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Rajan Gupta v. Commissioner of Income Tax (Delhi High Court) – Notice under Section 143(2) Issued Beyond Limitation Period Invalidates Block Assessment under Section 158BC
Facts of the
Case
A search was conducted on 18.01.2001 and was completed in March 2001.
Notice under Section 158BC was served upon the assessee on
03.12.2001.
The assessee filed the block return on 31....
Commissioner of Income Tax vs. Sudhir Thakran (and Sukhbir Thakran): Scope of Revisionary Jurisdiction Under Section 263 and Validity of Assessment Orders Passed on Merits in De Novo Remand Proceedings Following Search and Seizure Operations
Facts of the Case
Search
and Seizure: A search, seizure, and survey operation was
conducted on November 6, 1996, leading to the seizure of several books of
account and related documents.
Initial
...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. Eltec SGS (P) Ltd. | Deduction under Sections 80IB and 80HHC – Treatment of Duty Drawback while Computing Business Profits | Delhi High Court
Facts of the
Case
The assessee claimed deduction under both Section 80IB and Section
80HHC of the Income Tax Act, 1961.
The deduction under Section 80IB related to duty drawback earned
from exports.
Th...
Commissioner of Income Tax-II vs. Jaquar & Co. Ltd. (Delhi High Court) – Penalty under Section 271(1)(c) Not Leviable on Estimated Gross Profit Additions Where Assessee Furnished Bona Fide Explanation
Facts of the
CaseThe assessee, Jaquar & Co. Ltd., engaged in the
business of manufacturing bathroom fittings, was subjected to a search
operation. Pursuant to the search, assessment proceedings resulted in:
Addi...
Director of Income Tax (Exemption) vs. The Gita Education Society: Scope of Enquiry for Renewal of Section 80G Approval and Bonafide Steps Towards Charitable Objectives
Facts of the Case
Formation
and Initial Approval: The assessee, The Gita Education
Society, is an educational society formed on February 23, 2004. It was
granted initial approval under Section 80G of ...
Director of Income Tax (Exemption) vs. M/s Bagri Foundation (Delhi High Court) – Donation out of 15% Accumulation Permissible under Section 11(1)(a); Explanation to Section 11(2) Applies Only to Accumulation Beyond Prescribed Limit
Facts of the
CaseThe assessee, M/s Bagri Foundation, was a
charitable trust duly registered under Section 12AA and recognized under
Section 80G(5)(vi) of the Income Tax Act. For Assessment Year 2003-04, it filed
its ...
Royal Exports vs Assistant Commissioner of Income Tax (Delhi High Court) – Eligibility of Section 10A Deduction on Interest Earned from Fixed Deposit Receipts (FDRs) Having Nexus with Export Business | ITA No. 730/2010
Facts of the
Case
The assessee, Royal Exports, was engaged in the business of export
of jewellery.
During the relevant assessment year, the assessee earned interest
of Rs. 8,35,507/- on Fixed Deposit Rec...
CIT vs. Titan Industries Ltd. | Repurchase of Debentures at Discount – Capital Receipt Not Taxable as Income | Delhi High Court
Facts of the Case
The assessee, Titan Industries Ltd., was engaged in the manufacture
and sale of Quartz and Digital Watches.
The company had earlier issued debentures of ₹140 each for raising
finance.
...
Commissioner of Income Tax v. Zee Turner Ltd. | Delhi High Court Upholds Bad Debt Write-Off Claim Under Sections 36(1)(vii) and 36(2) of the Income Tax Act
Facts of the
CaseThe respondent-assessee, Zee Turner Ltd., claimed
deduction of ₹69,90,000 as bad debt written off in its accounts for the
Assessment Year 2004-05. During assessment proceedings, the Assessing Office...
Commissioner of Income Tax vs. M/s J.K. Synthetics Ltd. (2010) – Depreciation Rate on Cement Manufacturing Plant and Machinery under the Income-tax Act
Facts of the
Case
The assessee, M/s J.K. Synthetics Ltd., claimed depreciation at the
rate of 15% on plant and machinery used in cement manufacturing and
packaging activities.
The Assessing Officer allow...