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PR. Commissioner of Income Tax-7 vs M/s Triumph Realty Pvt. Ltd. (2022:DHC:2183-DB) – Interest on FDR During Construction Held Capital Receipt | Delhi High Court
Facts of the
Case
The assessee earned interest on FDRs during the construction phase
of its project.
The ITAT allowed capitalization of such interest, holding it to be
intrinsically linked to project de...
PR. Commissioner of Income Tax-1 vs Future First Info. Services Pvt. Ltd. (2022) – Delhi High Court | Section 40(a)(ia), 40A(2), 201 of Income Tax Act
Facts of the
CaseThe present appeal was filed by the Revenue
challenging the order dated 10 May 2021 passed by the Income Tax Appellate
Tribunal (ITAT) for Assessment Year 2009–10. The ITAT had deleted disallowances...
Pankaj Saini vs Income Tax Officer & Ors. (Delhi High Court, 2022) – Invalid Reassessment Notice under Section 148 Set Aside for Lack of Recorded Reasons
Facts of the
CaseThe petitioner challenged:
Notice dated 31.03.2021 issued under Section 148
Assessment order passed under Section 147 for AY 2017–18
Demand notice issued under Section 156 dated 31.03.2022
I...
Commissioner of Income Tax vs. Professional Assistance for Development Action (Delhi High Court, 2022) – Section 2(15) & Section 11 Exemption on Charitable Activities Clarified
Facts of the
Case
The assessee, a development-oriented organization, was engaged in:
Upliftment of the poor
Skill development and training in rural and backward areas
It received:
Government gr...
Karida Real Estates Pvt. Ltd. vs Assistant Commissioner of Income Tax & Anr. (Delhi High Court, 2022) – Reassessment Notice on Non-Existent Entity & Violation of Natural Justice under Sections 148 & 148A(d) of Income Tax Act
Facts of the
CaseThe present writ petition was filed by Karida Real
Estates Private Limited (successor in interest of Damian Estate Developers
Private Limited) challenging the order dated 4th April 2022 passed u...
Principal Commissioner of Income Tax-1 vs DLF Utilities Limited (2022) – Section 36(1)(iii) & Section 14A r/w Rule 8D | Interest Disallowance & Commercial Expediency | Delhi High Court
Facts of the CaseThe present appeal was filed by the Revenue challenging the
order passed by the Income Tax Appellate Tribunal (ITAT) for Assessment Year
2012–13. The dispute primarily revolved around:
Deletion
...
Shubham Thakral vs Income Tax Officer, Ward 49(1), Delhi (2022:DHC:2278-DB) – Invalid Reassessment Due to Violation of Mandatory Time Limit under Section 148A(b) of Income Tax Act
Facts of the
CaseThe present writ petition was filed challenging:
Notice issued under Section 148A(b) dated 23 March 2022, and
Order passed under Section 148A(d) dated 30 March 2022
for the Assessment Y...
Pr. Commissioner of Income Tax (Central-1) vs IFFCO Ltd | Delhi High Court | Section 14A r.w. Rule 8D(2)(ii) – Disallowance of Interest on Investments
Facts of the Case
The
appeal was filed by the Revenue challenging the order of the Income Tax
Appellate Tribunal (ITAT) for AY 2011–12.
The
ITAT held that the Assessing Officer must demonstrate t...
Davinder Singh Thapar (Legal Heir of Late Amrit Singh Thapar) vs Assistant Commissioner of Income Tax & Anr. (2022) – Invalidity of Reassessment Notice Issued to Deceased Assessee under Sections 147, 148 & 148A of the Income Tax Act
Facts of the
Case
The Petitioner is the legal heir of Late Amrit Singh Thapar, who
passed away on 02.08.2020.
A notice dated 06.04.2021 under Section 148 was issued alleging
escaped income for AY 2013â€...
Nidhi Bindal vs Income Tax Officer Ward 36(1), Delhi & Anr. (2022) – Non-Compliance of Mandatory Time under Section 148A(b) & Violation of Natural Justice
Facts of the Case
The
petitioner challenged:
Notice
dated 19.03.2022 under Section 148A(b)
Order
dated 30.03.2022 under Section 148A(d)
Reassessment
notice under Section 148
...