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Commissioner of Income Tax-XIII vs Hemant Surana | Delhi High Court on Section 37(1) – Allowability of Share Trading Loss of Chartered Accountant and Distinction Between Business Loss and Prohibited Expenditure
Facts of the
CaseThe assessee, Hemant Surana, was a Chartered
Accountant and had filed his income tax return for Assessment Year 2007-08
declaring income under the head "Business or Profession" and income
from other ...
Commissioner of Income Tax, Delhi-V vs. RITES Ltd. | Crystallization of Prior Period Expenses
Facts
of the Case·
The respondent-assessee, RITES Ltd., is
a Government of India undertaking.
·
In the assessment yea...
Pr. Commissioner of Income Tax-8 vs Sardar Exhibitors Pvt. Ltd. – Delhi High Court dismisses Revenue’s appeal relying on earlier judgment in identical issue under the Income-tax Act
Facts of the Case
The Revenue filed an
appeal before the Delhi High Court against the respondent assessee.
There was a delay of 120
days in re-filing, for which an application seeking condonation was
...
CIT vs. Goetze (India) Limited: Scope of Revisionary Powers Under Section 263 of the Income Tax Act
Facts of the Case·
The respondent-assessee filed its
return of income for the Assessment Year (AY) 2000-01 on 31st November 2000,
declaring a loss under normal provisio...
Pr. Commissioner of Income Tax (Central-2) vs. Tanvir Finance and Leasing Ltd. & Connected Matters | Delhi High Court | Section 68 of the Income Tax Act, 1961
Facts of the CaseThe Revenue
preferred a batch of appeals before the Delhi High Court against the respondent
assessees challenging relief granted by the appellate authorities.The central
dispute pertained to tax addit...
Commissioner of Income Tax-IV vs M/s Dixon Technologies (India) Pvt. Ltd. - Eligibility of Deduction under Section 80-IC for Manufacturing Activity and Units Located in Notified Areas of Uttarakhand | Delhi High Court
Facts of the
CaseThe assessee was engaged in manufacturing and
assembling air-conditioners and microwave ovens by using different components
and parts sourced from third parties. The assessee claimed deduction under
...
Commissioner of Income Tax-6 vs Mona Advertising & Marketing Pvt. Ltd. (Delhi High Court) – Revenue Appeals Dismissed Due to Procedural Defect | Section 153A & Section 68 Income Tax Act
Facts of the Case
The ITAT passed a
common order dated 29 October 2014 in relation to multiple assessment
years.
The Revenue challenged
the said order before the Delhi High Court.
The assessee h...
CIT-I vs ACL Wireless Ltd. - Delhi High Court Holds Software Product Improvement and Upgradation Expenses as Revenue Expenditure under Section 37(1) of the Income Tax Act
Facts of the
Case
ACL Wireless Ltd. was engaged in software development relating to
wireless solutions and instant messaging applications for mobile users.
The company had already capitalized the original soft...
Commissioner of Income Tax, Delhi vs. Sudhir Budhraja – Delhi High Court Upholds Genuine Foreign Gift, Deletes Addition under Sections 68 & 69 of Income Tax Act
Facts of the CaseThe assessee, a Chartered Accountant, filed his income tax return for
Assessment Year 1995–96 declaring professional income. During scrutiny, it was
noticed that apart from consultancy receipts from ...
Commissioner of Income Tax, Delhi vs Globus Securities & Finance Pvt. Ltd. – Section 68 Income Tax Act | Share Capital, Share Premium, Accommodation Entries & Burden of Proof in Private Companies
Facts of the
Case
The assessee, Globus Securities & Finance Pvt. Ltd., received a
total amount of ₹51,10,000 from six different corporate entities towards
share capital and share premium during Asses...