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Commissioner of Income Tax vs. M/s. AIMIL Limited (With Consolidated Appeals): Delhi High Court Interpretation on the Interplay Between Section 36(1)(va) and Section 43B Regarding Tax Deductibility of Delayed Employees' and Employers' Contributions to Provident Fund (PF) and ESI Paid Before the Due Date of Filing Return Under Section 139(1)
Facts of the CaseThe Income Tax Department preferred a series of appeals
against different assessees, with the lead case being ITA No. 1063/2008
involving AIMIL Limited for the Assessment Year 2002-03. During the
asse...
Petitioner v. Assistant Director of Income Tax & Ors. – Quashing of Bank Attachment Under Section 226(3) of Income Tax Act for Foreign Company Subject to Alternative Security and Cash Deposit
Facts of the Case
The
Petitioner is a foreign company operating through a Permanent
Establishment (PE) in India to execute specific projects.
For
the Assessment Years (AY) 2004-05 and 2005-06, the A...
Commissioner of Income Tax vs Stock Broker Assessee – Whether Interest on FDRs Kept as Margin Money with Stock Exchanges Constitutes Business Income and Can Be Set Off Against Speculative Losses under Sections 28, 56 & 73 of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
The
assessee was engaged in speculative business involving trading in shares
and stocks.
The
assessee was registered with stock exchanges and maintained Fixed Deposit
R...
Nimitya Properties Ltd. & Anr. Vs. Commissioner of Income Tax & Others: Scope of Provisional Attachment Under Section 281B of the Income Tax Act, 1961 During Search and Seizure Proceedings
Facts of the Case
The
petitioners, M/s Nimitya Properties Ltd. and M/s Nimitya Promoters Ltd.,
belong to the same business group.
On
November 6, 2008, the Income Tax authorities conducted a search ...
Commissioner of Income Tax vs. Hari Ram Chhagan Lal & Party | Delhi High Court Upholds Deletion of Addition Towards Unexplained Loan under Section 68 of the Income-tax Act
Facts of the Case
The
assessee had received a loan of ₹57 lakhs from M/s Sri Ram & Company.
The
Assessing Officer treated the loan as unexplained and made an addition
under Section 68 of the I...
Commissioner of Income Tax vs. Assessee: Scope of Assessing Officer's Power to Investigate Cash Credits vs. Binding Concurrent Findings of Fact
Facts of the Case
The
Revenue preferred two connected appeals, namely ITA No. 795/2007
and ITA No. 1153/2007, before the High Court of Delhi challenging
the order passed by the Income Tax Appellate Tr...
Commissioner of Income Tax vs Stock Broker Assessee – Taxability of Interest on FDRs Kept as Margin Money with Stock Exchanges and Set-Off Against Speculative Losses under Sections 28, 56 & 73 of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
The
assessee was engaged in speculative trading in shares and stocks and was
registered with recognized stock exchanges.
During
the relevant assessment years, the assessee suffered...
Assessee vs State & Anr. | Delhi High Court Directs Expeditious Disposal of Section 245(2) CrPC Application and Grants Exemption from Personal Appearance
Facts of the CaseThe petitioner had approached the Delhi High Court seeking
appropriate directions in relation to an application filed under Section 245(2)
Cr.P.C. The discharge application was stated to be pending bef...
Nimitya Properties Ltd. & Nimitya Promoters Ltd. Vs. Commissioner of Income Tax & Others: Validity of Provisional Attachment of Properties Under Section 281B of the Income Tax Act, 1961 Following Search and Seizure Operations and the Legal Thresholds for Extension of Attachment Orders
Facts of the CaseThe two petitioners, Nimitya Properties Ltd. and Nimitya
Promoters Ltd. (belonging to the same corporate group), filed two writ
petitions each challenging the income tax provisional attachment actions ...
M/s Havells India Ltd. vs Deputy Commissioner of Income Tax – Reopening of Assessment under Sections 147 & 148 for Additional Depreciation Claim under Section 32(1)(iia) Held Invalid | Delhi High Court
Facts of the Case
The
assessee filed its original return of income for Assessment Year 2003-04
declaring taxable income.
In
the original return, the assessee inadvertently omitted to claim
add...