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Commissioner of Income Tax Delhi (Central)-II vs. V.L.S. Finance Limited: Scope of Income Tax Appellate Tribunal (ITAT) Powers under Section 254(2) Regarding Rectification of Mistakes Apparent from the Record Due to Non-Consideration of Supreme Court Precedents
Facts of the Case
The
Income Tax Appellate Tribunal (ITAT) initially passed a common order dated
August 31, 2005, under Section 254(1) of the Income Tax Act for the
Assessment Years 1995-96, 1996-97, ...
Pr. Commissioner of Income Tax-1 vs Avery Dennison (India) Pvt. Ltd. | Delhi High Court | Transfer Pricing Adjustment on Intra-Group Services | TNMM vs CUP Method
Facts of the
CaseAvery Dennison (India) Pvt. Ltd. entered into
international transactions with its Associated Enterprise (AE). For transfer
pricing purposes, the assessee adopted the Transactional Net Margin Method
(...
Commissioner of Income Tax vs. Dawn View Farms Pvt Ltd: Validity of Block Assessment Jurisdiction Under Section 158BD of the Income Tax Act, 1961 – Mandate of Satisfaction Note by the Assessing Officer of the Searched Party
Facts of the Case
A
search and seizure operation under Section 132 of the Income Tax Act,
1961, was carried out at the premises of an entity named M/s Yadav
& Co.
During
the search, statem...
Commissioner of Income Tax (Revenue) vs. Assessee (Name Not Available) – Delhi High Court Holds Revenue Appeal Not Maintainable Without Committee on Disputes (COD) Approval | ITR No. 72/2009
Facts of the
Case
The Revenue filed an Income Tax Reference before the Delhi High
Court.
During the proceedings, it was observed that approval from the
Committee on Disputes (COD) had not been obtained.
...
Moser Baer India Ltd. vs. The Additional Commissioner of Income Tax & Anr. Delhi High Court Landmark Judgment on Section 92CA(3): Arm's Length Price (ALP) Adjustments by Transfer Pricing Officer (TPO) Declared Void in the Absence of Mandatory Oral Hearing and Confrontation of Comparative Data Under the Principles of Natural Justice
Facts of the CaseThe case involves a batch of writ petitions filed by several
major corporate entities—including Moser Baer India Ltd., HCL Technologies BPO
Services Ltd., HCL Technologies Ltd., Haier Appliances (I) ...
Commissioner of Income Tax v. Rural Electrification Corporation Ltd. – Revival of Revenue Appeals Dismissed Due to Prior Committee on Disputes (COD) Rejection
Facts of the
CaseThe Revenue had filed appeals against Rural
Electrification Corporation Ltd. for Assessment Years 2001-02 and 2002-03.
Earlier, these appeals were disposed of on 6 May 2009 because the required
appro...
Moser Baer India Ltd. & Others vs. The Additional Commissioner of Income Tax & Another: Mandatoriness of Oral Hearing and Fair Disclosure of Material in Transfer Pricing Arm's Length Price (ALP) Determinations under Section 92CA(3) of the Income Tax Act, 1961
Facts of the CaseA batch of six writ petitions was filed before the Delhi High
Court by several prominent corporate assessees—including Moser Baer India
Ltd., HCL Technologies BPO Services Ltd., HCL Technologies Ltd....
Commissioner of Income Tax, Delhi (Central) II vs. Usha Marketing (Pvt.) Ltd. — Disallowance of Share Transaction Loss as Group Strategy Book Loss vs. Levy of Penalty for Concealment under Section 271(1)(c) of Income Tax Act, 1961: High Court Affirms Mere Rejection of Business Loss Claim Does Not Attract Concealment Penalty When Genuine Transaction Particulars Are Disclosed
Facts of the Case
The
respondent-assessee company deals in the sale and transfer of shares.
During
the Assessment Year 1986-87, the Assessing Officer (AO) permitted the
company to convert certain s...
Commissioner of Income Tax vs. Rural Electrification Corp. Ltd. | Maintainability of Income Tax Appeal and Revival Post-Abolition of Committee on Disputes (COD) under Section 260A of the Income Tax Act, 1961
Facts of the Case·
The Commissioner of Income Tax
(Revenue) preferred two appeals, numbered ITA 84/2008
(pertaining to Assessment Year 2001-02) and ITA 85/2008
(...
Commissioner of Income Tax v. M/s. Oswal Agro Mills Ltd. (and Connected Appeals): Allowability of Depreciation on a Temporarily Closed Business Unit Forming Part of a Unified 'Block of Assets' Under Section 32 of the Income Tax Act, 1961
Facts of the Case
Assessee
Profile & Claims: The assessee, a well-established
company, claimed statutory depreciation amounting to ₹9.31 Crores on its
various capital assets for the Assessment Y...