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The Commissioner of Income Tax, Delhi-X vs. M/s. Rajan & Co. (ITA No. 04/2005) – Mandatory Requirement of Recording Assessing Officer's Satisfaction Under Section 271(1)(c) of the Income Tax Act, 1961 for Initiation of Penalty Proceedings for Concealment of Income
Facts of the Case
The
respondent-assessee filed a return on November 30, 1990, showing an income
of ₹2,29,280/-, which was later revised to ₹2,29,960/-.
During
a survey under Section 133A on Se...
COMMISSIONER OF INCOME TAX VERSUS M/S NATIONAL THERMAL POWER CORP: WITHDRAWAL OF APPEAL UNDER INCOME TAX ACT 1961
Facts of the CaseThe Appellant, The Commissioner of Income Tax, initiated
appellate proceedings before the High Court of Delhi, registered as ITA
673/2005, against the Respondent, M/S National Thermal Power Corp. The d...
Commissioner of Income Tax v. M/s Span Air Pvt. Ltd. – Penalty under Section 271(1)(c) on Assessed Loss Cases after Insertion of Explanation 4 | Delhi High Court
Facts of the CaseThe Revenue challenged the order of the Income Tax
Appellate Tribunal (ITAT) whereby the Tribunal had deleted the penalty imposed
under Section 271(1)(c) of the Income-tax Act, 1961. The Tribunal had h...
The Commissioner of Income Tax v. M/s. Usha Stud & Agricultural Farms Pvt. Ltd. (ITA No. 129/2003) – Scope of Section 145: Valuation of Closing Stock (Foals) at Nil Value Under Consistent Method of Accounting and Disallowance of Depreciation on Live Stock / Business Flats Under Income Tax Act, 1961
Facts of the Case
The
respondent-assessee is a private limited company carrying on the business
of breeding and maintenance of horses, along with supporting agricultural
activity for feed and fodder. ...
CIT V. NATIONAL THERMAL POWER CORP: WITHDRAWAL OF APPEAL PENDING COMMITTEE ON DISPUTES CLEARANCE (SECTION 260A INCOME TAX ACT)
Facts of the Case
The
Appellant, the Commissioner of Income Tax, initiated proceedings before
the High Court of Delhi by filing an appeal under Section 260A of the
Income Tax Act.
The
litigat...
M/s Cincom Systems India Pvt. Ltd. vs Commissioner of Income Tax – Stay of Tax Demand Pending Appeal under Sections 220(6) & 264 of the Income-tax Act, 1961 | Delhi High Court (2005)
Facts of the CaseM/s Cincom Systems India Pvt. Ltd., engaged in the
business of supplying software to call centres, was subjected to assessment
proceedings for Assessment Year 2002-03. The Assessing Officer completed t...
The Commissioner of Income Tax vs. M/s. Usha Stud & Agricultural Farms Pvt. Ltd. (and Ameeta Mehra): Scope of Stock Valuation under Section 145 and the Rule of Consistency in Livestock Breeding Income Determination—Whether Inventory Method constitutes a Substantial Question of Law
Facts of the Case
Assessee
Business: The respondent-assessee is a private
limited company carrying on the commercial business of breeding and
maintenance of horses, alongside associated agricultural a...
COMMISSIONER OF INCOME TAX VERSUS M/S GLOCOM IMPEX P. LTD: A DEFINITIVE ANALYSIS ON THE LIMITS OF SECTION 68 OF THE INCOME TAX ACT, 1961 REGARDING SHARE CAPITAL CONTRIBUTIONS AND INVESTOR CREDITWORTHINESS
Facts of the CaseThe assessee, a private limited company known as M/S Glocom
Impex P. Ltd., reported an infusion of ₹15 lacs into its books of account
categorized as share capital contribution. This specific investme...
Commissioner of Income Tax v. M/s. Usha Stud & Agricultural Farms Pvt. Ltd. (ITA No. 129/2003) — Validity of Nil Valuation of Foals and Consistency in Method of Accounting Under Section 145 of the Income Tax Act, 1961
Facts of the Case
The
respondent-assessee is a private limited company involved in the business
of breeding and maintaining horses, alongside undertaking integrated
agricultural activities to produce ...
COMMISSIONER OF INCOME TAX VERSUS M/S R.B. NARAIN SINGH SUGAR MILL: DETERMINATION OF SUBSTANTIAL QUESTION OF LAW UNDER SECTION 260A OF THE INCOME TAX ACT, 1961
Facts of the CaseThe Revenue (Commissioner of Income Tax) preferred an appeal
against the order dated November 23/30, 2005, passed by the Income Tax
Appellate Tribunal (ITAT), Delhi Bench 'G'. This appeal specifically ...