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Judicial Scrutiny of Unexplained Cash Credits under Section 68: Analyzing the Delhi High Court’s Landmark Verdict in CIT vs. Nova Promoters & Finlease (P) Ltd. regarding Accommodation Entries
Facts of the
CaseThe assessee company, Nova Promoters & Finlease
(P) Ltd., filed its return declaring a loss for Assessment Year 2000-01. The
original return was processed under Section 143(1). Subsequently, the A...
Characterization of Rental Income from Commercial Infrastructure: Business Profits under Section 28 vs. Income from House Property under Section 22 – Commissioner of Income Tax vs. Mayar India Ltd.
Facts of the Case
Assessee
Profile & Return: The respondent-assessee, a corporate
entity, filed its return of income for Assessment Year (AY) 2002-03 on
October 30, 2002, declaring a total income ...
Super Cassettes Industries Ltd. v. Chief Commissioner of Income Tax: Retrospective Application of CBDT Circulars and 40% Waiver of Interest Under Section 234C
Facts of the Case
The
Petitioner, Super Cassettes Industries Ltd., filed a writ petition seeking
to quash an order dated June 8, 2007, passed by the Chief Commissioner of
Income Tax (Central).
The
...
Shanker Trading (P) Ltd. vs Commissioner of Income Tax (CIT), Delhi – Lease Rent, Non-Compete Fee and Section 40A(2) Dispute on Capital vs Revenue Expenditure | Delhi High Court
Facts of the CaseM/s Shanker Trading (P) Ltd., engaged in the
business of manufacturing Katha and Cutch, had taken on lease a factory
belonging to Mehta Charitable Prajnalaya Trust with effect from 01.06.1978.
Initial...
M/s. I.M. Constructions Pvt. Ltd. vs. Commissioner of Income Tax: Issue vs. Service of Notice under Section 148 of the Income Tax Act, 1961
Facts of the Case
The
petitioner company, M/s. I.M. Constructions Pvt. Ltd., filed its income
tax return manually for the Assessment Year (AY) 2004-05 on February 10,
2005, with the Income Tax Officer...
Shanker Trading (P) Ltd. v. Commissioner of Income Tax (Delhi High Court): Whether Enhanced Lease Rent, Non-Compete Payments and Rights Relating to Raw Material Procurement Constitute Capital or Revenue Expenditure under Section 40A(2) of the Income Tax Act, 1961
Facts of the
CaseM/s Shanker Trading (P) Ltd. was engaged in the
business of manufacturing and trading Katha and Cutch. The assessee had taken
on lease a manufacturing unit belonging to Mehta Charitable Prajnalaya Tru...
M/s Lachman Dass Bhatia Hingwala (P) Ltd. & Anr. v. Assistant Commissioner of Income Tax: Validity of Search Assessment Proceedings Under Section 153A
Facts of the CaseThe dispute involves a batch of six connected writ
petitions—specifically W.P.(C) Nos. 1765/2012, 1766/2012, 1767/2012, 1778/2012,
1784/2012, and 1785/2012—brought before the Division Bench of the ...
Sun Investment Pvt. Ltd. vs Assistant Commissioner of Income Tax & Ors. | Delhi High Court | Reassessment under Sections 147, 148 & MAT Provisions under Section 115JB of the Income Tax Act
Facts of the CaseThe petitioner, Sun Investment Pvt. Ltd., was
engaged in investment activities and registered as a Non-Banking Financial
Company (NBFC) with the Reserve Bank of India.WP(C) No.
12438/2009 – Assessme...
Commissioner of Income Tax vs. R.T.C.L. Ltd.: Limits on Rectification of Book Profit Computations Under Section 154 and Section 115JB of the Income Tax Act
Facts of the Case
Initial
Assessment: For the assessment year 2002-03, the
Assessing Officer (AO) completed the original assessment of the
respondent-assessee (R.T.C.L. Ltd.) under Section 143(3) of t...
Commissioner of Income Tax (CIT) vs Shankar Trading Pvt. Ltd. | Section 40A(2) & Capital vs Revenue Expenditure on Enhanced Lease Rent and Non-Compete Rights
Facts of the
CaseM/s Shankar Trading Pvt. Ltd. was engaged in the
business of manufacturing Katha and Cutch and had leased a production unit
belonging to Mehta Charitable Prajnalaya Trust from 01.06.1978.Initially, le...