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Shri Sachinder Mohan Mehta vs Assistant Commissioner of Income Tax (Delhi High Court) – Whether Expenditure on Furniture, Fixtures and Fittings Can Be Included as Cost of Acquisition for Capital Gains Computation under Sections 2(14), 48 and 260A of the Income Tax Act, 1961
Facts of the CaseThe assessee, an architect by profession, purchased
a residential floor situated at East of Kailash, New Delhi in July 1997 through
an unregistered agreement for an amount of ₹18,00,000.Subsequently,...
Lalit Bagai vs Deputy Commissioner of Income Tax Circle 38(1): Reassessment Notice Beyond Four Years Quashed – Change of Opinion and Full Disclosure under Sections 147 & 148 of the Income-tax Act, 1961
Facts of the
CaseThe petitioner challenged a notice dated 26.03.2014
issued under Section 148 seeking reopening of assessment for Assessment Year
2007–08. Since the notice was issued beyond four years from the end o...
R.K. Jain v. Chairman, Income Tax Settlement Commission & Others – Administrative Authority Cannot Nullify RTI Orders Passed Under Statutory Powers | Delhi High Court | W.P.(C) No. 2939/2014
Facts of the
CaseThe petitioner, R.K. Jain, filed an application
under the Right to Information Act, 2005 seeking information relating to
disposal and pendency of matters before the Income Tax Settlement Commission.Th...
Commissioner of Income Tax, Delhi vs. S. Pritam Singh – Addition on Undisclosed Profits from Unaccounted Sales under Sections 132 & 158BC of the Income Tax Act | Delhi High Court
Facts of the
CaseSearch and seizure proceedings under Section 132
were conducted at the residential and business premises of the assessee on
13.10.1995. During the search operation, incriminating material including ca...
Commissioner of Income Tax-XII vs. Subodh Gupta – Delhi High Court Upholds 8% Net Profit Estimation Despite Section 40A(3) Disallowance and Missing Books of Accounts under Rule 6DD(g)
Facts of the
Case
The assessee filed return of income for Assessment Year 2009–10
declaring income of Rs.35,21,970.
During scrutiny assessment, the Assessing Officer disallowed
expenditure amounting to...
Commissioner of Income Tax Delhi-2 vs Compro Technologies Pvt. Ltd.: Delhi High Court Upholds Deletion of Penalty under Section 271(1)(c) for Bona Fide Chartered Accountant Error in MAT Computation under Section 115JB
Facts of the
CaseThe Revenue filed an appeal challenging the order
of the Income Tax Appellate Tribunal deleting penalty imposed under Section
271(1)(c) of the Income Tax Act, 1961 against Compro Technologies Pvt. Ltd...
Commissioner of Income Tax-X vs Amar Nath Virender Kumar | Delhi High Court | Addition under Section 69A cannot be sustained merely on coded diary entries without corroborative evidence and cross-examination
Facts of the
CaseSearch and seizure operations under Section 132 of
the Income Tax Act, 1961 were conducted on 15 December 2004 in the case of Brij
Mohan Gupta. During the search, incriminating diaries, loose papers a...
Commissioner of Income Tax vs. M/s Sidhartha Securities and Traders Ltd. – Whether Journal Entries Without Cash Movement Attract Penalty under Sections 269SS and 271D of the Income Tax Act, 1961 | Delhi High Court
Facts of the
Case
The Revenue alleged that the respondent assessee had accepted an
unsecured loan amounting to Rs. 8,52,71,500 from M/s Oswal Agro Mills
Ltd., otherwise than through account payee cheque or...
Commissioner of Income Tax v. M/s National Clothing Co. – Penalty under Sections 269SS & 271D of Income Tax Act on Journal/Book Entries without Cash Transaction
Facts of the
Case
The assessee had recorded loan-related entries of ₹33,75,842 from
M/s Shakuntla Export House Pvt. Ltd. and ₹20,00,000 relating to K.N.
Bhalla.
The Assessing Officer rejected the ass...
AVTEC Limited vs Deputy Commissioner of Income Tax – Reassessment under Sections 147 & 148 of the Income Tax Act Beyond Four Years Invalid in Absence of Failure to Make Full and True Disclosure | Delhi High Court
Facts of the
Case
The petitioner, AVTEC Limited, had originally undergone assessment
under Section 143(3) of the Income Tax Act on 24.12.2008 for Assessment
Year 2006-07.
Subsequently, a notice dated 28....