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Commissioner of Income Tax v. Eastman Industries Limited: Deeming Provisions of Section 50(2) on Transfer of Depreciable Assets and Eligibility of 100% Depreciation Based on Actual Use Versus Book Entries Under the Income Tax Act, 1961
Facts of the Case
Assessee
Profile: The assessee, M/s Eastman Industries Ltd.,
is engaged in the business of exporting cycle parts and light engineering
goods. For the Assessment Year (AY) 1998-99, it...
Central Government Employees Consumer Cooperative Society Ltd. vs. The Commissioner of Income Tax: Disallowance of Provision for Post-Balance Sheet Wage Revision Decisions under Section 37(1) vs. Accrual of Liability
Facts of the Case
The
appellant/assessee, Central Government Employees Consumer Cooperative
Society Ltd., provided a sum of ₹72 lakhs under the head "salaries
and wages" pending revision for the fin...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. M/S Denso India Ltd. (2007) – Delhi High Court Rules That Assessing Officer Must Pass Reasoned Orders For Book Profit Adjustments Under Section 115JA Regarding Provisions for Gratuity and Leave Encashment, Overriding Appellate Authorities' Attempts to Supply Non-Existent Grounds
Facts of the Case
The
Assessing Officer (AO) passed an assessment order dated February 26, 2002,
wherein he included a provision for gratuity and a provision for leave
encashment as "deemed profit" un...
Commissioner of Income Tax vs. M/s Woodward Governor India Pvt. Ltd. (and Connected Matters) – Landmark Delhi High Court Ruling on Tax Deductibility of Business Losses Arising from Foreign Exchange Rate Fluctuations under Sections 28, 37(1), and 43A of the Income Tax Act, 1961, and the Prospective Application of Accounting Standards for Year-End Monetary Revaluations
Facts of the Case
The
present batch of appeals involves multiple corporate assessees (including
M/s Woodward Governor India Pvt. Ltd., Hero Honda Motors Ltd., Maruti
Udyog Ltd., and Jindal Strips Ltd....
M/s Bharti Telecom Finance Ltd. vs. Assistant Commissioner of Income Tax: Shifting Stands and Contradictory Explanations in Unexplained Cash Credits under Section 68 of the Income Tax Act, 1961
Facts of the Case
The
assessee’s books of accounts for the relevant period showed a credit
balance of Rs. 80 lakhs in the name of an individual, Ms. Devina
Mehra.
When
the Assessing Officer...
Commissioner of Income Tax vs. M/s Societex: Retrospective Effect of Section 271(1)(B) on Penalty Satisfaction and Remand for Fresh Adjudication on Merits of Concealment Under Section 271(1)(c) of Income Tax Act, 1961
Facts of the Case
Context:
Cross-appeals were filed by both the Revenue (Income Tax Department) and
the Assessee (M/s Societex) against an order passed by the Income
Tax Appellate Tribunal (ITAT) on O...
Commissioner of Income Tax vs. M/s Ram Commercial Enterprises & Ors. (ITA No. 1341/2007 & ITA No. 46/2008) – Impact of Section 271(1B) Retrospective Amendment on Assessing Officer's Satisfaction for Initiating Penalty Proceedings under Section 271(1)(c) of the Income Tax Act, 1961
Facts of the CaseThe Revenue filed appeals against the order of the Income Tax
Appellate Tribunal (ITAT) dated December 12, 2006, pertaining to the assessment
years 2000-2001 and 2001-2002. The Income Tax Appellate Tri...
Commissioner of Income Tax vs. M/S Societex: Retrospective Effect of Section 271(1)(B) on Penalty Satisfaction and Remand on Merits for Fact-Checking Advance Tax
Facts of the CaseThe case involves cross-appeals filed by both the Revenue
(Commissioner of Income Tax) and the Assessee (M/S Societex) against an order
passed by the Income Tax Appellate Tribunal (ITAT) on October 28,...
The Commissioner of Income Tax, Delhi-II vs. M/s Khaitan Chemicals & Fertilizers Ltd.: Computation of Book Profit under Section 115JA of the Income-tax Act, 1961 — Permissibility of Deducting Prior Period Expenses and Extraordinary Items Separately Disclosed under Accounting Standard (AS) 5 and Schedule VI to the Companies Act, 1956.
Facts of the Case
The
respondent-assessee initially filed its return of income for Assessment
Year (AY) 2000-01 declaring a loss of ₹193.31 lakhs. Subsequently, a
revised return was filed due to the...
The Commissioner of Income Tax Delhi-II v. Khaitan Chemicals & Fertilizers Ltd. (2008): Scope of Section 115JA of the Income-Tax Act, 1961 Regarding the Computation of Book Profit vis-à-vis Deduction of Prior Period Expenses and Extraordinary Items Under Accounting Standard (AS) 5
Facts of the Case
The
respondent-assessee initially filed its return of income on October 30,
2000, declaring a loss.
Consequent
to the merger of Khaitan Soya Limited with the assessee (effective A...