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Commissioner of Income Tax-VII v. Shri Karan Khandelwal & Commissioner of Income Tax-III v. Sunil Bedi – Addition under Income Tax Act on Understatement of Consideration in Share Transfer of Property Holding Company
Facts of the CasePrem Shanker Khandelwal (HUF) owned commercial land
situated at Village Sikandarpur Ghosi, Gurgaon. Initially, a Memorandum of
Understanding (MoU) dated 22.03.2000 was entered into with Fashion Flare
...
Commissioner of Income Tax-VII & Commissioner of Income Tax-III vs Shri Karan Khandelwal & Sunil Bedi | Addition on Understated Share Transfer Consideration Upheld | Sections 48 & 52 of Income Tax Act
Facts of the CasePrem Shanker Khandelwal (HUF) owned commercial land
situated at Sikandarpur Ghosi, Gurgaon. Initially, a Memorandum of
Understanding (MOU) dated 22.03.2000 was executed with Fashion Flare
Internationa...
Money Growth Investment and Consultants Pvt. Ltd. vs Income Tax Officer | Reopening of Assessment under Sections 147/148 on Basis of Accommodation Entries – Delhi High Court
Facts of the CaseThe petitioner company was incorporated as a
Non-Banking Finance Company under the Companies Act, 1956.For Assessment Year 2004-05, the petitioner filed
its return of income under Section 139(1) of the...
Commissioner of Income Tax-VI, New Delhi vs Usha International Limited – Reopening of Assessment under Sections 147/148 of the Income Tax Act, 1961 on the Basis of Audit Objection and Doctrine of Change of Opinion
Facts of the Case
Usha International Limited filed its return of income for
Assessment Year 2001-02 on 29 October 2001.
Assessment was completed under Section 143(3) on 30 January 2004.
In the Notes to Accoun...
Shankar Trading (P) Ltd. vs Commissioner of Income Tax (CIT), Delhi – Lease Rent, Related Party Transactions and Capital vs Revenue Expenditure under Section 40A(2) of the Income Tax Act, 1961
Facts of the CaseM/s Shankar Trading (P) Ltd. was engaged in the
business of manufacturing Katha and Cutch and had leased a factory unit from
Mehta Charitable Prajnalaya Trust with effect from 01.06.1978. Certain trust...
Shankar Trading (P) Ltd. vs Commissioner of Income Tax (CIT) – Enhanced Lease Rent, Non-Compete Rights and Applicability of Section 40A(2) under the Income Tax Act, 1961 (Delhi High Court)
Facts of the
CaseM/s Shankar Trading (P) Ltd. was engaged in
manufacturing and trading of Katha and Cutch products and had leased a
manufacturing unit from Mehta Charitable Prajnalaya Trust with effect from
01.06.197...
Director of Income Tax vs Guy Carpenter & Co. Ltd. – Reinsurance Brokerage not Taxable as Fees for Technical Services under Section 9(1)(vii) and Article 13 of India-UK DTAA | Delhi High Court
Facts of the CaseThe assessee, Guy Carpenter & Co. Ltd., a
United Kingdom based reinsurance intermediary and broker, received
brokerage/commission from insurance companies operating in India for
facilitating reins...
Shankar Trading (P) Ltd. Vs. Commissioner of Income Tax (Delhi High Court) – Lease Rent, Non-Compete Rights, Capital vs Revenue Expenditure and Section 40A(2) of the Income Tax Act, 1961
Facts of the
CaseShankar Trading (P) Ltd., engaged in the business
of manufacturing and trading Katha and Cutch, had taken on lease a factory unit
belonging to Mehta Charitable Prajnalaya Trust with effect from 01.06....
Krishak Bharati Cooperative Ltd. vs Commissioner of Income Tax & Anr. – Section 80-I Deduction on Interest Income and Tank Hire Charges | Revision under Section 263 of Income Tax Act
Facts of the CaseThe assessee, Krishak Bharati Cooperative Ltd., a
multi-state cooperative society engaged in the manufacture and sale of Urea and
Ammonia at its Hazira plant in Gujarat, claimed deduction under Section...
Shanker Trading (P) Ltd. vs Commissioner of Income Tax (Delhi High Court) – Section 40A(2) of Income Tax Act | Lease Rent, Capital vs Revenue Expenditure & Non-Compete Payment
Facts of the CaseM/s Shanker Trading (P) Ltd., engaged in the
business of manufacturing Katha and Cutch, had taken a manufacturing unit on
lease from Mehta Charitable Prajnalaya Trust from 01.06.1978.Initially lease re...