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Business Loss Cannot Be Disallowed on Suspicion or AO’s View of Commercial Expediency; Genuine Loss on Sale of Tools and Dies Allowable: PCIT-4 vs. G-Tekt India Pvt. Ltd. (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act challenging the order dated 19.07.2023 passed by the Income
Tax Appellate Tribunal for Assessment Year 2014-15. The assessee, M/s G...
Transfer Pricing Comparables Must Be Functionally Similar Even Under TNMM; High-End Engineering and Infrastructure Companies Cannot Be Compared with Captive Service Providers: PCIT-3 vs. Fluor Daniel India Pvt. Ltd. (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act challenging the order dated 17.01.2019 passed by the Income
Tax Appellate Tribunal for Assessment Year 2011-12. The assessee, Fluor...
Prosecution Under Black Money Act Independent of Assessment Proceedings; Fabrication and Backdating of Documents Constitutes Wilful Attempt to Evade Tax: Sanjay Bhandari vs. Income Tax Office (Delhi HC)
Facts of the
CaseThe petitioner, Sanjay Bhandari, filed a petition
seeking quashing of Criminal Complaint No. 2121/2019 pending before the Court
of the learned ACMM, Tis Hazari Courts, Delhi, along with the summoning ...
Makeshift Structures on Agricultural Land Do Not Qualify as “Construction of a Residential House” for Section 54 Exemption; Pure Question of Fact: Sandeep Hooda vs. DCIT (Delhi HC)
Facts of the
CaseThe assessee, Sandeep Hooda, filed his return of
income for Assessment Year 2015-16 declaring total income of ₹1,27,54,600. He
sold a residential property at 1/7, Shanti Niketan, New Delhi on 25.09....
Under Vivad Se Vishwas Act, Assessee May Settle nly Its Own Appeal and Not Departmental Appeal for Same Assessment Year; Unit of Settlement Is an Appeal: Rose Wood Buildwell Pvt. Ltd. vs. PCIT-7 (Delhi HC)O
Facts of the
CaseThe petitioner, Rose Wood Buildwell Private
Limited, filed a writ petition challenging a certificate dated 23.04.2021
issued under Section 5(1) of the Direct Tax Vivad Se Vishwas Act, 2020, whereby
t...
Section 148A Order Set Aside for Non-Application of Mind and Erroneous Computation of Escapement; Matter Remanded for Fresh Consideration: Rishi Bansal vs. ITO (Delhi HC)
Facts of the
CaseThe petitioner, Rishi Bansal, filed a writ petition
challenging an order dated 31.08.2024 passed under Section 148A(d) of the
Income-tax Act and the consequential notice dated 31.08.2024 issued under
...
Loss on Sale of HTM Securities Cannot Be Disallowed Without Examining Supporting Material; Matter Remanded for Fresh Consideration under Section 45(2): Punjab National Bank vs. PCIT Delhi-V (Delhi HC)
Facts of the
CasePunjab National Bank filed an appeal under Section
260A of the Income-tax Act challenging the order dated 16.03.2018 passed by the
Income Tax Appellate Tribunal for Assessment Year 2006-07. The disput...
Application under Vivad Se Vishwas Scheme Cannot Be Rejected Merely on Ground That Appeal May Be Non-Maintainable; Pendency of Appeal Constitutes Dispute: Prayas Buildwell Pvt. Ltd. vs. PCIT-7 (Delhi HC)
Facts of the
CaseThe petitioner, Prayas Buildwell Private Limited,
filed a writ petition challenging a communication dated 18.12.2020 whereby its
declaration filed in Form 1 under the Direct Tax Vivad Se Vishwas Act, ...
Penalty under Section 271(1)(c) Unsustainable for Vague Notice Not Specifying Exact Charge; Defective Penalty Notice Vitiates Proceedings: PCIT-7 vs. Sara SAE Pvt. Ltd. (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act challenging the order passed by the Income Tax Appellate
Tribunal deleting penalty levied under Section 271(1)(c) for Assessment Ye...
Transfer Pricing Comparability Is a Factual Determination; Exclusion of KPO and High-End BPO Companies Upheld and No Substantial Question of Law Arises: PCIT-4 vs. Symphony Marketing Solutions India Pvt. Ltd. (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act against the order dated 18.08.2017 passed by the Income Tax
Appellate Tribunal in IT (TP) A No. 111/Bang/2014 for Assessment Year 2...