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Director of Income Tax (International Tax) vs. Copal Research Limited, Mauritius & Connected Matters | Delhi High Court | Taxability of Indirect Transfer, India–Mauritius DTAA and Section 195 TDS Liability
Facts of the CaseThe Revenue filed writ petitions challenging the
AAR ruling dated 31.07.2012.The dispute arose from multiple transactions
involving the Copal Group and Moody’s Group:
Copal Research Limited (Maurit...
Madhukar Khosla vs. Assistant Commissioner of Income Tax: Jurisdictional Requirement of ‘Tangible Material’ for Reopening Assessment Under Section 147
Facts
of the CaseThe
petitioner, Madhukar Khosla, filed income tax returns for the Assessment
Year (AY) 2006-07 on October 30, 2006. The case was selected for scrutiny,
and a questionnaire was issued to which the pet...
PepsiCo India Holdings Pvt. Ltd. vs. Assistant Commissioner of Income Tax: Delhi High Court Quashes Section 153C Notices Due to Lack of "Satisfaction"
Facts
of the Case
Search Operation: A search and seizure
operation under Section 132(1) of the Income Tax Act, 1961, was conducted
on the Jaipuria Group on March 27, 2012.
Seized Documents: During the s...
Commissioner of Income Tax-VI vs Climate System Pvt. Ltd. | Allowability of Foreign Exchange Fluctuation Loss on FCNR(B) Loan under Sections 37(1), 43A & 263 of the Income Tax Act, 1961
Facts of the CaseThe assessee had issued 15% Unsecured Redeemable
Non-Convertible Debentures carrying interest at 15% per annum. For repayment of
these debentures, the assessee obtained FCNR(B) loans from banks at lowe...
JRD Stock Brokers (P) Ltd. vs Commissioner of Income Tax-II | Delhi High Court | Section 154 & Section 132 of Income Tax Act | Rectification of Mistake Cannot Be Used for Reassessment of Turnover in Accommodation Entry Cases
Facts of the CaseThe assessee was subjected to a search under Section 132 on
24 November 2000 for allegedly providing accommodation entries in the form of
bogus share gains and losses.It was found that the assessee ope...
Commissioner of Income Tax vs. M/s Navodaya Castles Pvt. Ltd. – Addition under Section 68 on Bogus Share Capital / Accommodation Entries – Delhi High Court
Facts of the Case
The
assessee company filed its return declaring loss for Assessment Year
2002-03.
The
case was reopened under Sections 147/148 based on Investigation Wing
information allegi...
Commissioner of Income Tax–III vs. M/s R.R. Holdings Pvt. Ltd. (2014) 2014:DHC:4097-DB | Delhi High Court | Section 217(1A) Interest Levy on Failure to Pay Advance Tax
Facts of the CaseThe assessee company filed its
return for Assessment Year 1988-89 declaring a loss. During assessment
proceedings, the assessee requested that consultancy commission income
amounting to Rs.1,82,69,610...
Director of Income Tax (Exemption) vs The Ajay G. Piramal Foundation – Corpus Donation of Shares, Exemption under Sections 11, 12 & 13(1)(d) of the Income Tax Act, Validity of Revised Return and Taxability of Gifted Shares | Delhi High Court
Facts of the CaseThe Ajay G. Piramal Foundation was established on 30.07.2005
for charitable purposes including establishment and operation of hospitals,
medical institutions, dispensaries, maternity homes and child we...
M/s Galileo Nederland BV (Now Travelport Global Distribution System BV) vs Assistant Director of Income Tax, Circle-1(2), International Tax, New Delhi | Delhi High Court | Profit Attribution to PE in India under Section 9(1)(i) & Article 7 of Indo-Netherlands DTAA
Facts of the Case
The
assessee, incorporated in the Netherlands, was engaged in providing
electronic distribution services to the travel industry through a
Computerised Reservation System (CRS).
Th...
Rashda Siddiqui vs Commissioner of Income Tax-VIII, New Delhi & Ors. | Taxability of Sale of Paintings as Personal Effects under Section 2(14) of the Income Tax Act
Facts of the Case
The
petitioner sold a painting during the financial year relevant to
Assessment Year 2006-07 for Rs. 34 lakhs.
The
painting had been acquired prior to 01.04.1981.
The
pet...