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Commissioner of Income Tax vs. M/s Triveni Oil Field Services Ltd. – Salary Expenditure for Operationalisation of Oil Rigs Held as Revenue Expenditure under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
assessee was engaged in oil drilling operations and hiring oil rigs.
During
Assessment Year 1991-92, the assessee acquired three deep drilling rigs.
One
rig became operatio...
Commissioner of Income Tax-III vs M/s Spice Distribution Ltd. – Delhi High Court on Advertisement Expenditure as Revenue Expenditure under Section 37(1) of the Income Tax Act
Facts of the CaseThe respondent-assessee, M/s Spice Distribution Ltd., was
engaged in the business of trading mobile handsets, accessories, and mobile
repairing services. During the relevant assessment year, the assess...
Carrefour WC&C India Pvt. Ltd. vs Deputy Commissioner of Income Tax | Business Set Up vs Commencement of Business under Section 37 & Section 3 of Income Tax Act | Delhi High Court
Facts of the CaseThe assessee company, Carrefour WC&C India Private
Limited, was incorporated on 19 September 2007 for carrying on wholesale
trading activities in consumer goods and related products.During Assessme...
Income Tax Officer vs Anil Batra & Anr | Director’s Liability Under Section 276B & 278B of Income Tax Act for TDS Default | Delhi High Court
Facts of the CaseThe Income Tax Department issued show cause notices for
Assessment Years 1982-83, 1983-84, and 1984-85 to the principal officer of M/s
Anil Batra & Associates (P) Ltd. for failure to deposit TDS de...
ACEE Enterprises vs Commissioner of Income Tax-I | Delhi High Court | Whether Assessee Can Be Treated as Trader in Shares Without Examining Year-wise Facts and Transactional Matrix under Income Tax Act
Facts of the Case
The
assessee, ACEE Enterprises, had changed the nature of its shareholding
portfolio from “stock-in-trade” to “investment portfolio” beginning from
Assessment Year 2005-06.
...
Oracle India Pvt. Ltd. vs Deputy Commissioner of Income Tax Circle | Reassessment u/s 147/148 Quashed for Absence of Failure to Disclose Material Facts – Delhi High Court
Facts of the CaseThe petitioner, Oracle India Pvt. Ltd., filed its return for
Assessment Year 2002-03 declaring income of Rs. 61,96,43,330/-. The assessment
was completed under Section 143(3) on 04.03.2005.Subsequently...
New Holland Tractors (India) Pvt. Ltd. vs Commissioner of Income Tax, Delhi-V (Delhi High Court) – Taxability of Technical Licence Fee Received under Tripartite Agreement and Penalty under Section 271(1)(c) of the Income Tax Act, 1961
Facts of the Case
Escorts
Limited and Ford Motor Company had entered into a joint venture in 1969
for establishing Escorts Tractors Limited (ETL).
Subsequently,
Ford Motor Company’s shareholding ...
Commissioner of Income Tax vs Steel Authority of India Ltd. | Delhi High Court on Penalty under Section 271(1)(c) for Prior Period Interest Adjustment and De-capitalization of Interest
Facts of the CaseThe assessee, Steel Authority of India Ltd., a Public Sector
Undertaking engaged in manufacturing and sale of steel products, had undertaken
substantial expansion and modernization activities. Interest...
Commissioner of Income Tax-IV vs Delhi Race Club (1940) Ltd. – Live Telecast of Horse Racing Not Royalty Under Section 9(1)(vi) | No TDS Liability Under Section 194J
Facts of the CaseDelhi Race Club (1940) Ltd. was engaged in conducting horse
races and earned income from betting, commission, entry fees and allied
activities. The assessee made payments to other race clubs/centres wh...
Commissioner of Income Tax - XI vs. Rama Krishna Jewellers: Disallowance of 'Making Charges' and Additions under Section 68 of Income Tax Act
Facts of the Case:The case concerns Income Tax appeals filed by the Revenue for
the assessment years 2000-01 to 2004-05 and 2006-07 against Rama Krishna
Jewellers. The assessee, a partnership firm engaged in the jewell...