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Commissioner of Income Tax vs. Assessee (ITA No. 1397/2009): Delhi High Court Judgment on Treatment of Interest Received on Delayed Payments by Customers as Business Income Eligible for Tax Deduction Under Section 80HHC read with Explanation (baa) of the Income Tax Act, 1961Legal Analysis: CIT vs. Assessee (ITA No. 1397/2009)
Facts of the Case
The
Revenue filed an appeal (ITA No. 1397/2009) before the Delhi High Court
challenging an order concerning the assessment of the assessee.
The
core matter pertains to how interes...
Commissioner of Income Tax vs P.S. Jain Company Ltd. | Delhi High Court | Addition under Section 68, Business Expenditure Disallowance & Sale Consideration of Property
Facts of the Case
The
Assessing Officer disallowed an amount of Rs. 6,91,481/- on the ground
that the assessee had not carried out any business activity during the
relevant assessment year.
The
...
Commissioner of Income Tax, Delhi vs. M/s Assessee Company – Whether Penalty under Section 271(1)(c) is Maintainable on Disallowance of Genuine Prior Period Expenses Due to a Difference of Opinion regarding the Year of Deductibility | ITA No. 1392/2009 (Delhi HC)
FACTS OF THE CASE
The
Revenue filed an appeal (ITA No. 1392/2009) before the High Court of Delhi
challenging the order of the Income Tax Appellate Tribunal (ITAT). The
ITAT had affirmed the order of t...
Commissioner of Income Tax v. Assessee | Revenue Appeal Dismissed as Covered by Earlier Decisions and on Account of Negligible Tax Effect of Approximately Rs. 30,000 – Delhi High Court
Facts of the CaseThe Revenue preferred an appeal before the Delhi High Court
challenging the order under the Income Tax Act.At the hearing, the Court observed that the controversy raised
in the appeal was already cover...
Commissioner of Income Tax, New Delhi vs Medshave Health Care Ltd. | Unexplained Cash Credit under Section 68 Cannot Be Sustained When Share Transactions Are Duly Supported by Documentary Evidence – Delhi High Court
Facts of the
CaseThe assessee company, Medshave Health Care Ltd.,
was engaged in the sale and purchase of shares held as investments. During the
relevant assessment year, the assessee sold shares of Vikas Fitting Ltd....
Commissioner of Income Tax vs. AIMIL Limited (with Connected Appeals including Nirmala Swami vs. Commissioner of Income Tax and M/s. Ekta Agro Industries Ltd. vs. Income Tax Officer): Landmark Judgment on Disallowance of Employees’ and Employers’ Provident Fund (PF) & ESI Contributions under Section 36(1)(va) read with Section 43B of the Income Tax Act, 1961
Facts of the CaseThe dynamic of this consolidated batch of appeals revolves
around a common substantial question of law concerning the pure interpretation
of the provisions of the Income Tax Act, 1961. Taking the prima...
Income Tax Officer v. Assessee | Addition of Alleged Gift as Unexplained Cash Credit under Section 69A Upheld Due to Failure to Prove Donor’s Creditworthiness and Genuineness of Transaction – Delhi High Court
Facts of the CaseFor Assessment Year 2001-02, the assessee disclosed a gift of
Rs. 2.50 lakhs received from Shri Arun Kumar Goyal through a banker’s cheque
dated 08.05.2000.During assessment proceedings, the Assessin...
Commissioner of Income Tax v. Assessee Company | Whether Assessing Officer Can Pass an Order Under Section 271C Without Recording Any Reasons – Delhi High Court | Sections 271C & 263 of the Income Tax Act, 1961
Facts of the CaseThe appeal before the Delhi High Court involved the same issue
that had earlier arisen in ITA No. 166/2007, which had already been decided by
a Division Bench of the Court on 02.04.2008.The controversy...
Commissioner of Income Tax (Central)-III, Delhi vs. Nestor Pharmaceuticals Limited: Commencement of Trial Production Versus Commercial Production for Determining the 'Initial Assessment Year' to Claim Tax Deductions under Section 80-IA and Section 80-IB of the Income Tax Act, 1961
Facts of the CaseThe respondent-assessee, M/s Nestor Pharmaceuticals Limited,
is engaged in manufacturing pharmaceutical formulations and bulk drugs. The
company sells these drugs to government hospitals, institutions,...
Commissioner of Income Tax v. Agricultural Produce Marketing Committee (APMC) | Penalty under Section 271(1)(c) Cannot Be Levied for Bona Fide Claim of Local Authority Status After Amendment to Section 10(20) – Delhi High Court
Facts of the CasePenalty proceedings were initiated against the
respondent-assessee, Agricultural Produce Marketing Committee (APMC), under
Section 271(1)(c) of the Income Tax Act. The Revenue alleged that the assessee...