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Deductibility of Royalty Payments Under Section 37(1) vs. Transfer Pricing Adjustments Under Section 92: Commissioner of Income Tax vs. M/s. Oracle India Pvt. Ltd.
Facts of the Case
Assessee
Profile: The respondent-assessee ($M/s.$ Oracle
India Pvt. Ltd.) is a 100% subsidiary of Oracle Corporation, USA,
incorporated to design, develop, market, and distribute com...
The Commissioner of Income Tax, Delhi-II vs. Jubilant Securities Pvt. Ltd. – Capital Gains vs. Business Income on Sale of Shares from Investment Portfolio under Section 2(14) of Income Tax Act
Facts of the Case
Assessee
Profile & Holdings: The Assessee, M/s
Jubilant Securities Pvt. Ltd., is a co-promoter of Jubilant Organosys Ltd.
(JOL). The assessee acquired 96,200 shares of JOL ...
Commissioner of Income-Tax-V vs. R.J. Wood Pvt. Ltd.: Determination of ALV Under Section 23 and Taxability of Arrears of Rent Under Section 25B of the Income-Tax Act
Facts of the Case
Ownership
and Lease: The respondent-assessee owned property
that was leased out to five tenants under written agreements with mutually
agreed contractual rents starting in Octo...
The Commissioner of Income Tax vs. M/S Lalsons Enterprises | High Court Validates ITAT Deletion of Section 263 Additions: Mutual Inter-Corporate Interest-Free Advances Driven by Commercial Expediency and Stock Discrepancies Devoid of Quantitative Variances Do Not Constitute Substantial Questions of Law
Facts of the Case
Background
of the Dispute: The appellant (Revenue)
challenged the order dated March 27, 2003, passed by the Income Tax
Appellate Tribunal (ITAT) in ITA 2144/Del/2002 for the As...
CIT vs. M/S Paradise Holidays | Rejection of Audited Books of Accounts Under Section 145(3) Unacceptable Merely for Low Net Profit or Variance in Tour Itinerary Without Specific Defects
Facts of the Case
The
respondent/assessee, M/S Paradise Holidays, is a partnership firm engaged
in the travel and tourism business as an inland tour operator for foreign
tourists visiting India....
Commissioner of Income Tax (Ghaziabad) vs. Krishna Gupta & Ors. – Scope of Power of Total Recall and Rectification under Section 254(2) of the Income Tax Act, 1961
FACTS OF THE CASE
Original
Assessment & ITAT Order: For the Assessment Year
1992-93, a best judgment assessment was executed against the assessee. The
Assessing Officer (AO) computed the gross pro...
Rose Serviced Apartments Pvt. Ltd. & Anr. vs. Deputy Commissioner of Income Tax: Validity of Reassessment Under Section 147/148 Based on Mere Change of Opinion and Audit Objection
Facts of the Case
The
Assessee's Return: Petitioner No. 1 (Rose Serviced
Apartments India Pvt. Ltd.), a company engaged in trading long-term
investments and real estate, filed its return of income for...
Commissioner of Income Tax vs. Agra Beverages Corporation P. Ltd.Franchisee Business Expenditures and Commercial Expediency under Section 37(1)
Facts of the Case
The
respondent-assessee was a franchisee of M/s. Pepsi Food (Pvt.) Ltd.
(Pepsi). Under this Franchisee Agreement, the assessee held exclusive
rights for bottling, selling, and distri...
Smt. Kalawanti Garg vs. Commissioner of Income Tax Cash Gifts from Minor Sons and Unverifiable Cash Loans Added as Unexplained Cash Credits Under Section 68
Facts of the Case
Assessee
Background: The appellant/assessee is an individual
engaged in the business of civil contract. For the Assessment Year (AY)
2006-07, she filed her income tax return declarin...
The Commissioner of Income Tax v. M/s. Agra Beverages Corporation P. Ltd. (Allowability of Business Expenditure under Section 37(1) on Visi-Cooler Hire Charges and Advertisement Expenses Incurred by Franchisee Benefiting the Trademark Owner)
Facts of the Case
Franchisee
Agreement: The respondent-assessee entered into a
franchisee agreement with M/s. Pepsi Food (Pvt.) Ltd. ("Pepsi")
for manufacturing, bottling, selling, and distributing Pe...