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Commissioner of Income Tax vs. M/S HUDCO Ltd.: Mere Unilateral Book Entries Cannot Constitute Accrual of Chargeable Interest Under the Interest Tax Act Where the Claim is Explicitly Rejected
Facts of the Case
Society
Membership: The respondent-assessee (M/S HUDCO Ltd.)
was a member of the India Habitat Centre (IHC), a society registered under
the Societies Registration Act.
Area
...
Commissioner of Income Tax, Delhi v. M/s Competent Automobiles Co. Ltd. (2005) | Section 271C & Section 273B of the Income Tax Act – Deletion of Penalty for Failure to Deduct TDS on Advance Rent Due to Reasonable Cause: A Non-Substantial Question of Law
Facts of the Case
The
Assessee (M/s Competent Automobiles Co. Ltd.) had paid an advance amount
of rent to its landlord.
The
Assessee failed to deduct Tax Deducted at Source (TDS) on the said advanc...
M/s Consortium Trading Co. vs Commissioner of Income Tax – Deduction of Vacation Charges and Fixtures Cost from Capital Gains under Sections 45 and 260A of the Income Tax Act, 1961
Facts of the CaseThe assessee, M/s Consortium Trading Co., a partnership firm
consisting of a father and son, purchased a property in Bombay on 1 February
1989. The property was let out to M/s Intercraft Ltd., a compan...
Commissioner of Income Tax Delhi vs M/s Raghav Enterprises – Addition on Alleged Undervaluation of Stock During Block Assessment under Sections 132, 158BC and 260A of the Income Tax Act, 1961
Facts of the CaseA search operation under Section 132 of the Income Tax Act,
1961 was conducted at the business premises of M/s Raghav Enterprises. Pursuant
to the search, a notice under Section 158BC was issued and th...
Imposition of Penalty under Section 271(1)(c) when Assessed Income is a Loss: Commissioner of Income Tax vs. M/S Ushabh Metals Limited
Facts
of the CaseThe Commissioner of Income Tax
(Appellant) challenged an order passed by the Income Tax Appellate Tribunal
(ITAT) concerning the respondent, M/S Ushabh Metals Limited. The central
dispute involved th...
Commissioner of Income Tax Delhi vs V.B. Aggarwal – Addition of Unexplained Cash Credits in Block Assessment as Undisclosed Income under Sections 158B(b), 158BB and 260A of the Income Tax Act, 1961
Facts of the CaseA search operation was conducted at the business and
residential premises of the Aggarwal Group. Based on material allegedly
obtained during the search, the Assessing Officer made an addition of Rs.
6...
CIT vs. M/S Benda Amtek Limited: Penalty Under Section 271(1)(c) of the Income Tax Act in Case of Assessed Loss
Facts
of the CaseThe Income Tax Appellate Tribunal
(ITAT) had dismissed the Revenue's appeal, upholding the deletion of a penalty
imposed by the Assessing Officer under Section 271(1)(c) of the Income
Tax Act, 1961. ...
Commissioner of Income Tax vs M/s Jupiter Builders Pvt. Ltd. – Block Assessment of Undisclosed Income under Sections 158BC, 158BB, 132 and 260A of the Income Tax Act, 1961
Facts of the CaseThe assessee, M/s Jupiter Builders Pvt. Ltd., was engaged in
the business of real estate development. A search operation under Section 132
of the Income Tax Act was conducted on 21 February 1997 at its...
Penalty Under Section 271(1)(c) of Income Tax Act: Can It Be Imposed When Assessed Income is a Loss? – Commissioner of Income-tax vs. Sachkhand Printers
Facts
of the CaseThe respondent-assessee filed returns
resulting in a loss. The Revenue authorities initiated penalty proceedings
under Section 271(1)(c) of the Income Tax Act, 1961, alleging
concealment of income or...
Commissioner of Income Tax vs. M/s Aravali Securities & Finan: Judicial Scrutiny of Depreciation Claims and Tribunal Findings
Facts
of the CaseThe Income Tax Department
(Petitioner) challenged an order passed by the Income Tax Appellate Tribunal
regarding a depreciation claim made by the assessee, M/s Aravali Securities
& Finan (Respond...