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M/s Sahara India Financial Corporation Ltd. & M/s Sahara India (Firm) v. Commissioner of Income Tax & Anr. – Validity of Special Audit under Section 142(2A) of the Income-tax Act, 1961 and Scope of Natural Justice
Facts of the CaseThe petitioners, M/s
Sahara India Financial Corporation Ltd. and M/s Sahara India (Firm),
challenged similar orders dated 14 March 2006 passed by the Assistant
Commissioner of Income Tax directing a s...
Commissioner of Income Tax vs M/s Nikita Leasing & Finance – Penalty under Section 271(1)(c) in Cases of Assessed Loss | Delhi High Court
Facts of the
CaseThe Revenue filed an appeal before the Delhi High
Court challenging the order of the Income Tax Appellate Tribunal deleting the
penalty imposed upon the assessee under Section 271(1)(c) of the Income-...
John Tinson & Company (P) Ltd. & Ors. vs Commissioner of Income Tax, Delhi & Ors. – Annual Letting Value, Standard Rent and Sections 22 & 23 of the Income-tax Act, 1961 | Delhi High Court (2006)
Facts of the
CaseThe assessees, John Tinson & Company (P) Ltd.
and others, owned properties that had been let out to tenants. The Assessing
Officer (AO) did not accept the rental income disclosed by the assessees,...
Commissioner of Income Tax versus Shri Kapil Dev: Judicial Remand Due to Factual Error in Assessment Order Interpretation under Section 147 of the Income Tax Act 1961
Facts of the CaseThe Income Tax Appellate Tribunal had issued a common order
covering three assessment years: 1991 92, 1992 93, and 1993 94. In its order,
the Tribunal recorded that assessments for all three years had ...
Commissioner of Income Tax (Central), New Delhi vs M/s Sarb Consulate Marine Products Pvt. Ltd.: Validity of Block Assessment Limitation Period Under Section 158BE vs Artificial Extension of Search and Seizure Operations Through Dummy Panchnama Under Section 132 of the Income Tax Act, 1961
Facts of the Case
The
Search Action: The Respondent-Assessee, an entity engaged
in fishing activities on the high seas, was subjected to a search and
seizure operation under Section 132 of the Income ...
Commissioner of Income Tax, Delhi-VIII, New Delhi vs. Sawhney Exports (2007) | Allowance of Bad Debts Under Section 36(1)(vii) of the Income Tax Act, 1961: Whether Prior or Post-Facto Reserve Bank of India (RBI) Approval is Mandatory for Writing Off Foreign Exchange Bad Debts in the Books of Accounts
Facts of the Case
The
Assessee (Sawhney Exports) is an export house engaged in the business of
exporting garments and receiving payments in foreign exchange.
For
the Assessment Year (AY) 1997-98, th...
Commissioner of Income Tax vs Divine Leasing & Finance Ltd., General Exports & Credits Ltd. & Lovely Exports (P) Ltd. – Section 68 Share Capital Addition, Burden of Proof and Unexplained Cash Credits (Delhi High Court)
Facts of the CaseThe Revenue filed a batch of appeals challenging
concurrent findings of the Commissioner of Income Tax (Appeals) [CIT(A)] and
the Income Tax Appellate Tribunal (ITAT), both of which had deleted additio...
Commissioner of Income Tax, Delhi-VIII v. Shri Prem Nath Nagpal: Legality of Block Assessment Additions Under Section 158BC Based Solely on DVO Reference in the Absence of Seized Incriminating Material and the Interpretation of Undisclosed Income Under Chapter XIV-B of the Income Tax Act, 1961
Facts of the Case
Search
Operations: A search and seizure operation under Section
132 of the Income Tax Act, 1961, was conducted at the residential premises
of the Assessee on December 17, 1999.
Re...
Commissioner of Income Tax-V vs. M/s Oracle Software India Ltd. (ITA No. 1531/2006) – Interpretation of 'Manufacture' under Section 80IA of the Income Tax Act, 1961: Delhi High Court Judgment
Facts of the Case
Parties: The
Appellant is The Commissioner of Income Tax-V, New Delhi, and the
Respondent is M/s Oracle Software India Ltd..
Assessment
Year: The dispute pertains to the Assessmen...
Commissioner of Income Tax vs P.H.I. Seeds India Ltd. (2006) – Penalty under Section 271(1)(c) Cannot Be Levied for Bona Fide Claim Based on Debatable Interpretation of Law
Facts of the CaseThe assessee, P.H.I. Seeds India Ltd., was engaged
in agricultural activities and earned interest income from Fixed Deposit
Receipts (FDRs) amounting to Rs. 12,07,217, which was assessable under the he...