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Commissioner of Income Tax-VIII, New Delhi vs IFFCO Limited (Delhi High Court) – Section 43A & Section 260A of the Income-tax Act, 1961 | Depreciation on Imported Capital Assets Adjusted for Foreign Exchange Fluctuation | Allowability of Enhanced Depreciation Based on Exchange Rate Variation | Scope of Actual Cost Adjustment Under Section 43A
Facts of the CaseThe Revenue filed an appeal before the Delhi High Court
under Section 260A of the Income-tax Act, 1961, challenging the order of the
Income Tax Appellate Tribunal relating to Assessment Year 1991-92.Th...
Sita World Travel (India) Ltd. vs Commissioner of Income Tax, Delhi & Another (Delhi High Court) – Reassessment under Sections 147/148 Invalid Due to Mere Change of Opinion and Full Disclosure of Material Facts
Facts of the
CaseThe petitioner, Sita World Travel (India) Ltd., was
engaged in the business of providing travel and tour operator services to
foreign tourists. The company earned commission from hotels, airline...
Chanderpal Singh vs Income Tax Officer [Delhi High Court] – Whether Mere Confirmation of Loan and Production of Creditor Discharges Onus under Section 68? Creditworthiness, Genuineness of Cash Credits and Maintainability of Appeal under Section 260A
Facts of the CaseThe assessee, Chanderpal Singh, filed an appeal before the
Delhi High Court under Section 260A of the Income-tax Act, 1961 against the
order of the Income Tax Appellate Tribunal (ITAT) relating to Asse...
Commissioner of Income Tax-VIII, New Delhi vs IFFCO Limited (Delhi High Court) – Section 43A & Section 260A of the Income-tax Act, 1961 – Depreciation on Increased Cost of Imported Plant & Machinery Due to Foreign Exchange Fluctuation – Adjustment to Actual Cost and Written Down Value for Depreciation Purposes
Facts of the CaseThe Revenue filed an appeal under Section 260A of the
Income-tax Act, 1961 challenging the order of the Income Tax Appellate Tribunal
(ITAT) relating to Assessment Year 1992-93. The dispute concerned t...
Sita World Travel (India) Ltd. vs Commissioner of Income Tax, Delhi & Another (Delhi High Court) – Reassessment under Sections 147/148 Invalid Due to Mere Change of Opinion and Full Disclosure of Material Facts
Facts of the
CaseThe petitioner, Sita World Travel (India) Ltd., was
engaged in the business of providing travel and tour operator services to
foreign tourists. The company earned commission from hotels, airline...
M/s Prem Nath Goel & Co. vs Commissioner of Income Tax (Delhi High Court) – Section 68 Unexplained Cash Credit Addition Confirmed as Assessee Failed to Establish Creditworthiness of Creditors, Availability of Funds and Genuineness of Loan Transactions
Facts of the CaseThe assessee, M/s Prem Nath Goel & Co., filed an
appeal before the Delhi High Court under Section 260A of the Income-tax Act
challenging the order of the Income Tax Appellate Tribunal (ITAT) dated
...
Vinod Aggarwal & Another vs Income Tax Settlement Commission & Another – Whether Settlement Commission Can Modify an Order Granting Waiver of Interest Under Sections 154 and 245D(4) of the Income-tax Act, 1961
Facts of the
CaseThe petitioners challenged an order dated
22.03.2004 passed by the Income Tax Settlement Commission. The Commission
purportedly exercised its powers under Section 154 of the Income-tax Act, 1961,
to ...
Commissioner of Income Tax vs. Ms. Sadhna Chadha [Delhi High Court, 2003] – Taxability of Arrears of Rent Received in Subsequent Years, Scope of Annual Value under Sections 22 & 23, Applicability of Section 25B, Assessment of Rental Income, and Revenue Appeal under Section 260A of the Income-tax Act, 1961
Facts of the CaseThe assessee, Ms. Sadhna Chadha, was the lessor of a portion
of property situated at Connaught Place, New Delhi, which had been leased to
State Bank of Saurashtra. Under a lease agreement dated 1 Augus...
Vinod Aggarwal vs Income Tax Settlement Commission & Others | Deepak Aggarwal vs Income Tax Settlement Commission & Others – Power of Settlement Commission to Modify Orders under Section 245D(4) of the Income-tax Act, 1961
Facts of the CaseThe petitioners, Vinod Aggarwal and Deepak
Aggarwal, challenged the order dated 29.03.2004 passed by the Income Tax
Settlement Commission. The impugned order was passed on an application filed by...
Commissioner of Income Tax vs M/s Indocount Finance Ltd. (Delhi High Court) – Whether Higher Depreciation on Leased Trucks is Allowable When Vehicles are Used in the Business of Running Them on Hire | Section 260A of the Income-tax Act, 1961
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 passed in
favour of the assessee, M/s Indocount Finance Ltd.The controversy rela...