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CIT v. Panem Coal Mines Ltd. | Delhi High Court Dismisses Revenue Appeal Following Earlier Decision in Assessee's Own Case | ITA No. 1123/2010 & ITA No. 1126/2010
Facts of the
CaseThe Revenue filed appeals before the Delhi High
Court against the order passed in favour of Panem Coal Mines Ltd. for
the relevant assessment year. During the hearing, counsel appearing for the
Reven...
Commissioner of Income Tax vs. Sahara India Savings & Investment Corpn. Ltd. | Entitlement to Section 32 Depreciation: Registration of Property vs. De Facto Possession and Business Use Under Section 260A of Income Tax Act, 1961
Facts of the Case
The
Assessee (Sahara India) entered into an agreement to purchase a building
from M/s Aarohi Builder (P) Ltd. on November 4, 1991.
A
balance of ₹2,47,38,673 stood in the buildin...
Director of Income Tax (Exemptions) vs Manav Bharti Institute of Child Education & Child Psychology – Reasonable Salary and Facilities to Specified Persons Do Not Attract Section 13(1)(c) | Delhi High Court
Facts of the
CaseThe Revenue challenged the order of the Income Tax
Appellate Tribunal for Assessment Year 2005-06.The Assessing Officer alleged that the assessee
institution had violated Section 13(1)(c) by providing...
Maruti Suzuki India Ltd. vs Additional Commissioner of Income Tax (Transfer Pricing Officer), New Delhi – Delhi High Court on Transfer Pricing, Royalty Payments, Marketing Intangibles, Brand Promotion and Natural Justice under Sections 92, 92B & 92CA of the Income Tax Act
Facts of the
Case
Maruti Suzuki India Ltd. was engaged in the manufacture and sale of
automobiles and automotive components in India.
Maruti entered into a technical collaboration and licence agreement
w...
Commissioner of Income Tax-II vs. Mrs. Kusum Gupta: Deletion of Addition Under Section 68 for Unexplained Gifts Upheld Where Identity, Creditworthiness, and Genuineness Are Proved via Registered Deeds and Banking Channels
Facts of the Case
The
Revenue filed an appeal under Section 260A of the Income Tax Act, 1961
against an order dated October 24, 2008, passed by the Income Tax
Appellate Tribunal (ITAT), Delhi.
The
...
Commissioner of Income Tax vs. Subhash Chand: Validity of Addition Based Solely on Surrender/Admission During Survey Under Section 133A of Income Tax Act, 1961 When Retracted and Supported by Book Results
Facts of the Case
Survey
Operation: On March 8, 2002, a survey operation under
Section 133A of the Income Tax Act, 1961, was conducted at the business
premises of the respondent-assessee.
Initial
...
Janardhan Verma v. Assistant Commissioner of Income Tax [2010] 2010:DHC:3280-DB (Delhi High Court) – Addition on Unexplained Jewellery Found During Search Proceedings under Sections 132 and 260A of the Income Tax Act, 1961
Facts of the
CaseA search and seizure operation was conducted on 04
March 2002 at the premises of Janardhan Verma and his son. During the course of
the search, jewellery weighing 1737.5 grams valued at Rs. 7,81,875/- ...
Neeraj Gupta v. Commissioner of Income Tax (Delhi High Court) – Notice under Section 143(2) Issued Beyond Limitation Period Renders Block Assessment Invalid | Sections 143(2), 158BC(c) & 260A of the Income-tax Act, 1961
Facts of the
Case
A block assessment was undertaken for the block period from
01.04.1990 to 18.01.2001.
The Income Tax Appellate Tribunal passed an order dated 30.01.2009
against the assessee.
Aggrieve...
The Commissioner of Income Tax, Delhi-IV vs. M/s Gautam Motors | Allowability of Business Expenditures under Section 36(1)(iii) and Section 40A(2)(b) of the Income Tax Act, 1961: Core Principles Governing Commercial Expediency, Deductibility of Bank Interest on Borrowed Capital, and Inter-Corporate Transactions via Sister Concerns
Facts of the Case
The
Assessee: The respondent-assessee, M/s Gautam Motors,
filed its income tax return for the Assessment Year (AY) 2000-01.
The
Business Context: The assessee operated as a commer...
Commissioner of Income Tax, Delhi-VII vs. M/s Talangang Cooperative Group Housing Society Ltd. | Delhi High Court | Section 260A, 80P, 234B & Principle of Mutuality under the Income Tax Act, 1961
Facts of the
CaseThe assessee, M/s Talangang Cooperative Group
Housing Society Ltd., filed its return of income for Assessment Year 2001-02
declaring a loss. The case was selected for scrutiny and notices under Sectio...