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Adobe Systems Software Ireland Ltd. v. Assistant Director of Income Tax, W.P.(C) Nos. 2326/2013, 2328/2013 & 2330/2013, Delhi High Court, decided on 28 March 2014
Facts of the Case
Adobe
Systems Software Ireland Ltd., a non-resident company incorporated in
Ireland, carried on business involving Adobe software products.
The
petitioner functioned in India thro...
Niti Wadhawan vs Deputy Commissioner of Income Tax (DCIT) & Commissioner of Income Tax XV vs M/s Niti Wadhawan – Validity of Block Assessment under Sections 158BC and 158BD in Search Proceedings involving Seized Material and Undisclosed Property Consideration
Facts of the CaseA search and seizure operation under Section 132 of the Income
Tax Act, 1961 was conducted against Shri Y.C. Wadhawan, husband of the
assessee, on 27.05.2003. During the search proceedings, certain doc...
Commissioner of Income Tax (LTU) vs Dalmia Bharat Sugar and Industries Ltd. – Allowability of Cane Price Arrears Deduction on Crystallization of Liability under Mercantile System | Section 43B & Accrued Liability Principles under Income Tax Act
Facts of the CaseThe assessee had claimed deduction of differential sugar cane
price amounting to sums relating to previous years including financial years
1996-97, 2002-03, and 2003-04 during Assessment Year 2005-06. ...
Commissioner of Income Tax (LTU) vs Dalmia Bharat Sugar and Industries Ltd. – Allowability of Cane Price Arrears Deduction on Crystallization of Liability under Mercantile System | Section 43B & Accrued Liability Principles under Income Tax Act
Facts of the CaseThe assessee had claimed deduction of differential sugar cane
price amounting to sums relating to previous years including financial years
1996-97, 2002-03, and 2003-04 during Assessment Year 2005-06. ...
Commissioner of Income Tax, Delhi-II vs Kalindi Rail Nirman Engineering Ltd. – Penalty under Section 271(1)(c) for Concealment of Income in Estimated Assessment after Search and Special Audit | Delhi High Court
Facts of the CaseThe assessee, engaged in execution of Indian Railways projects
on a turnkey basis, filed its return for Assessment Year 1995–96 declaring
total income of approximately Rs. 88.91 lakhs.Following a sea...
M/s Omaxe Ltd. & Anr. vs Deputy Commissioner of Income Tax & Anr. – Delhi High Court | Validity of Proceedings under Sections 153C, 245D & 245I after Settlement Commission Order
Facts of the Case
The
petitioner company, M/s Omaxe Ltd., engaged in real estate business, was
subjected to a search operation and was issued notice under Section 153A
of the Income Tax Act.
The
...
Commissioner of Income Tax Circle-II vs. M/s Ankit Garments Manufacturing Co. | Scope of Revision under Section 263 of Income Tax Act for Incomplete Inquiry by Assessing Officer | Delhi High Court
Facts of the Case
A
search and seizure operation was conducted on 16.10.2007 at the
establishment of Shri Dwarka Das Aggarwal (TNG Group).
Notice
under Section 142(1) of the Income Tax Act was issu...
Commissioner of Income Tax Circle-II vs. M/s Ankit Garments Manufacturing Co. | Scope of Revision under Section 263 of Income Tax Act for Incomplete Inquiry by Assessing Officer | Delhi High Court
Facts of the Case
A
search and seizure operation was conducted on 16.10.2007 at the
establishment of Shri Dwarka Das Aggarwal (TNG Group).
Notice
under Section 142(1) of the Income Tax Act was issu...
Commissioner of Income Tax-IV vs M/s Devasan Investment Pvt. Ltd. | Whether Profit from Sale of Shares Constitutes Business Income or Short-Term Capital Gains under Sections 10(38) & 111A of the Income Tax Act
Facts of the Case
The
assessee declared gains arising from sale of shares as Short-Term
Capital Gains (STCG) and Long-Term Capital Gains (LTCG).
The
Assessing Officer treated these gains as Busines...
Commissioner of Income Tax-II vs Ashok Wadia | Whether Profit from Sale of Shares Constitutes Business Income or Short-Term Capital Gain (STCG) under the Income Tax Act
Facts of the Case
The
assessee declared Short-Term Capital Gain (STCG) of ₹3,10,62,544 from sale
of shares.
During
assessment proceedings, the Assessing Officer questioned the nature of
suc...