs Casio India Ltd: Allowability of Advertisement, Sales Promotion & Leasehold Improvement Expenditure
Facts of the
CaseCasio India Ltd.
(assessee) filed its return for AY 1998-99 declaring a loss of ₹70.21 lacs.
During assessment, the AO noticed ₹4.18 crores claimed as advertisement and
sales promotion expenditur...
The Commissioner of Income Tax vs. Jai Drinks Pvt. Ltd.: Delhi High Court Ruling on the Non-Applicability of Section 194H TDS on Trade Discounts and Incentives in a Principal-to-Principal Distribution Agreement
Facts of the Case
Assessee
Business: The assessee company is engaged in the
business of manufacturing and selling soft drinks under popular brand
names such as Pepsi, Mirinda, and 7Up.
Distributor
...