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APMC Azadpur v. Commissioner of Income-Tax & Anr. — Scope of 'Local Authority' under Section 10(20) of Income-Tax Act, 1961 After Finance Act, 2002
Facts of the Case·
Establishment and
Function: The appellant, Agricultural Produce
Market Committee (APMC), Azadpur, was established under the Delhi Agricultural
Produ...
Shri R. C. Gupta vs. Income Tax Officer | Validity of Arbitrary Rejection of Interest Waiver under Rule 40 & Rule 117A of Income Tax Rules, 1962
Facts of the Case·
The Petitioner was employed as a Cost
Accountant with a private firm. Following a search operations on his employer's
premises, the Petitioner’s re...
Commissioner of Income-Tax, Delhi vs. M/s. Majestic Hotel Ltd. — Absolute Liability of Interest Under Section 201(1A) for TDS Default Under Section 194A: Irrelevance of Bona Fide Belief and Terminal Date of Computation When Taxes Are Paid by Deductee
Facts of the CaseThe respondent-company runs a five-star hotel in
Ludhiana, Punjab. During a survey conducted at its premises, it was discovered
that the company failed to deduct tax at source (TDS) under Section 194A ...
Commissioner of Income Tax, Delhi vs M/s Majestic Hotel Ltd. – TDS on Interest Paid to TFCI, Assessee in Default under Sections 201(1) & 201(1A) of the Income-tax Act, 1961
Facts of the
CaseM/s Majestic Hotel Ltd., a company operating a
five-star hotel in Ludhiana, Punjab, had obtained loans from Tourism Finance
Corporation of India Ltd. (TFCI). During a survey conducted by the Income Ta...
Commissioner of Income Tax vs M/s Standard Brands Ltd. – Penalty under Section 271D Cannot Survive When Alleged Cash Receipt Is Treated as Undisclosed Income in Block Assessment
Facts of the
CaseThe assessee had received an amount of ₹3,00,000 in
cash from M/s D.S. Imports during the block period from 1 April 1986 to 31
March 1997.According to the Assessing Officer, the amount
represented ...
Commissioner of Income Tax vs Nestle India Ltd. (ITA No. 269/2002) – Valuation of Closing Stock, Excise Duty Adjustment and Section 43B of the Income-tax Act
Facts of the CaseThe Revenue challenged the order dated 19 September
2001 passed by the Income Tax Appellate Tribunal, Delhi Bench ‘B’, concerning
Assessment Year 1991-92 and connected appeals. The dispute originat...
Commissioner of Income Tax vs M/s Vikram Aditya & Associates Pvt. Ltd. – Section 263 Revision, Dividend Stripping and Scope of Revisional Jurisdiction under the Income-tax Act, 1961 (Delhi High Court)
Facts of the CaseThe assessee purchased units of mutual funds on 9
February 2001 and sold them on 11 February 2001. During this period, it
received dividend income amounting to approximately ₹43.54 lakhs. Although th...
Commissioner of Income Tax, Delhi vs M/s Mesco Laboratories Ltd. (2006) – Reassessment under Sections 147 & 148 Invalid Without Rational Nexus Between Reasons and Escaped Income
Facts of the
CaseThe Revenue challenged the order of the Income Tax
Appellate Tribunal for Assessment Year 1995-96. The dispute concerned the
validity of reassessment proceedings initiated by the Assessing Officer und...
Commissioner of Income Tax, Delhi vs M/s Adidas India Marketing (P) Ltd. – TDS on Hire Charges for Furniture & Fixtures, Assessee in Default under Sections 194-I, 194C, 201(1) & 201(1A) of the Income-tax Act
Facts of the
CaseM/s Adidas India Marketing (P) Ltd. had taken
premises on lease for its head office. Apart from the lease agreement, it
entered into a separate agreement for hiring furniture and fixtures installed
i...
CIT vs. Shri Ashok Dua: Scope of Chapter XIV-B Block Assessment and Taxability of Disclosed NRI Gifts and Post-Search Bank Statements
Facts
of the CaseThis appeal relates to the block
assessment period from April 1, 1987, to January 16, 1998, and is directed
against the Income Tax Appellate Tribunal's (ITAT) order dated March 28, 2005.
A search ope...