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Commissioner of Income Tax, Delhi-IV v. Eltek SGS (P) Ltd. – Eligibility of Customs Duty Drawback for Deduction under Section 80-IB of the Income-tax Act, 1961
Facts of the
Case
Eltek SGS (P) Ltd. claimed deduction under Section 80-IB in respect
of customs duty drawback amounting to Rs. 42,92,725.
The Assessing Officer disallowed the deduction.
The Assessing Office...
Commissioner of Income Tax v. TEDCO Investment & Financial Services Pvt. Ltd. – Depreciation under Section 32 on Plant & Machinery Installed and Commissioned on the Last Day of the Previous Year | Delhi High Court (2006)
Facts of the
CaseThe dispute concerned the assessee's claim for
depreciation under Section 32 of the Income-tax Act, 1961 in respect of certain
plant and machinery leased to M/s Prakash Industries Limited.The Income T...
Commissioner of Income Tax, Delhi-IV v. Eltek SGS (P) Ltd. – Eligibility of Customs Duty Drawback for Deduction under Section 80-IB of the Income-tax Act, 1961
Facts of the
Case
Eltek SGS (P) Ltd. claimed deduction under Section 80-IB in respect
of customs duty drawback amounting to Rs. 42,92,725.
The Assessing Officer disallowed the deduction.
The Assessing Office...
Parivar Seva Sanstha & Another v. Deputy Director of Income Tax (Exemption) – Reopening of Assessment under Sections 147/148 and Disposal of Objections | Delhi High Court (2006)
Facts of the
CaseThe petitioners, Parivar Seva Sanstha and another,
challenged reassessment proceedings initiated by the Income Tax Department
under Section 147 of the Income-tax Act, 1961.The Revenue had communicated...
Commissioner of Income Tax-V v. Narain Jewels International Ltd. – Penalty under Section 271(1)(c) on Share Application Money Addition under Section 68 of the Income-tax Act, 1961
Facts of the
Case
The assessee filed its return of income for Assessment Year 1996-97
declaring nil income after adjusting brought forward unabsorbed
depreciation.
The Assessing Officer completed assessm...
Himalaya International Ltd. v. Commissioner of Income Tax – Whether Income from Mushroom Growing Constitutes Agricultural Income Exempt from Tax | Section 80-IA & Agricultural Income | Delhi High Court (2006)
Facts of the
CaseHimalaya International Ltd. was engaged in the
activity of growing mushrooms and canning them. During the assessment
proceedings, the assessee claimed deduction under Section 80-IA of the
Income-tax ...
Director of Income Tax, Delhi vs. Ravva Oil (Singapore) Pte. Ltd. – Section 44C of the Income-Tax Act, 1961 | Allowability of Head Office Expenditure of Non-Resident Having Only Indian Operations | Delhi High Court
Facts of the CaseRavva Oil (Singapore) Pte. Ltd., a non-resident
company incorporated in Singapore, maintained its head office in Singapore and
operated a sole branch office in India in connection with oil exploration
...
Commissioner of Income Tax vs M/s Rathi Gases Ltd. – Section 256(1) of the Income-tax Act, 1961 | Whether Capital Subsidy Reduces Actual Cost of Assets for Depreciation Purposes?
Facts of the
CaseThe assessee, M/s Rathi Gases Ltd., received
a cash subsidy under the 10% Central Outright Grant Scheme, 1971 for
setting up industrial activities in backward districts/areas through the
Rajasthan Fi...
Commissioner of Income Tax v. IKEA Trading India Ltd. – Foreign Exchange Fluctuation Loss on Revenue Account and Applicability of Woodward Governor under Sections 37(1) and 260A of the Income-tax Act, 1961
Facts of the
Case
The Revenue filed an appeal against the order dated 4 May 2007
passed by the Income Tax Appellate Tribunal, Delhi Bench “I”.
The dispute related to Assessment Year 2001-02.
The issue in...
VLS Finance Ltd. & South Asian Enterprises Ltd. vs. Commissioner of Income Tax (Central-II) & Deputy Commissioner of Income Tax – Sections 132, 132(3), 142(2A), 143(2), 158BC & 158BE of the Income-Tax Act, 1961 | Validity of Special Audit, Search Proceedings and Limitation for Block Assessment
Facts of the CaseThe petitioners, VLS Finance Ltd.
and South Asian Enterprises Ltd., challenged an order dated 29.06.2000 passed
under Section 142(2A) of the Income-Tax Act, 1961 directing a special audit of
their acc...