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Commissioner of Income Tax (Central)-I vs. Chetan Gupta: Mandatory Service of Jurisdictional Notice Under Section 148 of the Income Tax Act, 1961
Facts of
the Case
Assessee
Profile & Filings: The Assessee, Mr. Chetan Gupta, filed
his original return of income for Assessment Year (AY) 2001–2002 on
October 11, 2001, declaring an inco...
Commissioner of Income Tax vs. Morgan Securities & Credits Pvt. Ltd. | Prospectivity of Rule 8D Under Section 14A of the Income Tax Act
Facts of the CaseThe Revenue (Income Tax Department) filed two appeals (ITA
589/2014 and ITA 590/2014) challenging the orders passed by the Income Tax
Appellate Tribunal (ITAT). The challenged ITAT orders were dated Ja...
Pr. Commissioner of Income Tax -5 vs. Kay Kay Royal Apartments Pvt. Ltd. (With Connected Appeals) – High Court of Delhi Rules No Deemed Dividend Addition Under Section 2(22)(e) of Income Tax Act, 1961 If Assessee Is Not A Shareholder In Lending Company
Facts of the Case
Filing
of Return: The Respondent-Assessee filed its return of
income for the Assessment Year (AY) 2006-07, declaring a financial loss of
Rs. 59,213.
Scrutiny
Assessment: The...
Oriental Insurance Company vs. Commissioner of Income Tax: Validity of Reassessment Under Section 147 and Taxability of Insurance Company's Investment Profits
Facts of the Case
Assessee
Profile: The Appellant, Oriental Insurance Company,
is a subsidiary of the General Insurance Corporation of India, principally
engaged in the non-life (general) insurance bu...
Commissioner of Income Tax-IV vs. Pritam | Taxability of Breach Compensation as Profits in Lieu of Salary under Section 17(3)(iii)
Facts of the Case
Employment
Agreement: The Assessee (Respondent) entered into an
Employment Agreement with M/s. ACEE Enterprises ('ACEE') on January 10,
2007, to join as Chief Executive Officer (CEO)...
Stitchwell Qualitex (RF) vs. Income Tax Officer: Is Actual Production Mandatory for Claiming Depreciation Under Section 32 of the Income Tax Act?
Facts of the Case
Business
Background: The Assessee, Stitchwell Qualitex (RF), is a
registered firm engaged in manufacturing bag-stitching machines in Noida
since 1981.
Business
Expansion (Un...
Commissioner of Income Tax-III vs. M/S Socomec HPL Pvt. Ltd.: Deletion of Selling and Distribution Expenses under Section 37 and 40(a)(ia) of the Income Tax Act on the Principle of Consistency
Facts of the Case
Assessee
Profile: The Assessee is a joint venture company
formed between HPL India Ltd. (HIL) and a French Company, Socomec SA
France (SSA), engaged in manufacturing switchgears, ene...
Commissioner of Income Tax-IV vs. Infogain India Private Limited: Eligibility of Section 10B Deduction Post Section 80HHE Claims
Facts of the CaseThe Revenue (Appellant) filed appeals against the
orders of the Income Tax Appellate Tribunal (ITAT) for the Assessment Years
2005-06 and 2006-07. The core dispute arose from the Respondent Assessee’...
Commissioner of Income Tax vs S.M. Flanges Pvt. Ltd. – Deduction under Sections 80-IB and 80HHC, Applicability of Section 80-IA Principles and Treatment of DEPB/Duty Drawback Incentives
Facts of the
CaseThe Revenue challenged the findings of the Income
Tax Appellate Tribunal regarding the computation and applicability of
deductions claimed by the assessee under Sections 80-IB and 80HHC of the Income
...
Hamdard Laboratories India vs DGIT (Exemptions): Exemption u/s 10(23C)(iv) for Business Held in Trust | Delhi High Court
Facts of the CaseThe case involves Hamdard
Laboratories India, which was constituted in 1948. The partners of the business
dedicated it entirely to charity, functioning as a special-purpose vehicle to
effectuate chari...