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INCOME TAX LITIGATION: COMMISSIONER OF INCOME TAX vs. M/S PRAKASH TUBES LIMITED — MODE OF COMPUTATION OF BOOK PROFITS AND CARRY FORWARD OF UNABSORBED LOSSES UNDER SECTION 115-J
Facts of the CaseThe respondent-assessee, a limited company, filed its income
tax return for the Assessment Year 1989-90 declaring an income of ₹91,25,683
under Section 115-J of the Income Tax Act, 1961. The as...
Commissioner of Income Tax, Circle-18(1) vs M/s Urban Mass Transit Ltd. – Allowability of Business Expenditure under Section 35D and Deduction of Interest & Professional Fees after Commencement/Setting-Up of Business
Facts of the CaseM/s Urban Mass Transit Ltd., a public limited company and
joint venture enterprise involving the Central Government, the State of Andhra
Pradesh, State Transport Service Operators and Infrastructure Le...
Woodward Governor India Ltd. vs. Commissioner of Income Tax: Allowability of Provision for Warranty under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
appellant, Woodward Governor India Ltd., filed an appeal regarding the
Assessment Year 2005-06.
The
central dispute arose from the assessee debiting an amount of Rs.
...
Acorus Unitech Wireless Private Limited vs Assistant Commissioner of Income Tax | Delhi High Court | Reassessment under Sections 147, 148 & Section 28(iv) of Income Tax Act – Disclosure of Material and Escaped Income Principles
Facts of the CaseAcorus Unitech Wireless Private Limited filed its income tax
return for Assessment Year 2009-10 declaring nil income. The return was
processed under Section 143(1) without issuance of notice under Sect...
G.S. Engineering & Construction Corporation vs. Deputy Director of Income Tax, Section 147 ,Circle 1(2), International Taxation, New Delhi & Ors.
Facts of the Case
The
petitioner, G.S. Engineering & Construction Corporation (formerly
known as LG Engineering & Construction Corporation), is a non-resident
foreign company incorporated in K...
Surinder Madan vs. Assistant Commissioner of Income Tax: Expenditure on Total Replacement of Flooring with Marble – Capital vs. Revenue Expenditure under Section 30(a)(ii)
Facts of the Case
Assessee
Profile & Assessment Year: The appellant (assessee),
an individual engaged in the garment export business, challenged the
assessment order relating to the Assessme...
Deputy Director of Income Tax (E), Investigation Circle-II vs Petroleum Sports Promotion Board | Delhi High Court | Allowability of Sports Promotion Expenditure under Sections 57(iii), 11, 12A and 10(23C) of Income Tax Act
Facts of the CaseThe assessee, Petroleum Sports Promotion Board (PSPB), was a
society established for promotion of sports activities and was registered under
the Societies Registration Act. For Assessment Year 2003-04,...
M/s Kelvinator of India Ltd. vs. The Commissioner of Income Tax & Ors. Waiver of Interest under Section 215 of the Income-tax Act, 1961 read with Rule 40 of the Income-tax Rules, 1962
Facts of the Case
Filing
of Returns: The petitioner, M/s Kelvinator of India
Ltd., filed its original return of income for the assessment year 1985-86
on July 29, 1985, declaring an income of â‚...
Commissioner of Income Tax-IV vs Indian Vaccines Corporation Ltd. – Taxability of Interest Earned During Pre-Operative Stage Under Section 56 of Income Tax Act | Delhi High Court
Facts of the Case
The
assessee company was incorporated for manufacturing human vaccines through
technology obtained from Pasteur Merieux Serums et Vaccines, France.
Under
an agreement between Indi...
The Commissioner of Income Tax-IV vs Indian Vaccines Corporation Ltd. – Taxability of Interest Earned from Portfolio Management Scheme During Pre-Operative Period under Section 56 of the Income Tax Act, 1961 (Delhi High Court)
Facts of the CaseThe assessee company was incorporated for manufacturing human
vaccines using technology developed by Pasteur Merieux Serums et Vaccines,
France. The company received substantial financial grants and pr...