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Commissioner of Income Tax vs. Assessee: Dismissal of Penalty Proceedings Upon Dismissal of Quantum Appeals under Section 271(1)(c)
Facts of the CaseThe case before the Hon’ble Delhi High Court in ITA
316/2008 and ITA 317/2008 emerged out of a long-standing dispute concerning
penalty proceedings initiated by the Revenue Department against the
re...
Commissioner of Income Tax (Central - I) vs. M/s P.P. Jewellersunder Section 260A of the Income Tax Act, 1961
Facts
of the Case·
Parties involved: The revenue preferred an appeal under Section 260A
of the Income Tax Act, 1961 against the assessee, M/s P.P. Jewellers.· &nb...
THE COMMISSIONER OF INCOME TAX-V v. NATRAJ STATIONERY PRODUCTS (P) LTD: DELHI HIGH COURT UPHOLDS CONTINUITY OF TAX HOLIDAY BENEFITS UNDER SECTION 80-IB(3)(i) FOR SMALL-SCALE INDUSTRIAL UNITS SET UP IN THE INITIAL ASSESSMENT YEAR OF 1994-95
Facts
of the Case·
Assessee Setup: The respondent/assessee set up an industrial
undertaking for manufacturing photo albums and commenced production on March
24, 1994. ...
Commissioner of Income Tax vs. M/s DCM Sriram Consolidated Ltd: Computation of Book Profits Under Section 115JA for Captive Power Generation
Facts
of the CaseThe case entered the High Court via an
appeal under Section 260A of the Income Tax Act, 1961 filed by the Revenue
(Commissioner of Income Tax). The appeal targeted an order passed by the Income
Tax A...
Commissioner of Income Tax, Delhi-II vs Monnet Industries Ltd. | Interest on Borrowed Capital for Expansion of Existing Business Allowable as Revenue Expenditure under Section 36(1)(iii) of the Income-tax Act
Facts of the Case
Monnet Industries Ltd. was engaged in the manufacture and trading
of ferro alloys through its plant located in Raipur.
During the financial years 1994-95 and 1995-96, the company
establi...
Commissioner of Income Tax-V vs Natraj Stationery Products (P) Ltd. | Deduction under Section 80-IB Cannot Be Denied Merely Due to Subsequent Statutory Bifurcation of Section 80-IA – Delhi High Court
Facts of the Case
The assessee established an industrial undertaking for
manufacturing photo albums during the previous year relevant to Assessment
Year 1994-95.
Production commenced on 24.03.1994.
The ...
Commissioner of Income Tax vs Delhi Brass & Metal Works Ltd. – Interest on Fixed Deposits Not Eligible for Section 80HHC Deduction | Delhi High Court
Facts of the Case
The respondent-assessee was engaged in the business of exporting
readymade garments and was a 100% exporter.
The assessee maintained fixed deposits with a bank out of surplus
funds.
Du...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. DCM Shriram Consolidated Ltd. | Delhi High Court | Section 115JA MAT – Profits from Captive Power Plants Eligible for Deduction
Facts of the Case
The assessee, DCM Shriram Consolidated Ltd., operated multiple
manufacturing divisions, including fertilizer, cement, chemicals and
textile units.
The assessee had established four Capti...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. M/s DCM Shriram Consolidated Ltd. | Delhi High Court Upholds Deduction of Captive Power Generation Profits under Section 115JA of the Income Tax Act
Facts of the
CaseThe Revenue preferred an appeal under Section 260A
of the Income Tax Act, 1961 against the order of the Income Tax Appellate
Tribunal relating to Assessment Year 2000-01.The dispute pertained to the a...
Commissioner of Income Tax, Delhi-IV, New Delhi vs. M/s DCM Shriram Consolidated Ltd. | Delhi High Court
Facts of the Case
The assessee, M/s DCM Shriram Consolidated Ltd., was engaged in
generation of electricity.
The electricity generated by the assessee was entirely utilized for
captive consumption.
Whil...