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Director of Income Tax vs. Shree Radha Krishan Charitable Trust: Exemption Under Section 11 & 12 When Time Limit for Disinvestment Under Section 13(1)(d)(iii) Has Not Expired
Facts of the Case
Assessee
Profile: The respondent-assessee is a charitable
trust seeking benefits under the Income Tax Act, 1961.
Assessment
Background: For the Assessment Year (AY) 1992-93, the
...
Haresh Bhai Ashumal Bhai Keshwani & Vijay Kumar Ashumal Keshwani v. Deputy Commissioner of Income Tax [2010] 2010:DHC:12061-DB (Delhi High Court) – Addition on Jewellery and Household Goods in Block Assessment Remanded for Fresh Consideration
Facts of the Case
The
appeals arose from a common order passed by the Income Tax Appellate
Tribunal dated 30.09.2008 in block assessment proceedings.
The
block period covered Assessment Years 1997-9...
Commissioner of Income Tax vs. Moni Kumar Subba – Inclusion of Notional Interest on Interest-Free Security Deposit under Section 23(1) of Income Tax Act 1961
Facts of the Case
The
assessee filed an income tax return for the Assessment Year 2001-02
declaring an income of ₹2,52,510/-.
During
assessment framing under Section 143(1), the Assessing Officer ...
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...