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Commissioner of Income Tax vs. M/s Woodward Governor India Pvt. Ltd. (and Connected Matters) – Landmark Delhi High Court Ruling on Tax Deductibility of Business Losses Arising from Foreign Exchange Rate Fluctuations under Sections 28, 37(1), and 43A of the Income Tax Act, 1961, and the Prospective Application of Accounting Standards for Year-End Monetary Revaluations
Facts of the Case
The
present batch of appeals involves multiple corporate assessees (including
M/s Woodward Governor India Pvt. Ltd., Hero Honda Motors Ltd., Maruti
Udyog Ltd., and Jindal Strips Ltd....
M/s Bharti Telecom Finance Ltd. vs. Assistant Commissioner of Income Tax: Shifting Stands and Contradictory Explanations in Unexplained Cash Credits under Section 68 of the Income Tax Act, 1961
Facts of the Case
The
assessee’s books of accounts for the relevant period showed a credit
balance of Rs. 80 lakhs in the name of an individual, Ms. Devina
Mehra.
When
the Assessing Officer...
Commissioner of Income Tax vs. M/s Societex: Retrospective Effect of Section 271(1)(B) on Penalty Satisfaction and Remand for Fresh Adjudication on Merits of Concealment Under Section 271(1)(c) of Income Tax Act, 1961
Facts of the Case
Context:
Cross-appeals were filed by both the Revenue (Income Tax Department) and
the Assessee (M/s Societex) against an order passed by the Income
Tax Appellate Tribunal (ITAT) on O...
Commissioner of Income Tax vs. M/s Ram Commercial Enterprises & Ors. (ITA No. 1341/2007 & ITA No. 46/2008) – Impact of Section 271(1B) Retrospective Amendment on Assessing Officer's Satisfaction for Initiating Penalty Proceedings under Section 271(1)(c) of the Income Tax Act, 1961
Facts of the CaseThe Revenue filed appeals against the order of the Income Tax
Appellate Tribunal (ITAT) dated December 12, 2006, pertaining to the assessment
years 2000-2001 and 2001-2002. The Income Tax Appellate Tri...
Commissioner of Income Tax vs. M/S Societex: Retrospective Effect of Section 271(1)(B) on Penalty Satisfaction and Remand on Merits for Fact-Checking Advance Tax
Facts of the CaseThe case involves cross-appeals filed by both the Revenue
(Commissioner of Income Tax) and the Assessee (M/S Societex) against an order
passed by the Income Tax Appellate Tribunal (ITAT) on October 28,...
The Commissioner of Income Tax, Delhi-II vs. M/s Khaitan Chemicals & Fertilizers Ltd.: Computation of Book Profit under Section 115JA of the Income-tax Act, 1961 — Permissibility of Deducting Prior Period Expenses and Extraordinary Items Separately Disclosed under Accounting Standard (AS) 5 and Schedule VI to the Companies Act, 1956.
Facts of the Case
The
respondent-assessee initially filed its return of income for Assessment
Year (AY) 2000-01 declaring a loss of ₹193.31 lakhs. Subsequently, a
revised return was filed due to the...
The Commissioner of Income Tax Delhi-II v. Khaitan Chemicals & Fertilizers Ltd. (2008): Scope of Section 115JA of the Income-Tax Act, 1961 Regarding the Computation of Book Profit vis-à-vis Deduction of Prior Period Expenses and Extraordinary Items Under Accounting Standard (AS) 5
Facts of the Case
The
respondent-assessee initially filed its return of income on October 30,
2000, declaring a loss.
Consequent
to the merger of Khaitan Soya Limited with the assessee (effective A...
Commissioner of Income Tax, Delhi-IV vs. Encon International (P) Ltd: Eligibility of Export Deductions Under Section 80HHC of the Income Tax Act, 1961 on Independent Fresh Purchase Orders and Distinct Non-Resident Transactions Distinct from Initial Installation Contracts
Facts of the Case
The
Assessee (Encon International (P) Ltd) exported goods worth a total of Rs
206.62 lacs during the Assessment Year 2002-03.
Out
of the total exports, goods valued at Rs 102.13 l...
Commissioner of Income Tax Delhi-I vs. M/S C.J. International Hotels Ltd. | Delhi High Court | Assessment Year 1998-99: Scope of Assessing Officer's Power under Section 115JA to Recompute Book Profits Based on Certified Accounts vs. Excess Depreciation Adjustment and the Inapplicability of Section 263 Revisionary Powers
Facts of the Case
The
appellant (Revenue) challenged the order dated 15.02.2008 passed by the
Income Tax Appellate Tribunal (ITAT) in ITA 775/Del/2006 for the
Assessment Year (AY) 1998-99.
The
...
Commissioner of Income Tax, Delhi-IV vs. Encon International (P) Ltd: Deletion of Disallowance of Export Deductions Under Section 80HHC of the Income Tax Act, 1961 Where Export Sales and Receipt of Foreign Exchange via Independent Purchase Orders Exist Outside Pre-Existing Installation Contracts
Facts of the Case
The
Assessee, M/s Encon International (P) Ltd, exported goods totaling Rs.
206.62 lacs during the Assessment Year (AY) 2002-03.
Out
of the total exports, goods worth Rs. 102.13 lac...