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Commissioner of Income Tax vs. M/S Rice India Exports Pvt. Ltd.: Whether Non-Production of a Supplier and a Marginal 1.5% Purchase Price Variance Justify Income Tax Additions on Alleged Bogus Purchases Under Section 260A
Facts of the CaseThe Revenue filed two appeals under Section 260A of the Income
Tax Act, 1961, challenging the order dated November 27, 2009, passed by the
Income Tax Appellate Tribunal (ITAT) for the Assessment Year 2...
Commissioner of Income Tax vs. M/S Rice India Exports Pvt. Ltd.: Onus of Proof in Alleged Over-Invoicing of Purchases and Disallowance Based on Mere Surmises under Section 260A of the Income Tax Act, 1961
FACTS OF THE CASE
The
Revenue filed two appeals under Section 260A of the Income Tax Act, 1961,
challenging the consolidated order dated 27th November, 2009 passed by the
Income Tax Appellate Tribunal...
Commissioner of Income Tax vs. Mahesh Kumar | Addition under Section 69 Based Solely on DVO Valuation Not Sustainable in Absence of Incriminating Evidence
Facts of the
CaseThe respondent-assessee, Mr. Mahesh Kumar,
purchased two residential plots bearing Plot Nos. 218 and 219 in Block-B,
Sector-8, Bagdolla Residential Scheme, Dwarka, Delhi, for ₹2,00,000 and
₹3,00,...
Commissioner of Income Tax vs. Mahesh Kumar (Delhi High Court) – Addition under Section 69 Based Solely on DVO Valuation Unsustainable in Absence of Incriminating Evidence | Sections 69, 142A & 260A of the Income Tax Act, 1961
Facts
of the CaseThe respondent-assessee
purchased two residential plots bearing Plot Nos. 218 and 219 in Block B,
Sector-8, Bagdolla Residential Scheme, Dwarka, Delhi, for ₹2,00,000 and
₹3,00,000 respectively.A ...
Commissioner of Income Tax v. Shri Bajrang Lal Bansal [2010] 2010:DHC:4124-DB (Delhi High Court)
Facts of the CaseA search and seizure operation was conducted by the
Income Tax Department at the residence of the assessee, Shri Bajrang Lal
Bansal, for the block period from 1 April 1989 to 17 December 1999.During th...
Commissioner of Income Tax vs. Fracht Forwarding & Travel (P) Ltd. — High Court Analysis on Deletion of Penalty Under Section 271(1)(c) for Bonafide Mistakes and Provision for Doubtful Debts
Facts of the CaseThe Revenue filed an appeal under Section 260A of the Income
Tax Act, 1961, challenging an order passed by the Income Tax Appellate Tribunal
(ITAT) on June 4, 2009, for the Assessment Year 2001-2002. T...
Commissioner of Income Tax-II vs. Julania Finance Pvt. Ltd.: Scope of Section 68 on Share Application Money When Identity of the Investor is Established and Onus of Proof Lies on Revenue to Prove Source from Assessee’s Coffers
Facts of the Case
The
respondent-assessee, M/s Julania Finance Pvt. Ltd., received share
application money amounting to ₹60,000,000/- during the Assessment Year
2006-2007.
The
Assessing Off...
Commissioner of Income Tax vs. M/s Jay Rapid Roller Ltd. (In Liquidation) | Depreciation on Fixed Assets Without Supporting Purchase Vouchers – Matter Remanded for Fresh Examination | Delhi High Court
Facts of the
Case
The assessee, M/s Jay Rapid Roller Ltd., claimed substantial
depreciation on fixed assets for Assessment Years 1997-98 and 1998-99.
During assessment proceedings, the Assessing Officer requir...
Commissioner of Income Tax, Delhi-III vs. M/s. Jaipur Golden Transport Co. (Regd.) – Scope of Section 50 of Income Tax Act, 1961: Validity of Enhancing Asset Value and Referrals to Departmental Valuation Officer (DVO) without Evidence of Concealed Consideration or Rejection of Books of Accounts
Facts of the CaseThe Revenue (Appellant) filed an appeal under Section 260A of
the Income Tax Act, 1961, challenging the order dated 27th November, 2003,
passed by the Income Tax Appellate Tribunal (ITAT) in ITA No. 78...
Ritz Theatre v. Income Tax Officer (Delhi High Court) – Reassessment Proceedings Cannot Be Reopened on Issue of Service of Notice Already Concluded by Tribunal After Limited Remand
Facts of the Case
The assessee, Ritz Theatre, filed returns of income for the
relevant assessment years.
The Assessing Officer noticed that the assessee had disclosed
income under VDIS, 1997 but had faile...