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M/s Indag Rubber Limited vs Commissioner of Income Tax, New Delhi | Deductibility of Arbitration Award Liability under Section 37(1) of the Income Tax Act, 1961 | Delhi High Court
Facts of the Case
M/s Indag Rubber Limited entered into an agreement dated 24 July
1991 with the Rajasthan State Road Transport Corporation (RSRTC) for the
supply of a cold process retreading plant and retr...
Commissioner of Income Tax XVI vs. Marubeni India Pvt. Ltd. (Delhi High Court) – TDS on Salary, Expatriate Employees, Performance Incentive and Interest under Section 201(1A) of the Income-tax Act
Facts of the
CaseMarubeni India Pvt. Ltd., a company employing
expatriate personnel in India, deducted tax at source on salaries paid to its
employees and deposited the same in accordance with law. Certain expatriate
...
Books of Account Go Digital: New Income-tax Act Recognises Cloud Storage but Imposes Data Localisation Requirements
Books of Account Go Digital:
New Income-tax Act Recognises Cloud Storage but Imposes Data Localisation
Requirements A Significant Expansion in the
Definition of Books of Account The Income-tax Act, 2025 has
...
Commissioner of Income Tax v. Tyagi Group (2008): Valuation of Unquoted Equity Shares under Section 2(22B)(ii) of the Income Tax Act, 1981 – Applicability of the Principle of Consistency and DVO Fair Market Value Determinations in Co-Owner Assessments
Facts of the Case
The
case involves six conjoined appeals arising from a common order passed by
the Income Tax Appellate Tribunal (ITAT) on September 17, 2001, concerning
assessees belonging to the Ty...
Commissioner of Income Tax vs. Late Shri A.R. Chadha (Through Legal Heir Shri C.M. Chadha) – Satisfaction for Initiation of Penalty under Section 271(1)(c) Must Be Evident from Assessment Order
Facts of the CaseThe Revenue filed appeals challenging the order of the Income
Tax Appellate Tribunal, which had held that penalty proceedings initiated
against the assessee under Section 271(1)(c) were invalid. The as...
Commissioner of Income Tax vs. Tyagi Group (ITA No. 685/2008) – Valuation of Unquoted Equity Shares under Section 2(22B)(ii) of the Income Tax Act, 1961: Delhi High Court Upholds Principle of Consistency in Determining Fair Market Value Based on Co-Owner's Co-ordinate Valuation by DVO
Facts of the Case
The
Revenue filed six interconnected appeals against a common order passed by
the Income Tax Appellate Tribunal (ITAT) dated September 17, 2001.
The
respondents/assessees all belon...
Commissioner of Income Tax vs. M/s. [Assessee Name*]: Determining Capital Cost of Assets and Tax Treatment of Annual Maintenance Contracts (AMC)
Facts
of the CaseThe Income Tax Appellate Tribunal
(ITAT) arrived at a factual determination regarding the treatment of payments
made for an Annual Maintenance Contract (AMC). The assessee had entered into a
contract...
Commissioner of Income Tax vs. M/s Utkal Investment Ltd. – Effect of Section 271(1B) on Recording of Satisfaction for Penalty Proceedings under the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
Multiple
appeals filed by the Revenue, including the appeal against M/s Utkal
Investment Ltd., involved a common substantial question of law relating to
the recording of satisfaction...
Commissioner of Income Tax vs. Tyagi Group (ITA No. 664/2008) – Scope of Section 2(22B)(ii) of Income Tax Act: Principle of Consistency Mandates Adoption of Fair Market Value of Unquoted Shares Established in Co-Owners' Case Without Re-Assessment by DVO
Facts of the Case
The
matter arose out of six interconnected appeals preferred by the Revenue
against a common order passed by the Income Tax Appellate Tribunal (ITAT)
on September 17, 2001.
The
...
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...