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JRD Stock Brokers (P) Ltd. vs. Commissioner of Income Tax-II: Penalty Under Section 158BFA(2) on Estimated Undisclosed Income
Facts of the CaseOn November 24, 2000, a search operation was
conducted at the office of JRD Stock Brokers (P) Ltd. and the residences
of its Directors, resulting in the seizure of books and documents. The assessee
in...
Director of Income Tax vs. British Airways PLC: Liability of Interest under Section 234B for Foreign Companies
Facts of the CaseThe respondent, British Airways PLC, is a
foreign entity incorporated under the laws of the United Kingdom and is engaged
in providing air transport services. The assessee disputed its tax liability
r...
Commissioner of Income Tax Delhi vs. Tony Electronics Ltd. | Does Assembling Amount to Manufacturing under Section 80HH, 80I & 80IA?
Facts
of the Case
The
assessee is a company engaged in the manufacturing of cassettes,
specifically Audio Magnetic Tapes (AMT).
During
the assessment years 1994-95 and 1995-96, the assessee ...
R.L. Traders vs. Income Tax Officer: Delhi High Court Ruling on Section 145(2) & GP Rate Estimation
Facts of the Case
The
assessee is engaged in the business of preparation and trading of Hing.
For
the Assessment Year (AY) 2010-11, the assessee filed a return declaring an
income of ₹3,15,210/-....
Commissioner of Income Tax vs. Murari Lal Harish Chandra Jaiswal (P) Ltd.: Scope of Article 226 in Income Tax Settlement Cases
Facts of the Case:
The
petitions were directed against the orders passed by the Income Tax
Settlement Commission dated 01.11.2013 and 19.12.2013.
The
case involved a huge amount of cash amounting t...
CIT vs. Li & Fung (India) Pvt. Ltd. | Transfer Pricing & Arm's Length Price Determination under Rule 10B(1)(e) Income Tax Act, 1961.
Facts of the Case
The
Revenue filed appeals against a common order passed by the Income Tax
Appellate Tribunal (ITAT) concerning Assessment Years (AY) 2007-08 and
2008-09.
The
Assessing Offic...
Toluna India Private Ltd. vs Director of Income Tax (Investigation) Circle 12(1): Stay of Demand in W.P.(C) 2358/2015 – Delhi High Court Judgment
Facts of the
Case:The petitioner, Toluna India Private Ltd.,
filed W.P.(C) 2358/2015 before the Delhi High Court seeking an extension of
stay on the assessment order issued by the Income Tax Department. The
petitione...
Toluna India Private Ltd. vs Director of Income Tax (Investigation) Circle 12(1) – Extension of Stay Beyond 365 Days in Income Tax Appeal Pending Before ITAT | Delhi High Court (2015)
Facts of the
Case:The petitioner, Toluna India Private Ltd.,
filed a writ petition seeking the extension of stay regarding the assessment
order for the assessment year 2008-09. The petitioner had appealed before the
...
The Commissioner of Income Tax-II vs Li & Fung (India) Pvt. Ltd. (ITA 506/2014): Taxation Matters, Court Findings, and Important Clarifications under Income Tax Act
Facts of the
Case:The case revolves around an appeal by the
Commissioner of Income Tax-II (Appellant) against Li & Fung (India) Pvt.
Ltd. (Respondent) concerning a matter of tax implications under the Income Tax
...
CIT vs Jain Export Private Ltd. – Penalty under Section 271(1)(c) Cannot Be Sustained Merely on Disallowance of Share Loss Claim | Delhi High CourtLtd. | Delhi High Court | Section 271(1)(c) Penalty on Share Loss Disallowance
Facts of the CaseThe dispute arose from the order of the Income Tax
Appellate Tribunal (ITAT), whereby the penalty imposed by the Assessing Officer
under Section 271(1)(c) amounting to ₹14,90,000/- for AY 2006-...