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Commissioner of Income Tax, Delhi-II v. Leo Financial Services Ltd. (2009) 2009:DHC:7190-DB | Section 37 of the Income-tax Act, 1961 – Disallowance of Expenditure Attributable to Dividend Income – Whether Allocation of Expenses is a Question of Fact
Facts of the
Case
The assessee filed its return of income for Assessment Year
2001-02.
The Assessing Officer disallowed proportionate expenditure
allegedly incurred for earning dividend income which was ...
Commissioner of Income Tax vs Assessee (ITA Nos. 867, 878, 879 & 880 of 2007) – Delhi High Court Dismisses Revenue Appeals Due to Low Tax Effect Under CBDT Circular No. 5/2008
Facts of the
Case
Multiple appeals bearing ITA Nos. 867, 878, 879 and 880 of 2007
were filed before the Delhi High Court.
The Revenue sought adjudication of the issues involved in the
respective appeals....
Principal Commissioner of Income Tax / Commissioner of Income Tax vs Income Tax Appellate Tribunal & Assessee – Revenue Appeal Held Not Maintainable After Declaring Its Own Appeal Infructuous under Section 143(3) of Income Tax Act, 1961 | Delhi High Court
Facts of the
Case
An assessment was originally framed under Section 143(3) of the
Income-tax Act, 1961.
The Revenue challenged the order of the CIT(A).
During the pendency of the proceedings, a search operat...
Commissioner of Income Tax vs Assessee (ITA Nos. 867, 878, 879 & 880 of 2007) – Delhi High Court Dismisses Revenue Appeals Due to Low Tax Effect Under CBDT Circular No. 5/2008
Facts of the CaseThe Revenue preferred
multiple Income Tax Appeals before the Delhi High Court. During consideration
of the appeals, it was noted that the tax effect involved in each matter was
substantially below the...
Delhi High Court in CIT vs. M/S Zoravar Vanaspati Limited: ITAT Cannot Delete Interest Under Sections 234A and 234B Beyond the Scope of Appeal; Connected Cross-Appeals on Form ITNS 150 and Validity of Levy Must Be Adjudicated Together
Facts of the CaseThe Assessing Officer (AO) levied
interest under Sections 234A and 234B of the Income Tax Act, 1961. This
interest was computed on the basis of the assessed income rather than the
returned income. Whi...
Commissioner of Income Tax vs Assessee (Name Not Available in Uploaded Order) – Delhi High Court Dismisses Revenue Appeals Due to Low Tax Effect Applying CBDT Circular No. 5/2008 [ITA Nos. 867, 878, 879 & 880 of 2007]
Facts of the CaseThe Revenue had filed
multiple income-tax appeals before the Delhi High Court.The tax effect involved
in each appeal was less than Rs. 4 lakhs.The Court examined the
maintainability of the appeals in ...
Commissioner of Income Tax v. Assessee (Name Not Available in Uploaded Order) – Delhi High Court Dismisses Revenue Appeals Due to Low Tax Effect Under CBDT Circular No. 5/2008
Facts of the
Case
The Revenue filed Income Tax Appeals bearing ITA Nos. 867, 878, 879
and 880 of 2007 before the Delhi High Court.
The Court considered the tax effect involved in each appeal.
It was no...
The Motor & General Finance Ltd. & Ors. vs Commissioner of Income Tax-VI, New Delhi – No Interest on Interest Payable When Refund Interest Is Already Granted Along with Tax Refund under Sections 240, 243 & 244A of the Income-tax Act.
Facts of the Case
The assessees had filed their income tax returns and, based on the
returns, became entitled to refunds arising from excess payment of tax
through TDS and advance tax.
Refunds along with ...
Commissioner of Income Tax v. Assessee (ITA No. 504/2009) – Delhi High Court Holds That Section 14A Disallowance Cannot Be Made on Proportionate Basis Without Specific Findings
Facts of the
Case
The assessee had earned exempt income, including dividend income.
The Revenue sought disallowance of certain expenses under Section
14A of the Income-tax Act, 1961.
The lower authorities co...
Penwell Traders Ltd. v. Commissioner of Income Tax | Delhi High Court Upholds Block Assessment Additions and Penalty under Sections 158BFA(2) & 260A of the Income-tax Act, 1961
Facts of the
CaseA search operation was conducted at the premises of
Penwell Traders Ltd., leading to block assessment proceedings.The Assessing Officer determined undisclosed income
under the following heads:
Inter...