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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...
Director of Income Tax (Exemption) vs. Vishwa Jagriti Mission: Computation of Trust Income under Section 11 on Commercial Principles and Allowance of Depreciation
Facts of the Case
The
respondent-assessee, Vishwa Jagriti Mission, is a society registered under
the Societies Registration Act, 1860, and is assessed for income tax in
the status of an "Association o...
Commissioner of Income Tax vs. Nokia India Pvt Ltd | Section 271(1)(c) & 260A – Income Tax Penalty & Obsolescence Provision
Facts of the CaseThe Revenue filed appeals under Section 260A of the Income
Tax Act, 1961 against the Tribunal’s order dated 22nd May 2009 in relation to
assessment years 2000-01 and 2001-02 of Nokia India Pvt Ltd. T...
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...
Commissioner of Income Tax vs M/s Amway India Enterprises – Treatment of Software Expenditure and Leasehold Premises Improvements under IT Act, 1961
Case Facts
Appeals
pertain to assessment years 2001-02 and 2002-03.
First
Issue: Treatment of expenditure by the assessee
(M/s Amway India Enterprises) on software licenses (MS Office, Anti-virus,
...
Shankar Trading (P) Ltd. vs Commissioner of Income Tax (CIT) – Allowability of Enhanced Lease Rent, Capital vs Revenue Expenditure and Applicability of Section 40A(2) of the Income Tax Act, 1961 | Delhi High Court
Facts of the CaseM/s Shankar Trading (P) Ltd., engaged in the
business of manufacturing Katha and Cutch, had taken on lease a factory
belonging to Mehta Charitable Prajnalaya Trust from 01.06.1978.The lease rental was ...
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 M/s Amway India Enterprises – Treatment of Software and Leasehold Premises Expenditure under Income Tax Act, Sections 32 & 37
Facts of the CaseThe appeals pertain to assessment years 2001-02 and 2002-03.
The respondent, M/s Amway India Enterprises, incurred expenditures on:
Purchase
of software applications, including MS Office, Anti-V...
Shankar Trading (P) Ltd. vs Commissioner of Income Tax (CIT) | Section 40A(2), Capital vs Revenue Expenditure on Lease Rent and Non-Compete Arrangement – Delhi High Court
Facts of the
CaseM/s Shankar Trading (P) Ltd. was engaged in the
business of manufacturing Katha and Cutch. The company had taken a factory
belonging to Mehta Charitable Prajnalaya Trust on lease from 01.06.1978.The T...
Commissioner of Income Tax Vs M/s Amway India Enterprises Pvt. Ltd. – Capital Expenditure on Leasehold Premises (Assessment Year 2004-05)
Case FactsThe appeal concerns the assessment year 2004-05, in which
the petitioner, Commissioner of Income Tax, challenged the Income Tax
Appellate Tribunal’s (ITAT) decision regarding expenses incurred by the
respo...