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South Delhi Apartments Pvt. Ltd. vs. Commissioner of Income Tax [2010] 2010:DHC:4652-DB (Delhi High Court) | Scope of Tribunal's Powers under Section 254 and Validity of Property Transfer under Section 2(47) of the Income-tax Act
Facts of the
Case
The assessee company was engaged in the business of real estate
development and transactions.
The original owner, Shri Baljeet Singh Malhotra, entered into a
collaboration agreement wit...
Commissioner of Income Tax vs. Fidelity Technology India Pvt. Ltd. – Foreign Exchange Fluctuation Loss Allowable as Deduction under Section 37(1) of the Income Tax Act, 1961 | Delhi High Court
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income Tax Act, 1961 challenging the order of the Income Tax Appellate
Tribunal dated 22 August 2008 pertaining to Assessment Year 2003-04.The Ass...
Commissioner of Income Tax v. Modi Industries Limited [(2010) Delhi High Court] – Eligibility of Deduction under Section 80J, Taxability of Excess Levy Sugar Realisation, Applicability of Section 40A(5), and Initial Depreciation on Residential Quarters
Facts of the Case
The assessee, Modi Industries Limited, claimed various deductions
and tax benefits under the Income-tax Act, 1961.
The Revenue disputed:
Non-applicability of Section 40A(5)(c) to salar...
Commissioner of Income Tax vs. Engineers India Ltd. | Reassessment Beyond Four Years Invalid in Absence of Failure to Disclose Material Facts | Section 147, 148, 143(3) & 260A of the Income-tax Act, 1961
Facts of the
Case
Engineers India Ltd. was assessed for Assessment Year 1996-97.
During the original assessment proceedings, the Assessing Officer
issued notices and questionnaires under Section 142(1) of the ...
Commissioner of Income Tax vs. M/s National Hydroelectric Power Corporation Ltd. — Validity of Reassessment Notice Issued Under Section 148 Beyond Four Years When Committee on Disputes (COD) Refuses Permission to Revenue Department to File Appeal
Facts of the CaseThe Income Tax Department initiated reassessment proceedings
against the respondent-assessee. The Assessing Officer issued formal notices
for reassessment under Section 148 of the Income Tax Act. Howev...
Commissioner of Income Tax vs. M/s Jaipur Golden Transport Co. (Regd.) | Delhi High Court | Section 260A & Section 145 of the Income-tax Act, 1961
Facts of the
Case
The Assessing Officer had made various additions and disallowances
during the assessment proceedings for Assessment Year 2003-04.
The assessee challenged the additions before the Commissioner...
Commissioner of Income Tax vs Career Launcher (India) Limited | Delhi High Court | Non-Compete Fee, Interest on Land Acquisition & Write-off of Advances under Sections 37(1), 36(1)(vii), 36(2) and 260A of the Income-tax Act, 1961
Facts of the
CaseThe assessee, Career Launcher (India) Limited, for
Assessment Year 2004-05, claimed deduction of various expenditures including:
Non-compete fee of Rs. 5,40,000 paid to Mr. Vijay Kalyan Jha and
...
Commissioner of Income Tax, Delhi-II vs. M.M.T.C. Ltd. (Delhi High Court) – Deductibility of Business Loss Incurred Under Consignment and Distribution Agreement
Facts of the CaseThe Department of Fertilizers, Ministry of
Chemicals and Fertilizers, Government of India awarded a contract to Paradeep
Phosphates Ltd. (PPL), a public sector undertaking.Subsequently, PPL entered int...
Commissioner of Income Tax-VII vs. Vivek Bikki Kacker (2010) – Addition under Section 69 Based Solely on DVO Valuation Report Not Sustainable in Absence of Evidence of Understatement of Purchase Consideration
Facts of the
CaseThe assessee, Mr. Vivek Bikki Kacker, filed his
return of income for Assessment Year 2003-04 declaring income of ₹2,47,691.During scrutiny assessment, the Assessing Officer
noticed that the assessee...
Commissioner of Income Tax v. Reliance International Corp. Pvt. Ltd. (2010) 327 ITR – Section 68 Cash Credit Addition – Assessee Failed to Prove Identity, Creditworthiness and Genuineness of Creditors | Delhi High Court
Facts of the
CaseFor the assessment year under consideration, the
assessee-company disclosed loans aggregating to ₹17,10,000 allegedly received
from five parties:
Gayatri Tech. Services – ₹7,75,000
S.K. Mehr...