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Commissioner of Income Tax v. M/s Slocum Investment Pvt. Ltd. (Now HCL Corporation Ltd.) & Connected Matters – Scope of Block Assessment on Disclosed Transactions under Sections 132, 158BC, 158BA, 92 and 260A of the Income Tax Act
Facts of the
Case
Slocum Investment Pvt. Ltd. (later HCL Corporation Ltd.), Shiv
Nadar Investment Pvt. Ltd., and HCL Corporation Ltd. belonged to the HCL
Group and held substantial shareholdings in HCL Con...
Commissioner of Income Tax, Central-1 vs. Mr. Sri Chand Gupta & Others | Delhi High Court on Seized Cash Adjustment Against Advance Tax Liability under Sections 132, 132B, 234A, 234B & 234C of the Income Tax Act
Facts of the Case
Search and seizure proceedings under Section 132 of the Income Tax
Act were conducted on 14 January 1991 at the premises of the assessees.
During the search, Indian currency amounting to ₹25...
Commissioner of Income Tax vs Bharat Hotels Limited – Allowability of Interest on Borrowed Capital for Expansion of Existing Business under Section 36(1)(iii) of the Income Tax Act | Delhi High Court
Facts of the
Case
Bharat Hotels Limited was engaged in hotel business and undertook
projects at Srinagar, Goa, and Mumbai.
Loans were borrowed for these projects and reflected as
work-in-progress.
Tota...
Commissioner of Income Tax, Central-I vs. Mr. Sri Chand Gupta & Connected Matters – Whether Cash Seized During Search Proceedings Can Be Treated as Advance Tax Payment for Computation of Interest under Sections 234A, 234B and 234C of the Income Tax Act, 1961
Facts of the
Case
Search and seizure proceedings under Section 132 of the Income Tax
Act were conducted on 14 January 1991 at the premises of the assessees.
During the search proceedings, cash amounting to Rs....
Commissioner of Income Tax, Central-1 vs. Mr. Sri Chand Gupta, Mrs. Usha Rani Gupta & Mr. Gian Chand Gupta | Delhi High Court | Whether Cash Seized under Sections 132/132B Can Be Treated as Advance Tax for Computation of Interest under Sections 234A, 234B & 234C
Facts of the Case
Search and seizure operations under Section 132 of the Income Tax
Act were conducted at the premises of the assessees on 14 January 1991.
During the search, Indian currency amounting to ...
Commissioner of Income Tax-VI vs Video Electronics Pvt. Ltd. | Taxability of Lease Rental Income on Accrual Basis and Non-Applicability of Section 32AB – Delhi High Court
Facts of the CaseThe Revenue preferred appeals under Section 260A of the Income
Tax Act against an order passed by the Income Tax Appellate Tribunal concerning
Assessment Years 1995-96, 1996-97, and 1997-98. The assess...
Commissioner of Income Tax v. Canon India Private Limited – Treatment of Unutilized Subsidy, AMP Expenditure Adjustment and Transfer Pricing under Sections 92CA, 143(3) & 144C of the Income Tax Act, 1961
Facts of the
CaseCanon India
Private Limited, a wholly owned subsidiary of Canon Singapore Pvt. Ltd., was
engaged in the business of purchase and resale of Canon products including
photocopiers, printers, scanners an...
Commissioner of Income Tax v. Canon India Private Limited – Taxability of Unutilized Subsidy, AMP Expenditure Adjustment and Transfer Pricing under Sections 92CA, 143(3) & 144C of the Income Tax Act
Facts of the CaseCanon India Private Limited, a wholly owned subsidiary of
Canon Singapore Pvt. Ltd., was engaged in the purchase and resale of Canon
products such as printers, photocopiers, scanners and cameras in Ind...
TIME LIMIT FOR ISSUANCE OF NOTICE AND ORDER: GST
TIME LIMIT FOR ISSUANCE OF NOTICE AND ORDERFinancial YearExtended or Original Date of GSTR-9Section 73 – Time limit to issue SCNSection 73 – Time limit to pass OrderSection 74 – Time limit to issue SCNSection 74 â€...
Commissioner of Income Tax-II vs Modi Rubber Ltd. – Delhi High Court on Section 43B, Capital vs Revenue Expenditure for Machinery Replacement, and Commercial Expediency under the Income Tax Act, 1961
Facts of the CaseThe assessee, Modi Rubber Ltd., filed its return for
Assessment Year 2001–02 declaring losses. During assessment proceedings, the
Assessing Officer made several additions and disallowances including:...