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Commissioner of Income Tax v. Charitable Association – Condonation of Delay in Registration under Section 12A of the Income Tax Act Allowed by ITAT | Delhi High Court
Facts of the Case
The
respondent-assessee, a charitable association, filed an application for
registration under Section 12A of the Income Tax Act on 28 May 2007.
Along
with the application, the ass...
Commissioner of Income Tax, Delhi-XIII Vs. M/s. Mereena Creations – Interest Earned on FDRs Kept for Bank Facilities Taxable as “Income from Other Sources”; Section 80HHC Deduction Available Only on Net Positive Export Profits | Delhi High Court
Facts of the CaseThe assessee, M/s.
Mereena Creations, was a 100% manufacturer-exporter of readymade garments and
filed its return for Assessment Year 2001-02 declaring nil income.During assessment
proceedings, the As...
Commissioner of Income Tax vs. M/s Rajhans Aromatics | Limitation for Block Assessment Must Be Computed from Last Search Panchanama and Not Subsequent Examination of Seized Material
Facts of the CaseA search operation was conducted at the premises
of the assessee, M/s Rajhans Aromatics, and a restraint order was passed on
21.02.2002. The search proceedings recommenced on 26.03.2002, when the
rest...
Commissioner of Income Tax vs. Assessee Company – Addition under Section 68 on Share Application Money Raised Through Public Issue Not Sustainable in Absence of Proper Inquiry | Delhi High Court
Facts of the CaseThe assessee company had raised share capital
through a public issue. Share applications were submitted by various
applicants, and shares were allotted to such applicants in accordance with the
applic...
Maintainability of Tax Appeals by Government Undertakings Pending Committee on Disputes (COD) Approval under Section 260A of the Income Tax Act, 1961
Facts
of the CaseThe appellant, Oriental Insurance
Company Limited, a Government of India undertaking, preferred two tax appeals
(ITA No. 867/2009 and ITA No. 868/2009) before the High Court of Delhi under
Section 26...
The Motor & General Finance Ltd. & Ors. vs Commissioner of Income Tax-VI, New Delhi | Delhi High Court Clarifies When Interest on Income Tax Refund Is Payable Under Sections 240, 243 & 244A of the Income-tax Act
Facts of the
CaseThe present batch of appeals was filed by various
assessees including The Motor & General Finance Ltd., MGF India Ltd.,
Goodwill (India) Ltd., and MGM (India) Ltd. before the Delhi High Court.The ...
Commissioner of Income Tax (CIT) v. Assessee – Addition on Account of Allegedly Undisclosed Stock Based on Inflated Stock Statements Furnished to Bank Not Sustainable | Delhi High Court
Facts of the CaseThe assessee had submitted stock statements to its
banker showing stock quantities and values higher than those reflected in its
books of account. The inflated figures were furnished for obtaining fina...
The Motor & General Finance Ltd. vs Commissioner of Income Tax-VI, New Delhi | No Interest on Interest Where Statutory Refund Interest is Paid Along with Tax Refund under Section 243 of the Income Tax Act, 1961 | Delhi High Court
Facts of the
CaseThe assessees had originally filed their income-tax
returns and paid taxes through TDS and advance tax. Upon processing of the
returns under Section 143(1)(a), excess tax paid was refunded together wi...
Commissioner of Income Tax v. Assessee (ITA No. 75/2008) – Delhi High Court Dismisses Revenue Appeal Due to Low Tax Effect Below Prescribed Monetary Limit
Facts of the Case
The
Revenue preferred an appeal before the Delhi High Court under the
provisions of the Income-tax Act, 1961.
During
the hearing, it was noted that the tax effect involved in...
Commissioner of Income Tax (LTU) vs. Sharda Motor Industrial Ltd. – Additional Depreciation Claim Through Revised Return and Tax Treatment of Running Royalty as Revenue Expenditure under Sections 32(1)(iia) and 37(1) of the Income-tax Act, 1961
Facts of the CaseThe assessee, Sharda Motor Industrial Ltd., filed
its income-tax return on 27.11.2003 declaring income under the MAT provisions.
Subsequently, within the permissible period, it filed a revised return o...