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Commissioner of Income Tax vs. Winstral Petrochemicals Pvt Ltd | Section 68 , Section 133(6) Income Tax Act – Deletion of Unexplained Cash Credit on Share Application Money Received via Banking Channels
Facts
of the Case·
The
Assessee company filed its income tax return for the Assessment Year 2004-05
declaring an income of ₹2,20,880. The case was initially processe...
Commissioner of Income Tax vs. Dr. Percy Batlivala (and Connected Appeals) | Taxability of 'Hypothetical Tax' Under Section 15 of the Income Tax Act, 1961: Delhi High Court Affirms Non-Accrual of Hypothetical Tax Deducted Under Employer's Tax Equalization Policy
Facts of the Case
The
assessees were foreign employees who came to India on assignments through
arrangements made by their foreign employers with Indian companies.
The
employment contracts were gov...
Commissioner of Income Tax vs. Saden Vikas India Ltd. | Section 41(1) Income Tax Act – Cessation of Liability Cannot Be Taxed Without Prior Deduction or Benefit
Facts of the
CaseSaden Vikas India Ltd. received an advance of ₹50
lakhs from Premier Automobiles Limited (PAL) towards capital expenditure
required for developing and procuring tools, jigs, dies, fixtures, and moul...
COMMISSIONER OF INCOME TAX vs. VICTOR ELECTRODES LTD. — TAXABILITY OF SHARE APPLICATION MONEY AS UNEXPLAINED CASH CREDIT UNDER SECTION 68 OF THE INCOME TAX ACT, 1961 WHERE THE ASSESSEE DISCHARGES THE INITIAL ONUS OF PROOF BUT FAILS TO PHYSICALLY PRODUCE THE INVESTOR COMPANIES' DIRECTORS BEFORE THE ASSESSING OFFICER
Facts
of the CaseThe assessee company filed its return
of income for the Assessment Year 2002-03, declaring a total income of
₹8,67,334. The assessment was initially framed under Section 143(3) of the
Income Tax Ac...
Commissioner of Income Tax vs. Madhushree Gupta Whether Penalty Under Section 271(1)(c) Can Be Sustained Absent Clear Recording of Satisfaction by the Assessing Officer in the Assessment Order Despite the Retroactive Amendment by Finance Act 2008
Facts of the CaseThe Revenue (Appellant) preferred appeals (ITA No. 744/2007,
ITA No. 821/2007, and ITA No. 956/2007) against the orders quashing the penalty
levied under the Income Tax Act, 1961. The Assessing Officer...
Spaze Towers (P) Ltd. Vs. Commissioner of Income Tax, Delhi-III | Civil Writ Petition and Withdrawal of Writ – Delhi High Court| Article 226 of the Constitution of India
Facts
of the CaseThe petitioner, M/s Spaze Towers (P) Ltd., filed a series of connected
Civil Writ Petitions [W.P.(C) Nos. 12788/2009, 12794/2009, 12810/2009,
12828/2009, 326/2010, 327/2010, 333/2010, 334/2010, 335/20...
Spaze Towers (P) Ltd. vs. Commissioner of Income Tax, Delhi-III – Dismissal of Batch Writ Petitions as Withdrawn under Article 226 of the Constitution of India in Matters Arising under the Income Tax Act, 1961 | Delhi High Court [2010:DHC:13280-DB]
Facts
of the CaseThe petitioner, Spaze Towers (P)
Ltd., filed a batch of ten writ petitions [W.P.(C) Nos. 12788/2009, 12794/2009,
12810/2009, 12828/2009, 326/2010, 327/2010, 333/2010, 334/2010, 335/2010, and
336/2010...
Commissioner of Income Tax vs. Sahara Airlines Ltd. (2009) | Scope of Royalty under DTAA vs. Business Income & Tax Deduction at Source (TDS) Liabilities on International Airline Software under Section 195(2) of the Income Tax Act, 1961
Facts of the Case
The
respondent-assessee, Sahara Airlines Ltd., entered into operational
arrangements with two foreign entities: M/s. Amadeus Marketing (a
Spanish company) and M/s. Galileo Internatio...
Gautam Cable Industries v. Deputy Commissioner of Income Tax [Delhi High Court] – Disallowance of Interest on Borrowed Funds Diverted to Sister Concerns Without Commercial Expediency under Section 36(1)(iii) of the Income-tax Act, 1961
Facts of the
CaseThe assessee, Gautam Cable Industries, had borrowed
funds from banks and claimed deduction of interest paid on such borrowings.
During assessment proceedings, the Assessing Officer found that the borr...
Spaze Towers (P) Ltd. Vs. Commissioner of Income Tax Delhi-III | Withdrawal of Writ Petitions under the Income Tax Act | 2010:DHC:13287-DB
Facts
of the CaseThe petitioner, Spaze Towers (P)
Ltd., filed a series of writ petitions—specifically W.P.(C) Nos. 12788/2009,
12794/2009, 12810/2009, 12828/2009, 326/2010, 327/2010, 333/2010, 334/2010,
335/2010, a...