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Comprehensive Analysis: Entitlement of Assessee Company to Claim Statutory Depreciation on Factory Buildings Owned and Utilized for Business Operations Under Section 32, Interpreting 'Ownership' and 'Belonging To' via the Landmark Precedents of CIT v. Podar Cement Pvt. Ltd. and Gowersons Publishers (Pvt) Ltd. v. CIT
Facts of the CaseThe genesis of this matter lies in a tax dispute regarding the
assessment of an assessee company, leading to a formal reference application (ITR-265/83)
before the Division Bench of the Hon’ble Delhi...
M/s Punjab Sugar Mills Co. Ltd. vs. Commissioner of Income-tax: Delhi High Court Order on Bogus Sole Selling Agency Commission and Factual Disallowance Under Section 66(2) of the Indian Income-tax Act, 1922
Facts of the Case
The
case involves the assessee, M/s Punjab Sugar Mills Co. Ltd., for
the Assessment Years 1958-59 and 1959-1960.
The
assessee claimed a deduction for business expenditures regardin...
The Joint Commissioner of Income-Tax v. M/s. Anatronics General Co. (P) Ltd. — Determination of 100% Depreciation Rate under First Proviso to Section 32(1)(ii) of the Income-Tax Act, 1961: Whether Individual Bottles Leased out by a Leasing Company Stand Independently Qualifying as "Plant" or Constitute Bulk Assets Exceeding Statutory Monetary Limits
Facts of the Case
The
Assessee company (M/s. Anatronics General Co. (P) Ltd.) was engaged
in the business of supplying glass bottles to other commercial concerns on
a lease basis.
For
the rel...
Commissioner of Income-tax Vs. Shri Ramesh Suri: High Court Directs ITAT to Refer Questions on Taxability and Onus of Proof Regarding Foreign Gifts Under the Income-tax Act, 1961
Facts of the CaseThe case involves an Income Tax Case (ITC 44/99) before the
Delhi High Court. The Revenue (Commissioner of Income-tax) filed a petition
challenging an order passed by the Income-tax Appellate Tribunal ...
Commissioner of Income-tax, Delhi-VIII vs. M/s. Mecon Builders & Engineers | Deletion of Section 271(1)(c) Penalty on Agreed Additions & Timing Differences in Civil Construction Revenue Recognition: Delhi High Court Verdict
Facts of the Case
The
Assessee is a partnership firm engaged in the execution of civil
construction works.
During
the assessment proceedings for Assessment Year 1988-89, the Assessee
declared...
Commissioner of Income-tax, Delhi-III v. Shri Pratap Chand (HUF) – Applicability of Section 52(2) of the Income-tax Act, 1961 to Capital Gains Assessment
Facts of the CaseThe case originates from the assessment year 1972-73,
involving cross-references (ITRS Nos. 48-49/80) filed before the High Court of
Delhi. The primary dispute centers around the assessment of capital ...
Shri John Thomas Versus Commissioner of Income-tax: Taxability of Rental Income Adjusted Against Mortgage Loans under Section 22 and Section 256 of the Income-tax Act, 1961 – Comprehensive Analysis of Application vs. Diversion of Income by Overriding Title in Usufructuary Mortgages
Facts of the Case
Property
Ownership: The assessee, Shri John Thomas, owned a
multi-story commercial house property named 'Rageena Mansion' located in
Madras (now Chennai), which was constructed in 19...
Additional Commissioner of Income-Tax vs. M/S Motorlite Manufacturing Co. — Scope of Penalty under Section 271(1)(c) of the Income-Tax Act, 1961: Whether Estimation of Income by Department Overriding Unclosed Books Incurs Penalty for Concealment in Absence of Fraud or Gross Neglect
Facts of the Case
Firm
Structure and Seizure: The assessee, M/S Motorlite Mfg Co.,
was originally a partnership firm comprising two partners, Mohinder Singh
and Richpal Singh, sharing profits and loss...
Commissioner of Income-tax, Delhi-I vs. M/s. Regal Theatre | Allowability of Business vs. Entertainment Expenditure under Section 37(2B) of the Income-tax Act, 1961: A Definitive Ruling on Hospitality and Club Expenses
Facts of the CaseThe assessee, M/s. Regal Theatre, incurred a total expenditure
of ₹42,040 on various items during the assessment year 1974-75 (with the
relevant previous year ending on October 31, 1973). The Income-...
Commissioner of Income-tax, Delhi-I vs. M/s. Eskay Electronics (India) Ltd. – High Court of Delhi Case Law Analysis on Eligibility of Interest Under Section 214 of the Income-tax Act, 1961 for Delayed Payment of Advance Tax Instalments Deposited Within the Financial Year
Facts of the Case
Assessee
Profile & Assessment Year: The Respondent-Assessee,
M/s. Eskay Electronics (India) Ltd., is a private limited company. The
case concerns the Assessment Year (AY) 1975-76...