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Commissioner of Income Tax vs. Superior Crafts | Delhi High Court | Section 260A, Section 142(2A), Section 40A(2)(b), Section 145 & Section 37 of Income Tax Act – Valuation of Closing Stock, Rejection of Books of Accounts, Related Party Transactions and Business Expenditure
Facts of the
CaseThe assessee, Superior Crafts, was a partnership
firm engaged in export business. During Assessment Year 2002-03, the Assessing
Officer directed a special audit under Section 142(2A) of the Income Tax...
Eastman Industries Limited vs Commissioner of Income Tax | Delhi High Court on Section 80HHC Deduction on DEPB Credit | Reliance on Topman Exports Case
Facts of the
CaseEastman Industries Limited, engaged in the business
of export of cycle parts and light engineering goods, filed its return for
Assessment Year 2003-04 declaring income after claiming deduction under S...
Northern Exim (P) Ltd. vs Deputy Commissioner of Income Tax & Another | Reopening of Assessment after VDIS Declaration under Sections 147/148 of Income Tax Act Held Invalid by Delhi High Court
Facts of the CaseThe petitioner, Northern Exim (P) Ltd., filed a
declaration under the Voluntary Disclosure of Income Scheme, 1997 for
Assessment Years 1989-90 to 1997-98. For Assessment Year 1997-98, the
petitioner d...
Reena Gambhir & Sanjay Gambhir vs Commissioner of Income Tax & Anr | Jurisdiction Transfer under Section 127 & 132(1) of the Income Tax Act, 1961
Facts of the Case:The petitioners, Reena Gambhir and Sanjay Gambhir, challenged
the order dated 30.11.2011 passed by the Commissioner of Income Tax,
Delhi-VIII, transferring jurisdiction to ACIT, Central Circle-1, Chan...
Karan Raghav Exports Pvt Ltd. vs Commissioner of Income Tax – Penalty under Section 271(1)(c) of Income Tax Act, 1961
Facts of the CaseThe appellant, Karan Raghav Exports Pvt Ltd., claimed
depreciation on a building owned by it but used by a partnership firm in which
it was a partner during the Assessment Year 2005-06. The total depre...
Commissioner of Income Tax Delhi vs Geeta Devi Bindal & Others – Alleged Bogus Sale of Jewellery – Sections Involved: Income Tax Act, Relevant Provisions
Facts of the CaseThe appeals before the Delhi High Court pertain to multiple
cases where the Commissioner of Income Tax challenged the genuineness of
jewellery sales by various assessees to Bishan Chand Mukesh Kumar or...
Commissioner of Income Tax Delhi vs M/s Bharatpur Nutritional Products Limited – Section 41(1) Income Tax Act, Excise Duty Refund, Assessment Year 1987-88
Facts of the Case
The
respondent, M/s Bharatpur Nutritional Products Limited (formerly
Dalmia Industries Limited), received a refund of ₹42,05,173 from the
Excise Department for excise duty paid dur...
Commissioner of Income Tax Delhi vs. Delhi Tourism & Transport Development Corporation Ltd.: Analysis under Section 37 & Section 256(1) of the Income Tax Act, 1961 – Taxability of TIUF & OGES Expenditures
Facts of the Case
Delhi
Tourism & Transport Development Corporation Ltd. (DTTDC) was
established by the Delhi Government to manage tourism and transportation
services and liquor retail trade.
R...
Commissioner of Income Tax Delhi II vs Leo Financial Services Ltd.: Section 263 Income Tax Act, 1961 – Dividend Stripping & Section 40A(2)(b) Payment Dispute
Facts of the Case
The
Commissioner of Income Tax issued an order under Section 263 of the Income
Tax Act, 1961, revising the assessment of Leo Financial Services Ltd. for
the assessment year 2001-02. ...
Commissioner of Income Tax v. New Delhi Hotels Ltd. | Business Loss vs Capital Loss on Advance Paid for Property Purchase under Sections 37, 36(1)(vii) & 36(2) of the Income Tax Act, 1961
FACTS OF THE CASEThe assessee, New Delhi Hotels Ltd., was engaged in the
business of construction, development, and dealing in real estate properties.
During the financial year 1990-91, the assessee entered into agreem...