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VLS Finance Ltd. & South Asian Enterprises Ltd. vs. Commissioner of Income Tax (Central-II) & Deputy Commissioner of Income Tax – Sections 132, 132(3), 142(2A), 143(2), 158BC & 158BE of the Income-Tax Act, 1961 | Validity of Special Audit, Search Proceedings and Limitation for Block Assessment
Facts of the CaseThe petitioners, VLS Finance Ltd.
and South Asian Enterprises Ltd., challenged an order dated 29.06.2000 passed
under Section 142(2A) of the Income-Tax Act, 1961 directing a special audit of
their acc...
Commissioner of Income Tax vs M/s Rathi Gases Ltd. (2006) – Cash Subsidy, Actual Cost of Assets & Depreciation under Section 43(1) of the Income-tax Act
Facts of the CaseThe assessee, M/s Rathi Gases Ltd., had
received a cash subsidy under the 10% Central Outright Grant Scheme, 1971
applicable to backward districts/areas through the Rajasthan Financial
Corporation. Th...
Commissioner of Income Tax, Delhi-II v. Jindal Drilling & Industries Ltd. – Scope of Re-computation under Section 263 and Allowability of Fresh Deduction Claims during Proceedings under Section 115J of the Income-tax Act, 1961
Facts of the
Case
The assessee, Jindal Drilling & Industries Ltd., was assessed
under Section 143(3) for Assessment Year 1989-90.
The original assessment order did not properly compute book profits
u...
M/s Superior Exim Pvt. Ltd. vs Commissioner of Income Tax, Delhi – Transfer of Jurisdiction Without Notice Held Invalid under Section 127 of the Income-tax Act, 1961
Facts of the
CaseThe petitioner, M/s Superior Exim Pvt. Ltd.,
challenged an order dated 23 September 2005 passed by the Commissioner of
Income Tax under Section 127 of the Income-tax Act, 1961. By the impugned
order,...
Mahanagar Telephone Nigam Ltd. (MTNL) vs. Commissioner of Income Tax, Delhi – Section 80-IA of the Income-Tax Act, 1961 | Deduction under Section 80-IA Remanded to Assessing Officer for Fresh Adjudication | Delhi High Court
Facts of the CaseThe appeal was filed by Mahanagar Telephone Nigam
Ltd. (MTNL) before the Delhi High Court challenging the order dated 11.10.2004
passed by the Income Tax Appellate Tribunal (ITAT), Delhi in ITA No.
53...
Rakesh Kalia vs Commissioner of Income Tax (Delhi High Court) – Addition of Unexplained Credit as Income under Section 68 of the Income-tax Act, 1961 | Burden to Prove Identity, Creditworthiness and Genuineness of Gift Transaction
Facts of the CaseThe assessee, Mr. Rakesh Kalia, had received a
credit entry of Rs. 2,55,000 in his savings bank account on 01.02.1992.
During assessment proceedings, he claimed that the amount represented a
gift/remi...
Basu Distributors Pvt. Ltd. vs. Income Tax Officer, Ward 2(3), New Delhi – Sections 40A(3), 143(2), 153(2A), 153(3) & 254 of the Income-Tax Act, 1961 | Whether ITAT's Limited Remand Results in Fresh Assessment Subject to Limitation Under Section 153(2A)
Facts of the CaseThe Petitioner, Basu Distributors Pvt. Ltd.,
challenged assessment proceedings initiated by the Assessing Officer (AO)
pursuant to an order of the Income Tax Appellate Tribunal (ITAT) dated
23.06.2000...
Commissioner of Income Tax, Delhi vs N.K. Rajgarhia – Allowability of Foreign Travel Expenses as Business Expenditure and Scope of Substantial Question of Law under Section 260A of the Income-tax Act, 1961
Facts of the CaseThe assessee, N.K. Rajgarhia, was engaged in
the business of purchase and sale of shares, export of goods, and import of
machinery on a commission basis. During Assessment Years 1993-94 and 1994-95,
t...
Basu Distributors Pvt. Ltd. vs. Income Tax Officer, Ward 2(3), New Delhi – Sections 40A(3), 143(2), 153(2A), 250 & 254 of the Income-Tax Act, 1961 | Limitation for Fresh Assessment After ITAT Remand | Scope of Remand Orders and Applicability of Section 153(2A)
Facts of the CaseThe writ petitions related to Assessment Years
1992-93, 1993-94 and 1994-95. The Income Tax Appellate Tribunal (ITAT), by
order dated 23.06.2000, had allowed the Assessee's appeals and remanded certain...
Commissioner of Income Tax, Delhi vs N.K. Rajgarhia – Allowability of Travelling Expenses and Bogus Purchase Disallowance | AYs 1993-94 & 1994-95 | Delhi High Court
Facts of the CaseThe assessee, N.K. Rajgarhia, was engaged in
the business of sale and purchase of shares, export of goods, and import of machinery
on a commission basis. During Assessment Years 1993-94 and 1994-95, th...