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Commissioner of Income Tax vs Meera Chatterjee – Applicability of Section 10(3) and Capital Nature of Tenancy Rights under the Income Tax Act, 1961
Facts of the
Case
The respondent, Meera Chatterjee, received ₹1 crore for
surrendering tenancy rights in property No. 15, Motilal Nehru Marg from M/s
Bennet Coleman and Company Limited (BCCL).
She clai...
Commr. of Income Tax Delhi & Ors. vs B.K. Bhagat: Capital Gains Treatment on Surrender of Tenancy Rights under Section 45 and Section 10(3) of Income Tax Act, 1961
Facts of the
Case
The appeal concerns the assessment year 1993-94, involving
taxation of Rs. 65,51,000 received by respondent B.K. Bhagat upon
surrendering tenancy rights in the property at 56, Jor Bagh, N...
M/s Jagatjit Industries Limited vs Dy. Commissioner of Income Tax – Investment Allowance on Foreign Currency Fluctuation under Section 43A
Facts of the
CaseThe appellant, M/s Jagatjit Industries Limited,
claimed investment allowance for the assessment year 1984-85 on an enhanced
liability of Rs. 1,71,527 due to fluctuation in foreign currency rates. The
...
Jagatjit Industries Ltd. vs Dy. Commissioner of Income Tax, Central-VI | Section 43A & Investment Allowance Dispute
Facts of the
Case:Jagatjit Industries Ltd. (Appellant) challenged the
denial of investment allowance on an enhanced liability of Rs. 2,90,226/-,
which arose due to foreign currency fluctuations under Section 43A of th...
Venad Properties Private Limited vs Commissioner of Income Tax – Service of Notice under Section 158BC and Block Assessment under Income Tax Act, 1961
Facts of the
Case:Venad Properties Pvt. Ltd. challenged the block
assessment order dated 28th November 1997 under Section 158BC read with Section
144 of the Income Tax Act, 1961, arguing:
No search under Section 132...
Commissioner of Income Tax vs M/s Jagatjit Industries Limited – Section 32A & 43A Investment Allowance on Foreign Exchange Fluctuations
Facts of the
CaseThe respondent, M/s Jagatjit Industries Limited,
claimed investment allowance on imported plant and machinery under Section 32A
of the Income Tax Act, 1961. The addition of Rs. 1,76,175/- to the cost ...
M/s Wire & Fabriks (S.A.) Ltd. vs Appropriate Authority, Income Tax Department – Quashing of Pre-emptive Acquisition Order under Section 269UD(1) of the Income Tax Act, 1961
Facts of the
Case
The petitioner entered into an agreement dated 18.12.1994 to
purchase Flat No. 802, Madhuban, Nehru Place, New Delhi (896 sq. ft.) from
Mr. K.A. Sethi and Ms. C.K. Handa for Rs. 24,19,200...
Controls & Switchgear Co. Ltd. vs Deputy Commissioner of Income Tax – Apportionment of Head Office Expenses & Section 14A Disallowance under Income Tax Act, 1961
Facts of the
Case
Appellant: Controls & Switchgear
Co. Ltd., operating multiple units in Noida, Kasna, and Haridwar.
Respondent: Deputy Commissioner of
Income Tax.
Haridwar unit was eligible ...
Commissioner of Income Tax vs M/s Sardar Exhibitors Pvt. Ltd. – Section 23(1), Annual Value of Property, ITAT Deletion of Additions
Facts of the
Case:The Revenue filed three appeals under Section 260A
challenging the Income Tax Appellate Tribunal’s (ITAT) deletion of additions
made by the Assessing Officer (AO) regarding the annual letting value...
Commissioner of Income Tax (Central)-I vs Manish Build Well Pvt. Ltd.: Interpretation of Section 68 & Rule 46A in Real Estate Taxation
Facts of the
CaseThe Revenue (Income Tax Department) appealed
against the ITAT order which favored Manish Build Well Pvt. Ltd., a
private limited company engaged in real estate development. The issues arose
from:
C...