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Commissioner of Income Tax vs Indian Sugar Exim Corporation Ltd. – Deletion of Section 14A Interest Disallowance, Valuation of Closing Stock & Non-Applicability of Section 234D for AY 2001-
Facts of the CaseThe assessee, Indian Sugar Exim Corporation Ltd.,
had earned exempt income in the form of dividend income and interest from
tax-free bonds. During assessment proceedings, the Assessing Officer invoked
...
Director of Income Tax vs Aparna Ashram | Section 21AA Wealth Tax Act | Taxability of Registered Societies under Wealth Tax Law
Facts of the CaseThe appeals related to Assessment Years 1988-89 and
1989-90 under the Wealth Tax Act, 1957. The respondent, Aparna Ashram, was a
society registered under the Societies Registration Act, 1860.The Revenu...
Commissioner of Income Tax vs. Jagson International Ltd. – Reassessment under Sections 147/148 and Allowability of Depreciation & Deductions under Sections 33AC, 80IA and 14A of the Income Tax Act, 1961
Facts of the
CaseJagson International Ltd., a public limited
company, filed its return of income for Assessment Year 2001-02 declaring
taxable income of Rs. 48,61,651/-. The assessment was completed under Section
143...
Income Tax Officer vs. DG Housing Projects Ltd. – Scope of Revisionary Powers under Section 263 of the Income Tax Act in Cases of Inadequate Inquiry | Delhi High Court
Facts of the CaseThe assessee, DG Housing Projects Ltd., filed its
return of income for Assessment Year 2004-05 declaring taxable income of Rs.
3,54,712/-. During the relevant year, the assessee sold an immovable prope...
VLS Finance Limited & Others vs Assistant Commissioner of Income Tax & Another | Delhi High Court | Section 281B of Income Tax Act – Provisional Attachment of Refunds
Facts of the Case
The petitioner company, VLS Finance Limited, was subjected to a
search operation under Section 132 of the Income Tax Act.
Consequent thereto, block assessment proceedings were initiated for
...
Commissioner of Income Tax vs. Shri Vishwa Vigyan Telugu Linguistic Minority Educational Society | Section 68 & Section 2(24)(iia) of Income Tax Act – Corpus Donation Addition and Applicability of Unexplained Cash Credit Provisions
Facts of the
CaseThe assessee, Shri Vishwa Vigyan Telugu Linguistic
Minority Educational Society, claimed to be a charitable society and filed its
return of income for Assessment Year 2003-04 declaring nil income. Dur...
Commissioner of Income Tax vs. Superior Crafts | Delhi High Court | Section 260A, Section 142(2A), Section 40A(2)(b), Section 145 & Section 37 of Income Tax Act – Valuation of Closing Stock, Rejection of Books of Accounts, Related Party Transactions and Business Expenditure
Facts of the
CaseThe assessee, Superior Crafts, was a partnership
firm engaged in export business. During Assessment Year 2002-03, the Assessing
Officer directed a special audit under Section 142(2A) of the Income Tax...
Eastman Industries Limited vs Commissioner of Income Tax | Delhi High Court on Section 80HHC Deduction on DEPB Credit | Reliance on Topman Exports Case
Facts of the
CaseEastman Industries Limited, engaged in the business
of export of cycle parts and light engineering goods, filed its return for
Assessment Year 2003-04 declaring income after claiming deduction under S...
Northern Exim (P) Ltd. vs Deputy Commissioner of Income Tax & Another | Reopening of Assessment after VDIS Declaration under Sections 147/148 of Income Tax Act Held Invalid by Delhi High Court
Facts of the CaseThe petitioner, Northern Exim (P) Ltd., filed a
declaration under the Voluntary Disclosure of Income Scheme, 1997 for
Assessment Years 1989-90 to 1997-98. For Assessment Year 1997-98, the
petitioner d...
Reena Gambhir & Sanjay Gambhir vs Commissioner of Income Tax & Anr | Jurisdiction Transfer under Section 127 & 132(1) of the Income Tax Act, 1961
Facts of the Case:The petitioners, Reena Gambhir and Sanjay Gambhir, challenged
the order dated 30.11.2011 passed by the Commissioner of Income Tax,
Delhi-VIII, transferring jurisdiction to ACIT, Central Circle-1, Chan...