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Commissioner of Income Tax v. Tyagi Group (2008): Valuation of Unquoted Equity Shares under Section 2(22B)(ii) of the Income Tax Act, 1981 – Applicability of the Principle of Consistency and DVO Fair Market Value Determinations in Co-Owner Assessments
Facts of the Case
The
case involves six conjoined appeals arising from a common order passed by
the Income Tax Appellate Tribunal (ITAT) on September 17, 2001, concerning
assessees belonging to the Ty...
Commissioner of Income Tax vs. Tyagi Group (ITA No. 685/2008) – Valuation of Unquoted Equity Shares under Section 2(22B)(ii) of the Income Tax Act, 1961: Delhi High Court Upholds Principle of Consistency in Determining Fair Market Value Based on Co-Owner's Co-ordinate Valuation by DVO
Facts of the Case
The
Revenue filed six interconnected appeals against a common order passed by
the Income Tax Appellate Tribunal (ITAT) dated September 17, 2001.
The
respondents/assessees all belon...
Commissioner of Income Tax (TDS) vs. M/s Dex Travel Pvt. Ltd. – Penalty under Section 271C Cannot Be Levied Where Failure to Deduct TDS Arises from a Bona Fide and Debatable Interpretation of Section 194H | Delhi High Court
Facts of the CaseThe assessee, M/s Dex Travel Pvt. Ltd., was engaged
in the business of travel agency services for various airlines and had
appointed agents for the sale of airline tickets.During the relevant financial...
Commissioner of Income Tax vs. Tyagi Group (ITA No. 664/2008) – Scope of Section 2(22B)(ii) of Income Tax Act: Principle of Consistency Mandates Adoption of Fair Market Value of Unquoted Shares Established in Co-Owners' Case Without Re-Assessment by DVO
Facts of the Case
The
matter arose out of six interconnected appeals preferred by the Revenue
against a common order passed by the Income Tax Appellate Tribunal (ITAT)
on September 17, 2001.
The
...
Commissioner of Income Tax vs Assessee (ITA No. 832/2008) – Foreign Exchange Fluctuation Loss Allowability Covered by CIT v. Woodward Governor India Pvt. Ltd.
Facts of the
Case
The Revenue preferred an appeal before the Delhi High Court under
the Income-tax Act.
The dispute concerned a question already adjudicated by the Delhi
High Court in CIT v. Woodward Gov...
Commissioner of Income Tax (Revenue) vs Respondent Assessee – Appeal Dismissed for Want of Committee on Disputes Approval | Section 260A of the Income-tax Act, 1961
Facts of the
Case
The Revenue filed an appeal before the Delhi High Court under the provisions
of the Income-tax Act, 1961.
During the hearing, it was brought to the notice of the Court that
approval fro...
Commissioner of Income Tax Vs. Tyagi Group: Delhi High Court Affirms Rule of Consistency in Determining Fair Market Value of Unquoted Equity Shares under Section 2(22B)(ii) of the Income Tax Act, 1961 – Rejection of Repetitive DVO Valuation for Co-Owners/Same Asset Class
Facts of the Case
The
six interconnected appeals arose out of a common order passed by the
Income Tax Appellate Tribunal (ITAT) on September 17, 2001, concerning
multiple assessees belonging to the "T...
Shri P.N. Sehgal Through Shri Vikram Sehgal vs Commissioner of Income Tax | Delhi High Court | Commission Expenditure Allowability and Verification of Services Rendered
Facts of the CaseThe assessee was engaged in the business of booking
advertisements in various journals and publications and earned commission from
such publications.Payment to
Kush Printers Pvt. Ltd.
The assessee c...
Principle of Consistency in Valuation of Unquoted Shares: CIT v. Tyagi Group (2008:DHC:12410-DB) – Delhi High Court Rules on Binding Nature of DVO Reports for Co-owners under Section 2(22B)(ii) of the Income Tax Act, 1961
Facts of the Case
The
six conjoined appeals arose out of a common order passed by the Income Tax
Appellate Tribunal (ITAT) on September 17, 2001.
The
Assessees belong to the "Tyagi Group" and held ...
Commissioner of Income Tax vs. Jyoti Apparels (Delhi High Court) – Interest on FDRs Not Eligible for Deduction under Section 80HHC | Taxable as Income from Other Sources under Section 56
Facts of the
CaseThe assessee, Jyoti Apparels, earned interest
amounting to ₹41,22,165 from Fixed Deposit Receipts (FDRs). The Income Tax
Appellate Tribunal (ITAT) held that such interest income constituted business...