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Commissioner of Income Tax-IX v. M/s Jacksons House | Rejection of Books of Accounts Under Section 145(3) Cannot Be Done Merely Due to Fall in Gross Profit Ratio If Accounts Are Audited & Undisputed
Facts of the Case
Assessee
Business: The respondent-assessee is a firm engaged
in the business of manufacturing and exporting readymade garments.
Drop
in Gross Profit (GP): For the Assessment Year (...
Commissioner of Income Tax v. SFIL Stock Broking Ltd. Validity of Reassessment Under Section 147/148 Based Merely on External Information and Directions Without Independent Application of Mind
Facts of the Case
The
respondent-assessee filed its original return of income for the Assessment
Year (AY) 1998-1999 on November 30, 1998, declaring a long-term capital
gain. The return was init...
Commissioner of Income Tax vs. Suresh Kumar Kakkar | Suresh Kumar Kakkar vs. Commissioner of Income Tax | Cross Appeals Dismissed as Academic Following Deletion of Gift Additions on Merits in Connected Precedent
Facts of the Case
Nature
of the Proceedings: This matter comprised
cross-appeals filed before the Delhi High Court under the Income Tax Act,
1961. One appeal (ITA 378/2005) was preferred by the ...
Deletion of Section 68 Addition on Account of Share Application Money: Non-Production of Principal Officers No Ground to Treat Transactions as Bogus When Onus Discharged via Extensive Documentary Evidence
Facts of the Case
The
respondent-assessee filed its return of income for the Assessment Year
(AY) 2001-02.
During
the assessment proceedings, the Assessing Officer (AO) discovered that the
as...
Commissioner of Income Tax vs. Suresh Kumar Kakar | Gift by Mother to Son Received via Banking Channels Cannot be Treated as Unexplained Cash Credit Under Section 68; Parent-Child Gifts Stem from Love and Affection and Require No Specific Occasion
Facts of the Case
Background
of the Dispute: The Revenue preferred an
appeal against the order of the Income-tax Appellate Tribunal (ITAT) dated
April 4, 2008, in ITA No. 2479/D/07 for the Asses...
Deductibility of Royalty Payments Under Section 37(1) vs. Transfer Pricing Adjustments Under Section 92: Commissioner of Income Tax vs. M/s. Oracle India Pvt. Ltd.
Facts of the Case
Assessee
Profile: The respondent-assessee ($M/s.$ Oracle
India Pvt. Ltd.) is a 100% subsidiary of Oracle Corporation, USA,
incorporated to design, develop, market, and distribute com...
The Commissioner of Income Tax, Delhi-II vs. Jubilant Securities Pvt. Ltd. – Capital Gains vs. Business Income on Sale of Shares from Investment Portfolio under Section 2(14) of Income Tax Act
Facts of the Case
Assessee
Profile & Holdings: The Assessee, M/s
Jubilant Securities Pvt. Ltd., is a co-promoter of Jubilant Organosys Ltd.
(JOL). The assessee acquired 96,200 shares of JOL ...
Commissioner of Income-Tax-V vs. R.J. Wood Pvt. Ltd.: Determination of ALV Under Section 23 and Taxability of Arrears of Rent Under Section 25B of the Income-Tax Act
Facts of the Case
Ownership
and Lease: The respondent-assessee owned property
that was leased out to five tenants under written agreements with mutually
agreed contractual rents starting in Octo...
The Commissioner of Income Tax vs. M/S Lalsons Enterprises | High Court Validates ITAT Deletion of Section 263 Additions: Mutual Inter-Corporate Interest-Free Advances Driven by Commercial Expediency and Stock Discrepancies Devoid of Quantitative Variances Do Not Constitute Substantial Questions of Law
Facts of the Case
Background
of the Dispute: The appellant (Revenue)
challenged the order dated March 27, 2003, passed by the Income Tax
Appellate Tribunal (ITAT) in ITA 2144/Del/2002 for the As...
CIT vs. M/S Paradise Holidays | Rejection of Audited Books of Accounts Under Section 145(3) Unacceptable Merely for Low Net Profit or Variance in Tour Itinerary Without Specific Defects
Facts of the Case
The
respondent/assessee, M/S Paradise Holidays, is a partnership firm engaged
in the travel and tourism business as an inland tour operator for foreign
tourists visiting India....