Blog Categories
All Posts
Accounting Standard 12
CBDT 1
Chartered Accountant 1
Chartered Engineer 1
Greetings 1
Income Tax Act 2025 0
Labour Law 2
MCA Notification 1
MSME 1
NGO- Trust & Society 0
PLACEMENT 1
Press Information Bureau, Government of India (PIB) 2
RBI & Banks 1
RERA 0
RTI 1
STUDENT ICAI 2
Virtual Webinar 5
Subscribe to Newsletter
Join our subscribers list to get the latest Tax Updates and Opportunities.
Knowledge Portal
Click here to explore deep insights, FAQs, and comprehensive tax guides.
Explore Now
Commissioner of Income-Tax vs. M/s Shri Shyam Sales: Whether Higher Rate of Depreciation @ 40% is Legally Allowable under Section 32 on Leased-Out Commercial Vehicles When the Lessor/Assessee is Not Personally Engaged in the Operational Business of Running Such Vehicles on Hire
Facts of the CaseThe matter came before the High Court of Delhi through two
interconnected tax proceedings, namely ITR No. 25/99 and ITA No.
83/99. These proceedings were clubbed and disposed of together via a common
...
Shri Shyam Sales v. Income-Tax Settlement Commission & Ors. | Scope and Limits of Tribunal Jurisdiction: Whether the Settlement Commission Possesses Inherent Power to Rectify or Review a Final Assessment Order Passed Under Section 245D(4) of the Income Tax Act, 1961 in Light of Capital Cables (India) Pvt. Ltd. Precedent
Facts of the CaseThe petitioner, Shri Shyam Sales, originally approached the
Income-Tax Settlement Commission seeking an amicable and final resolution to
its outstanding direct tax vulnerabilities. Following standard s...
Shri S.P. Bhatia v. Income Tax Settlement Commission and Others: Delhi High Court Bars Income Tax Settlement Commission from Rectifying or Modifying Final Orders Under Section 245D(4) of the Income Tax Act, 1961
Facts of the Case
The
Income Tax Settlement Commission had initially passed an order settling a
case under Section 245D(4) of the Income Tax Act, 1961, on May
21, 1998.
Subsequently,
on March...
In the High Court of Delhi: Commissioner of Income Tax vs. M/s. Fuji Bank Ltd. — A Comprehensive Judgment on the Legality of Deleting Penalties Imposed Under Section 271G of the Income Tax Act, 1961, and the Judicial Binding Nature of Precedents in Transfer Pricing and International Banking Documentation Disputes
Facts of the CaseThe Revenue (the Income Tax Department) preferred six
statutory appeals before the High Court of Delhi against a common, consolidated
order rendered by the Income Tax Appellate Tribunal (ITAT), New Del...
Commissioner of Income-Tax vs. M/s Shri Shyam Sales (and Connected Appeals) | Dismissal of Revenue's Appeal on Absence of Substantial Question of Law under Section 260A of the Income Tax Act, 1961 – Issue Covered by Precedents on Foreign Exchange Fluctuations/Treaty Interpretations (Azadi Bachao Andolan & Woodward Governor)
Facts of the Case
The
Litigating Parties: The Appellant in this batch of
matters is the Revenue department (Commissioner of Income-Tax), while the
primary Respondent-Assessee is identified as M/s Shri...
Commissioner of Income Tax Vs. M/s Shri Shyam Sales (2004:DHC:8920-DB): Dismissal of Revenue's Income Tax Appeals under Section 260A of the Income Tax Act, 1961, by the Delhi High Court Due to Absence of Substantial Question of Law Following Precedent in CIT Vs. M/s Itochu Corporation
Facts of the Case
Nature
of Filing: The Revenue Department (Commissioner of
Income Tax) instituted a batch of tax appeals challenging the decisions
rendered by lower appellate authorities.
Parties
...
Commissioner of Income Tax vs. M/s Shri Shyam Sales: Determination of the Legal Threshold for Substantial Question of Law under Section 260A of the Income Tax Act, 1961, and the Binding Principle of Precedents with Reference to the Azadi Bachao Andolan, Woodward Governors, and Itochu Corporation Judgments
Facts of the Case
The
Appellant, represented by the Revenue/Income Tax Department, moved the
Hon’ble High Court of Delhi by filing a batch of statutory tax appeals,
collectively registered under ITA...
C.I.T. vs. M/s Indo Kopp Ltd.: Delhi High Court Holds Interest Paid to Trade Creditors Cannot Be Disallowed Under Section 37(1) Due to Non-Recovery of Interest from Trade Debtors
Facts of the CaseThe respondent-assessee, M/s Indo Kopp Ltd., filed its income
tax return claiming a business deduction of ₹16,23,432/-. This sum represented
the actual interest amount paid by the company to its trad...
Commissioner of Income Tax vs. M/s Ilac Investment Pvt. Ltd. | Section 68 Income Tax Act: Unexplained Cash Credits & Share Application Money
Facts of the Case
For
the assessment year 1989-90, the respondent-assessee disclosed a sum of
₹4,75,000/- received as share application money within its income tax
return.
The
Assessing Off...
C.I.T. vs. M/S Sony India (P) Ltd.: Allowability of Warranty Provision as Deduction Under Section 37(1) of Income Tax Act
Facts of the Case
Assessee's
Business Operations: The assessee, M/S Sony India (P) Ltd.,
is a prominent corporate entity engaged in the widespread manufacture,
marketing, and sale of televisions (TVs)...