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Commissioner of Income Tax v. Morgan Securities & Credits (P.) Ltd. – Bad Debt Deduction Allowed on Write-Off Without Proving Irrecoverability | Sections 36(1)(vii) & 36(2) | Delhi High Court (2006)
Facts of the CaseMorgan Securities & Credits (P.) Ltd. was
engaged in the business of money lending through Inter-Corporate Deposits
(ICDs) and other loans.During the relevant assessment year, the assessee
wrote o...
Schneider Electric India Ltd. vs Commissioner of Income Tax, Delhi & Anr. – Disallowance of Sales Commission Expenditure for Lack of Evidence under Section 37(1) of the Income-tax Act, 1961
Facts of the
Case
Schneider Electric India Ltd. was engaged in trading industrial and
electronic items and had commenced manufacturing electrical equipment such
as circuit breakers.
For Assessment Year 1...
Commissioner of Income Tax v. Lotus Trans Travels Pvt. Ltd. – Computation of Deduction under Section 80HHD and Exclusion of Foreign Exchange Receipts Passed on to Other Hotels | Delhi High Court (2006)
Facts of the CaseLotus Trans Travels Pvt. Ltd. was engaged in the
business of a travel agency, tour operations, and hotel business under the name
"Nikko Hotel."The assessee received foreign exchange from foreign
touri...
Reach Cable Networks Ltd. v. Deputy Director of Income Tax – Reassessment under Section 147 Set Aside for Violation of Natural Justice Due to Non-Supply of Relied-Upon Documents | Delhi High Court (2006)
Facts of the
CaseReach Cable Networks Ltd. challenged a reassessment
order passed by the Income Tax Department pursuant to proceedings initiated
under Section 147 of the Income-tax Act, 1961.The Assessing Officer reli...
Commissioner of Income Tax, Delhi-IV v. Eltek SGS (P) Ltd. – Eligibility of Customs Duty Drawback for Deduction under Section 80-IB of the Income-tax Act, 1961
Facts of the
Case
Eltek SGS (P) Ltd. claimed deduction under Section 80-IB in respect
of customs duty drawback amounting to Rs. 42,92,725.
The Assessing Officer disallowed the deduction.
The Assessing Office...
Commissioner of Income Tax v. TEDCO Investment & Financial Services Pvt. Ltd. – Depreciation under Section 32 on Plant & Machinery Installed and Commissioned on the Last Day of the Previous Year | Delhi High Court (2006)
Facts of the
CaseThe dispute concerned the assessee's claim for
depreciation under Section 32 of the Income-tax Act, 1961 in respect of certain
plant and machinery leased to M/s Prakash Industries Limited.The Income T...
Commissioner of Income Tax, Delhi-IV v. Eltek SGS (P) Ltd. – Eligibility of Customs Duty Drawback for Deduction under Section 80-IB of the Income-tax Act, 1961
Facts of the
Case
Eltek SGS (P) Ltd. claimed deduction under Section 80-IB in respect
of customs duty drawback amounting to Rs. 42,92,725.
The Assessing Officer disallowed the deduction.
The Assessing Office...
Parivar Seva Sanstha & Another v. Deputy Director of Income Tax (Exemption) – Reopening of Assessment under Sections 147/148 and Disposal of Objections | Delhi High Court (2006)
Facts of the
CaseThe petitioners, Parivar Seva Sanstha and another,
challenged reassessment proceedings initiated by the Income Tax Department
under Section 147 of the Income-tax Act, 1961.The Revenue had communicated...
Commissioner of Income Tax-V v. Narain Jewels International Ltd. – Penalty under Section 271(1)(c) on Share Application Money Addition under Section 68 of the Income-tax Act, 1961
Facts of the
Case
The assessee filed its return of income for Assessment Year 1996-97
declaring nil income after adjusting brought forward unabsorbed
depreciation.
The Assessing Officer completed assessm...
Himalaya International Ltd. v. Commissioner of Income Tax – Whether Income from Mushroom Growing Constitutes Agricultural Income Exempt from Tax | Section 80-IA & Agricultural Income | Delhi High Court (2006)
Facts of the
CaseHimalaya International Ltd. was engaged in the
activity of growing mushrooms and canning them. During the assessment
proceedings, the assessee claimed deduction under Section 80-IA of the
Income-tax ...