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Commissioner of Income Tax, Delhi-VIII vs. M/s. SAE Head Office Monthly Paid Employees Welfare Trust (With Connected Income Tax Appeals): On Whether Trustees of a Representative Discretionary Trust Hold the Legal Status of an 'Individual' for Income Tax Computation and Eligibility of Deductions Under Section 80L and Section 112, or Are Taxable at the Maximum Marginal Rate as an 'Association of Persons' Under Section 164(1) of the Income Tax Act, 1961
Facts of the CaseThe assessee, M/s. SAE Head Office Monthly Paid Employees
Welfare Trust, filed its return of income for the Assessment Year 1995-96,
declaring a total income that predominantly comprised long-term capi...
CIT vs. M/s India Lease Development Ltd: Scope of Depreciation on Leased Assets Unresolved Under Section 32 of Income Tax Act
Facts
of the CaseThe Commissioner of Income Tax
(Petitioner) filed an appeal (ITA 507/2003) before the Hon’ble High
Court of Delhi against M/s India Lease Development Ltd (Respondent). The case
pertains to the Asse...
Surjit Dhingra vs Income Tax Settlement Commission (Delhi High Court) – Whether the Settlement Commission Can Rectify a Final Settlement Order Under Section 154 of the Income-tax Act After Becoming Functus Officio | Sections 154, 245D, 245F & 245I of the Income-tax Act, 1961
Facts of the CaseThe petitioners had approached the Income Tax Settlement
Commission in 1994 by filing settlement applications under Section 245C of the
Income-tax Act, 1961. The Settlement Commission initially passed ...
Income-Tax Appeal Judgement: Commissioner of Income-Tax, Delhi-VIII vs. M/s SAE Head Office Monthly Paid Employees Welfare Trust (with Connected Matters) — On the Status of Discretionary Trust Trustees as an 'Individual' for Section 80L and Section 112 Computations Prior to the Application of Maximum Marginal Rate under Section 164(1)
Facts of the CaseThe Revenue preferred multiple appeals under Section 260A of
the Income Tax Act, 1961 against the common order of the Income Tax Appellate
Tribunal (ITAT) for the Assessment Year 1995-96. The assesseeâ...
M/s Pawha Builders Pvt. Ltd. vs. Commissioner of Income Tax: Scope of Ownership and Rent Apportionment Under Section 22 of the Income Tax Act
.Facts
of the Case·
The Parties: The appellant/assessee is M/s Pawha Builders Pvt.
Ltd. (the Builder), and the respondent is the Commissioner of Income Tax.· &nbs...
M/s J.K. Synthetics Ltd. vs Commissioner of Income Tax (Central)-I, New Delhi – Landmark Delhi High Court Ruling on Waiver and Reduction of Interest under Section 215(4) of the Income-tax Act, 1961 and Rule 40(1) of the Income-tax Rules, 1962 Where Assessment Delay Exceeds One Year and Is Not Attributable to the Assessee
Facts of the CaseThe petitioner, M/s J.K. Synthetics Ltd., a public limited
multi-unit company engaged in the manufacture of yarn, cement and other
products, filed its return of income for Assessment Year 1975-76 on 1 ...
Commissioner of Income Tax, Delhi vs M/s Alpha Motor Finance Ltd. – Section 260A Income-tax Act | Whether Appeal is Maintainable When Issue Already Stands Concluded by Binding Precedent and SLPs Have Been Dismissed by the Supreme Court
Facts of the CaseThe Revenue filed an appeal before the Delhi High Court
under Section 260A of the Income-tax Act, 1961 against M/s Alpha Motor Finance
Ltd.The issue sought to be raised by the Revenue had already
been...
Shri Shyam Sales vs. Commissioner of Income Tax | Release of Seized Jewellery under Section 132(1)(iii) Proviso & Powers of Settlement Commission under Section 245F
Facts
of the Case·
The petitioner, Shri Shyam Sales, filed
a writ petition seeking directions against the respondents for the release of
entire seized jewellery valued...
Commissioner of Income Tax, Delhi vs M/s Bansal Credit (P) Ltd. – Appeal under Section 260A of the Income-tax Act, 1961 on Deemed Dividend and Substantial Question of Law; Delhi High Court Reaffirms Finality of Earlier Judgment and Dismisses Revenue’s Appeal
Facts of the CaseThe Revenue filed an appeal before the Delhi High Court
under Section 260A of the Income-tax Act, 1961 against the order in favour of
M/s Bansal Credit (P) Ltd. The issue sought to be raised by the Rev...
Shri Shyam Sales vs. Income Tax Appellate Tribunal & Anr. — Delhi High Court on Perversity of Ad-Hoc Tax Additions Under Section 260A of the Income Tax Act, 1961
Facts
of the Case·
A search was conducted at the premises
of the assessee, M/s Shri Shyam Sales.
·
Following the sear...