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Commissioner of Income Tax-V vs. M/S Pepsico India Holdings (P) Ltd. | Section 37(1) of the Income Tax Act, 1961: Advertising and Marketing Expenditure on Glow Signs and Neon Signs – Revenue Expenditure vs. Capital Expenditure
Facts of the Case
The
case involves multiple assessment years for the same assessee, M/S Pepsico
India Holdings (P) Ltd.
The
primary dispute arose from the advertising and marketing expenditu...
Commissioner of Income Tax vs. Delhi Golf Club Ltd.: Whether Casual Membership / Green Fees Constitute Commercial Business Income under Section 11(4A) for a Charitable Sports Trust
Facts of the Case
Assessee
Status: The respondent/assessee, Delhi Golf Club
Ltd., is a premier sports club established in 1950. Its main objective is
the promotion of the game of golf in India, ...
Commissioner of Income Tax v. M/s Siclair Exports Ltd. [2010] 2010:DHC:2215-DB (Delhi High Court) – Penalty under Section 271(1)(c) Not Leviable Where Claim Was Based on Existing Favourable Judicial Precedents
Facts of the Case
The
assessee claimed deduction under Section 80HHC without reducing
brought-forward losses.
In
the quantum assessment proceedings, the additions made by the Assessing
Officer...
Usha Gupta v. Income Tax Officer | Expiration of Assessment Limitation Period Under Section 153(2A) Does Not Merit Discharge in Prosecution Proceedings Under Sections 276C and 277 If No Finding on Merits Exists
Facts of the Case·
Search and Seizure: A search
and seizure operation under the Income Tax Act, 1961 (the Act) was conducted on
December 21, 1983, during which document...
Commissioner of Income Tax-IX v. M/s Jas Jack Elegance Exports | Audited Books Cannot Be Rejected Under Section 145(3) for Non-Production of Stock Register or Third Parties If No Specific Account Defect Is Identified
Facts of the Case
Assessee
Profile & Filing: The respondent-assessee is a firm
engaged in the business of manufacturing and exporting readymade garments.
For the Assessment Year (A.Y.) 2004-2005, ...
Commissioner of Income Tax-IX v. M/s Jacksons House | Rejection of Books of Accounts Under Section 145(3) Cannot Be Done Merely Due to Fall in Gross Profit Ratio If Accounts Are Audited & Undisputed
Facts of the Case
Assessee
Business: The respondent-assessee is a firm engaged
in the business of manufacturing and exporting readymade garments.
Drop
in Gross Profit (GP): For the Assessment Year (...
Commissioner of Income Tax v. SFIL Stock Broking Ltd. Validity of Reassessment Under Section 147/148 Based Merely on External Information and Directions Without Independent Application of Mind
Facts of the Case
The
respondent-assessee filed its original return of income for the Assessment
Year (AY) 1998-1999 on November 30, 1998, declaring a long-term capital
gain. The return was init...
Commissioner of Income Tax vs. Suresh Kumar Kakkar | Suresh Kumar Kakkar vs. Commissioner of Income Tax | Cross Appeals Dismissed as Academic Following Deletion of Gift Additions on Merits in Connected Precedent
Facts of the Case
Nature
of the Proceedings: This matter comprised
cross-appeals filed before the Delhi High Court under the Income Tax Act,
1961. One appeal (ITA 378/2005) was preferred by the ...
Deletion of Section 68 Addition on Account of Share Application Money: Non-Production of Principal Officers No Ground to Treat Transactions as Bogus When Onus Discharged via Extensive Documentary Evidence
Facts of the Case
The
respondent-assessee filed its return of income for the Assessment Year
(AY) 2001-02.
During
the assessment proceedings, the Assessing Officer (AO) discovered that the
as...
Commissioner of Income Tax vs. Suresh Kumar Kakar | Gift by Mother to Son Received via Banking Channels Cannot be Treated as Unexplained Cash Credit Under Section 68; Parent-Child Gifts Stem from Love and Affection and Require No Specific Occasion
Facts of the Case
Background
of the Dispute: The Revenue preferred an
appeal against the order of the Income-tax Appellate Tribunal (ITAT) dated
April 4, 2008, in ITA No. 2479/D/07 for the Asses...