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Commissioner of Income Tax Vs. Tyagi Group: Delhi High Court Affirms Rule of Consistency in Determining Fair Market Value of Unquoted Equity Shares under Section 2(22B)(ii) of the Income Tax Act, 1961 – Rejection of Repetitive DVO Valuation for Co-Owners/Same Asset Class
Facts of the Case
The
six interconnected appeals arose out of a common order passed by the
Income Tax Appellate Tribunal (ITAT) on September 17, 2001, concerning
multiple assessees belonging to the "T...
Shri P.N. Sehgal Through Shri Vikram Sehgal vs Commissioner of Income Tax | Delhi High Court | Commission Expenditure Allowability and Verification of Services Rendered
Facts of the CaseThe assessee was engaged in the business of booking
advertisements in various journals and publications and earned commission from
such publications.Payment to
Kush Printers Pvt. Ltd.
The assessee c...
Principle of Consistency in Valuation of Unquoted Shares: CIT v. Tyagi Group (2008:DHC:12410-DB) – Delhi High Court Rules on Binding Nature of DVO Reports for Co-owners under Section 2(22B)(ii) of the Income Tax Act, 1961
Facts of the Case
The
six conjoined appeals arose out of a common order passed by the Income Tax
Appellate Tribunal (ITAT) on September 17, 2001.
The
Assessees belong to the "Tyagi Group" and held ...
Commissioner of Income Tax vs. Jyoti Apparels (Delhi High Court) – Interest on FDRs Not Eligible for Deduction under Section 80HHC | Taxable as Income from Other Sources under Section 56
Facts of the
CaseThe assessee, Jyoti Apparels, earned interest
amounting to ₹41,22,165 from Fixed Deposit Receipts (FDRs). The Income Tax
Appellate Tribunal (ITAT) held that such interest income constituted business...
Commissioner of Income Tax vs Shri Awanindra Singh (2008) 2241-DB (Delhi High Court) – Addition on Alleged Unexplained Foreign Bank Deposit Deleted Due to Verified Source of Funds
Facts of the
CaseThe assessee, Shri Awanindra Singh, was alleged to
have made investments through Certificates of Deposit (CDs) with Wells Fargo
Bank, USA. During assessment proceedings for Assessment Year 1996-97, th...
Director of Income Tax vs. Angreji Hatao Nidhi (2007) 841-DB Delhi High Court | Corpus Donation vs Voluntary Contribution under Sections 11 & 12 of the Income Tax Act, 1961
Facts of the
CaseThe respondent, Angreji Hatao Nidhi, was a
charitable society engaged in the promotion of the Hindi language. The society
received a donation of ₹10 lakh from the Government of Uttar Pradesh along w...
Commissioner of Income Tax (TDS) v. General Engineering Works | Penalty under Section 272A(2)(g) Cannot Be Levied Where Assessee Proves Reasonable Cause under Section 273B – Delhi High Court
Facts of the CaseThe assessee, General Engineering Works, had filed
its TDS returns. During scrutiny, the Income Tax Officer observed that the
assessee had failed to issue TDS certificates within the prescribed statuto...
Commissioner of Income Tax (TDS) v. General Engineering Works | Penalty under Section 272A(2)(g) for Delay in Issuing TDS Certificates – Reasonable Cause under Section 273B – Delhi High Court
Facts of the
CaseThe assessee had filed its TDS returns; however,
during scrutiny, the Income Tax Department noticed that the TDS certificates
had not been issued within the prescribed statutory period.Consequently, t...
Commissioner of Income Tax (TDS) vs. Global Infosystems Limited (Delhi High Court) – Penalty under Section 221 for Delayed Deposit of TDS Cannot Be Imposed Mechanically; Quantum of Penalty Must Be Exercised Judicially
Facts of the
Case
The assessee, Global Infosystems Limited, had delayed the deposit
of TDS deducted during the relevant financial years 2001-02 and 2002-03.
Proceedings were initiated by the Income Tax Departm...
Commissioner of Income Tax vs. Hitech Flexotext Pvt. Ltd. – Appeal Maintainability under Section 260A and Validity of Notice under Section 143(2) of the Income-tax Act
Facts of the
Case
The assessee filed its return of income on 13 November 1990.
The Assessing Officer issued a notice under Section 143(2) on 18
February 1991.
The notice was received by the assessee on 19 Fe...