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Motor General Finance Ltd. vs. Commissioner of Income Tax: Deciding Taxability of Unclaimed Insurance Surpluses Transferred to Profit & Loss Account
Facts of the CaseThe assessee, Motor General Finance Ltd., a limited company
engaged in commercial vehicle financing under hire-purchase agreements,
required hirers to comprehensively insure financed vehicles. To ensur...
Motor General Finance Ltd. vs. Commissioner of Income Tax: Taxability of Unclaimed Insurance Premium Written Off and Credited to Profit and Loss Account Under Sections 40A(5) and 40C of the Income-Tax Act, 1961
Facts of the Case
Assessee’s
Business Operations: The assessee, Motor General Finance
Ltd., is a limited company engaged in the commercial vehicle financing
business under hire-purchase agreem...
Motor General Finance Ltd. vs. Commissioner of Income Tax: Taxability of Unclaimed Insurance Premium Written Off and Credited to Profit and Loss Account Under Sections 40A(5) and 40C of the Income-Tax Act, 1961
Facts of the Case
Assessee’s
Business Operations: The assessee, Motor General Finance
Ltd., is a limited company engaged in the commercial vehicle financing
business under hire-purchase agreem...
Jagtar Singh vs. Petitioner (State/Income Tax Department) | Scope of Recalling Witnesses and Reading Pre-Charge Cross-Examination Post-Charge under Section 311 Cr.P.C.
Facts of the Case
The
respondent examined Jagtar Singh, Assistant Commissioner of Income Tax, as
Prosecution Witness 1 (PW1) at the pre-charge stage.
PW1
was cross-examined by the counsel for the p...
Taxability of Unclaimed Trading Balances Under Section 28(i) of the Income Tax Act: Motor General Finance Ltd. vs. CIT
Facts of the Case
The
Assessee (Motor General Finance Ltd.) is a limited company engaged in the
business of financing commercial vehicles under hire-purchase agreements.
Per
the agreement terms, ve...
Commissioner of Income-Tax vs. [Assessee / Appellant Name] | Unexplained Cash Credits under Section 68: Delhi High Court Directs Assessing Officer to Evaluate Entirety of Evidence Beyond the Physical Production of Share Applicants and Purchasers*
Facts of the Case
The
Assessing Officer (AO) made additions to the income of the
appellant/assessee under Section 68 of the Income-Tax Act.
These
additions were made by treating the share applicati...
M.P. Sharma v. High Court of Delhi (In re: W.P.(C) 7517/2010) – Application for Typographical and Clerical Correction of Advocate’s Name in Judicial Records under Sections 151 and 152 of the Code of Civil Procedure, 1908.
Facts of the CaseThe matter arose from a miscellaneous application, registered
as CM No. 2094/2011, filed within the broader context of the civil writ
petition W.P.(C) No. 7517/2010 before the Division Bench of t...
Commissioner of Income Tax vs. Modipon Ltd.: Reassessment Under Section 147 Quashed as Mere Change of Opinion Absent New Tangible Material
Facts of the Case
The
assessment of the Respondent-Assessee (Modipon Ltd.) for the relevant
assessment year was originally completed under Section 143(3) of the
Income Tax Act, 1961, on January 30, 20...
Motor General Finance Ltd. vs. Commissioner of Income Tax: Taxability of Written-Off Unclaimed Balances under Section 40A(5) of the Income-Tax Act, 1961
Facts of the CaseThe assessee, Motor General Finance Ltd., is a limited company
engaged in financing the purchase of commercial vehicles through hire-purchase
agreements. Under the standard contractual terms, the hirer...
Madhu Rani Mehra vs. Commissioner of Income Tax: Valuation of Opening Stock Transferred to Proprietorship Post-Dissolution of a Partnership Firm
Facts of the Case
The
Assessee (Smt. Madhu Rani Mehra) was a partner with a 50% profit-sharing
ratio in a partnership firm named M/s. Mehrae-Di-Hatti, which dealt
in gold and diamond jewellery.
On
...