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Commissioner of Income Tax v. M/s Eastern Holdings (P) Ltd. (2008) – Recording of Satisfaction for Penalty Proceedings under Section 271(1)(c) of the Income Tax Act
Facts of the CaseA batch of appeals, including the appeal against M/s Eastern
Holdings (P) Ltd., involved a common question regarding the validity of penalty
proceedings under Section 271(1)(c) where satisfaction was a...
Anil Kumar Saha & Connected Matters vs Chief Commissioner of Income Tax, Delhi-I, New Delhi & Another | Transfer of Income Tax Cases under Section 127(2) of the Income Tax Act, 1961 – Requirement of Reasoned Order and Consideration of Assessee’s Objections
Facts of the CaseThe petitioners, comprising individuals and companies
belonging to the ATS Group, challenged an order dated 07.10.2008 passed by the
Commissioner of Income Tax, Delhi-I, New Delhi under Section 127(2) ...
Commissioner of Income Tax, Delhi-XI vs. Batra Bhatta Company (2008) – Reassessment under Sections 147 & 148 Cannot Be Initiated Merely for “Deeper Scrutiny” Without Reason to Believe Escapement of Income
Facts of the CaseThe assessee, Batra Bhatta Company, sold
agricultural land for ₹57,37,500 during March 1996 and claimed exemption under
Section 2(14) of the Income-tax Act, 1961 on the ground that the land sold was
...
Anil Kumar Saha & Connected Matters vs Chief Commissioner of Income Tax, Delhi-I, New Delhi & Another (2008) – Transfer of Income Tax Cases under Section 127(2) of the Income Tax Act Requires Reasoned Consideration of Assessee’s Objections
Facts of the CaseThe petitioners challenged an order dated 07.10.2008 passed by
the Commissioner of Income Tax, Delhi-I, New Delhi under Section 127(2) of the
Income Tax Act, 1961 whereby their assessment cases were tr...
Commissioner of Income Tax, Delhi-VIII v. M/s Atam Prakash & Sons & Om Prakash (Delhi High Court) – Whether Collaboration Agreement and Development Rights Constitute ‘Transfer’ Under Section 2(47) for Capital Gains Taxability
Facts of the CaseThe assessees, namely M/s Atam Prakash &
Sons (HUF) and Om Prakash, were co-owners of leasehold rights in
property situated at 22, Barakhamba Road, New Delhi. The property
consisted of land ...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. Hotline Teletube & Components Ltd. [Delhi High Court] – Allowability of Provision for Diminution in Value of Obsolete Stock under Sections 115JB and 260A of the Income-tax Act, 1961
Facts of the CaseThe assessee, Hotline Teletube & Components
Ltd., was engaged in the business of manufacturing black-and-white television
picture tubes, glass shells, electron guns, and glass stems. For Assessment...
WEL Intertrade Private Limited (Formerly WEL Intertrade Limited) & Another vs Income Tax Officer, Ward 18(3) | Delhi High Court | Reassessment under Sections 147 & 148 Beyond Four Years Held Invalid Due to Absence of Failure to Disclose Material Facts
Facts of the
CaseThe petitioners filed their return of income for
Assessment Year 2000-01 on 30.11.2000. The case was selected for scrutiny and
notices under the Income-tax Act were issued during assessment proceeding...
Commissioner of Income Tax vs. Dart Manufacturing India Pvt. Ltd. [Delhi High Court] – Expenditure on Installation of Transformer and LT Lines Held as Revenue Expenditure (AY 2001-02)
Facts of the
CaseThe assessee, Dart Manufacturing India Pvt. Ltd.,
paid Rs. 10,64,930/- to the State Electricity Board during Assessment Year
2001-02 towards installation of a transformer and Low Tension (LT) lines fo...
Commissioner of Income Tax, Delhi-XI vs Batra Bhatta Company (2008) – Reassessment under Sections 147 & 148 Cannot Be Initiated Merely for Deeper Scrutiny of Agricultural Land Exemption Claim
Facts of the
CaseThe assessee, Batra Bhatta Company, sold
agricultural land in March 1996 for Rs. 57,37,500 and claimed exemption under
Section 2(14) of the Income-tax Act, contending that the land was agricultural
l...
Commissioner of Income Tax, Delhi-VIII, New Delhi vs. M/s Atam Prakash & Sons & Another (2008) – No Capital Gains Arise Where Development Collaboration Does Not Result in Transfer of Capital Asset under Sections 2(47) and 45 of the Income-tax Act, 1961
Facts of the
CaseThe assessees were co-owners of leasehold property
situated at 22, Barakhamba Road, New Delhi. Initially, an agreement for sale
dated 24.06.1977 was executed with Skipper Sales Pvt. Ltd. (SSPL), where...