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M/s. Indo Polycoats Pvt. Ltd. vs. Commissioner of Income Tax, New Delhi — Deciding the Overriding Effect of Section 80AB on the Computation of Chapter VI-A Deductions and Affirming that Section 80I Relief is Allowable Only on Net Income After Adjusting Depreciation and Business Losses
Facts of the CaseThe appellant, M/s. Indo Polycoats Pvt. Ltd., filed an appeal
(ITA No. 466/2003) challenging the order of the Income Tax Appellate Tribunal.
The dispute centered around the methodology utilized to comp...
Commissioner of Income Tax, Delhi vs M/s Japan Radio Company Ltd. – Penalty under Sections 271C, 273B & TDS Obligation under Section 192 on Salary Paid Outside India to Expatriate Employees
Facts of the CaseThe respondent-assessee, M/s Japan Radio Company
Ltd., had expatriate employees working in India. Certain portions of their
salaries were paid outside India. The Revenue held that such salary payments
...
THE COMMISSIONER OF INCOME TAX VS M/S PLASHFOOD P. LTD. – DEDUCTION OF EXPENSES INCURRED ON TRANSFER OF SHARES AND CAPITAL GAINS COMPUTATION – SECTION 48 AND SECTION 260A OF THE INCOME TAX ACT, 1961
Facts of the CaseThe assessee sold shares of M/s WIMCO to a foreign
purchaser. The market value of the shares was approximately Rs. 10 per share,
whereas the shares were sold at Rs. 35 per share, resulting in total sal...
Director of Income Tax (Exemption) vs. Arunodya: Tribunal's Jurisdiction to Entertain and Remit Alternative Exemption Claims Under Section 10(22A) When Section 11 Benefit is Denied — A Comprehensive Analysis of ITA No. 238/2004 (Delhi High Court)
Facts of the Case
Assessment
& Denial: The Assessing Officer (AO) denied the
benefit of Section 11 of the Income Tax Act, 1961, to the
respondent-assessee (Arunodya) on the grounds that it had vio...
Commissioner of Income Tax vs M/s Rathi Gases Ltd. – Whether Capital Subsidy Received Under Central Outright Grant Scheme Should Reduce Actual Cost of Assets for Depreciation Purposes | Section 256(1) of the Income-tax Act, 1961
Facts of the
CaseThe assessee, M/s Rathi Gases Ltd., had
received a cash subsidy under the 10% Central Outright Grant Scheme, 1971
for promoting industrial development in backward districts and areas through
the Raja...
COMMISSIONER OF INCOME TAX v. M/S IMPERIAL CABLES P. LTD. – Admissibility of Additional Evidence before CIT(A) under Rule 46A of the Income Tax Rules
Facts of the Case
The Revenue filed an appeal before the Delhi High Court
against the order of the Income Tax Appellate Tribunal relating to Assessment
Year 1998-99. The dispute arose from the allowance of the asses...
Commissioner of Income Tax vs. M/S Dalmia Resorts International | Deletion of Section 68 Cash Credit Additions on Genuineness of Sikkim-Based Lender: Delhi High Court
Facts of the Case
The
Assessee company, M/S Dalmia Resorts International, is engaged in the
business of promoting Holiday Resorts.
For
the Assessment Years (AY) 1988-89, 1989-90, 1990-91, and 1991-...
Commissioner of Income Tax–III vs M/s Sara-Chem Surfactants Pvt. Ltd. – Penalty under Section 271(1)(c) in Loss Cases and Applicability of Explanation 4 to Section 271(1)(c) | Delhi High Court
Facts of the
CaseThe Revenue challenged the order of the Income Tax
Appellate Tribunal (ITAT), which had deleted the penalty imposed under Section
271(1)(c) of the Income-tax Act, 1961. The Tribunal had held that sinc...
Commissioner of Income Tax vs. M/s Dalmia Resorts International: Genuineness of Cash Credits Under Section 68 Upheld Based on Sikkim Lender’s Financial Capacity and Corporate Identity – Delhi High Court Rules No Substantial Question of Law Arises from Concurrent Findings of Fact
Facts of the Case
The
Assessee company, M/s Dalmia Resorts International, is engaged in the
business of promoting Holiday Resorts.
For
the assessment years 1988-89, 1989-90, 1990-91, and 1991-92, th...
Commissioner of Income Tax vs. Anil Kumar Jain (2005) | ITA No. 1141/2005: Whether deletion of addition made on the basis of a seized document involves a substantial question of law under Section 260A when the explanation offered by the assessee is concurrently accepted by appellate authorities.
Facts of the Case
Search
& Seizure Operations: Search, seizure, and survey
proceedings were conducted under Section 132 of the Income Tax Act at the
premises of the assessee, Anil Kumar Jain.
S...