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CIT v. M/s Samman Steel & Rolling Mill: Maintainability of Penalty Under Section 271(1)(c) on Loss Returns and the Impact of Explanation 4 Post-1976 Amendment
Facts of the CaseThe Revenue filed an appeal (ITA 1060/2005) against the order
of the Income Tax Appellate Tribunal (ITAT) before the High Court of Delhi. The
ITAT had deleted the penalty imposed on the assessee, M/s S...
Commissioner of Income Tax vs. M/s Coral Newsprint Ltd. — Whether Penalty Under Section 271(1)(c) of the Income Tax Act, 1961 Can Be Deleted Merely Because the Total Income Is Assessed at a Loss/Minus Figure After the Insertion of Explanation 4?
Facts of the Case
The
revenue filed an appeal (ITA 1112/2005) before the High Court of Delhi
against the order of the Income Tax Appellate Tribunal (ITAT).
The
ITAT had deleted the penalty imposed o...
M/s International Marketing Ltd. vs Income Tax Officer, Company Ward (Delhi High Court) – Interest on Surplus Funds Taxable as Income from Other Sources under Section 56 of the Income Tax Act, 1961 | No Business Activity During Assessment Year
Facts of the CaseThe assessee-company had not carried on any business activity
during the relevant assessment year. However, it had parked its surplus funds
with various companies and earned interest income therefrom.T...
Commissioner of Income Tax vs. M/S Samridhi Steels P. Ltd. — Whether Penalty Under Section 271(1)(c) Can Be Deleted Merely Because the Total Income of the Assessee Was Assessed at a Minus Figure or Loss After the 1.4.1976 Amendment (Explanation 4)?
Facts of the Case
Parties
Involved: The Commissioner of Income Tax
(Appellant/Revenue) vs. M/S Samridhi Steels P. Ltd. (Respondent/Assessee).
Assessment
Framework: The case arose from an Income Tax ...
Commissioner of Income Tax vs M/s Sahara India Corporation Ltd. (Delhi High Court) – Whether Shares Held as Stock-in-Trade or Capital Investment and Validity of Change in Valuation Method under Section 260(A) of the Income-tax Act, 1961
Facts of the CaseThe dispute arose when the Assessing Officer rejected the
assessee’s contention that the shares held by it constituted stock-in-trade.
According to the Assessing Officer, the shares were held as long...
Commissioner of Income Tax v. M/s Nova Steels India Ltd. | Validity of Deletion of Penalty u/s 271(1)(c) on Assessed Loss or Minus Figure and the Applicability of Explanation 4 Post-Amendment
Facts of the CaseThe Revenue preferred a statutory appeal (numbered as ITA
1090/2005) before the Hon’ble High Court of Delhi against an order passed by
the Income Tax Appellate Tribunal (ITAT). The core dispute origi...
Commissioner of Income Tax v. M/s TEI Quebecor Printing Ltd. – Whether TDS under Section 192 is Deductible on Salary Merely Accrued but Not Actually Paid | Sections 192, 201(1) & 201(1A) of the Income-tax Act, 1961
Facts of the CaseM/s TEI Quebecor Printing Ltd., a joint venture
company, employed Mr. Lester Garnett, a Canadian national, on a fixed
remuneration package along with various perquisites such as rent-free
accomm...
Commissioner of Income Tax vs. Tej Quebecor Printing Ltd. (ITA Nos. 726, 724, 725 & 715 of 2005) – Section 192, Section 201(1) & Section 201(1A) – TDS on Salary Payable but Not Actually Paid
Facts of the
CaseM/s Tej Quebecor Printing Ltd., a joint venture
company, employed Mr. Lester Garnett, a Canadian national, at a fixed
remuneration along with various perquisites including rent-free accommodation,
ca...
Income Tax Appeal on Statutory Deductions: Commissioner of Income Tax vs. M/S J.B. Exports Ltd. – Core Interpretational Conflict on Whether Export Duty Drawback Incentives Can Be Legally Construed as Profits and Gains "Derived From" an Industrial Undertaking Under Section 80-I of the Income Tax Act, 1961
Facts of the Case
The
respondent-assessee filed its income tax return for the Assessment Year
(AY) 1991-92, declaring a total income of ₹8,71,055.
Within
the return, the assessee claimed a deduct...
Commissioner of Income Tax v. M/s International Pumps & Projects – Depreciation on Windmill Allowed as Asset Commissioned Before 31 March 1996 | Delhi High Court | ITA No. 43/2006
Facts of the
CaseFor the relevant assessment year, the respondent-assessee
claimed depreciation on a windmill installed for the generation of electricity.
The claim was based on the assertion that the windmill had bee...