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Commissioner of Income Tax vs. Mr. Fedders Lloyd Corporation (P) Ltd. [2010] 2010:DHC:4330-DB (Delhi High Court) – Investment Allowance on Air Conditioners and Refrigerators Cannot Be Withdrawn Through Section 154 Rectification Proceedings
Facts of the Case
The
assessee company was engaged in the manufacture of air conditioners and
refrigerators.
For
Assessment Year 1980-81, the assessee claimed investment allowance under
Sectio...
Sudhir Gensets Limited vs Income Tax Officer | Reassessment Beyond Four Years Invalid Where Full and True Disclosure Was Made | Sections 147, 148 & 80-IB Income Tax Act
Facts of the Case
Sudhir Gensets Limited was engaged in the business of manufacturing
and sale of industrial generators and allied products.
For Assessment Year 2003-04, the assessee filed its return clai...
Commissioner of Income Tax vs. M/s National Travel Services | Deemed Dividend under Section 2(22)(e) – Partnership Firm as Shareholder for Tax Purposes
Facts of the
CaseThe assessee, M/s National Travel Services, was a
partnership firm consisting of three partners, namely Mr. Naresh Goyal, Mr.
Surinder Goyal, and M/s Jet Enterprises Pvt. Ltd.The partnership firm obta...
M/s Pragati Construction Co. Vs Deputy Commissioner of Income Tax – Trading Loss Claim on Advance Given to Sister Concern Disallowed Under Section 37 of the Income Tax Act, 1961 | Delhi High Court
Facts of the
CaseThe assessee, M/s Pragati Construction Co., was
engaged in the business of construction, purchase, and sale of flats.Its sister concern, Pragati Construction Co. (P)
Ltd. (PCL), participated in an auc...
Commissioner of Income Tax vs. Industrial Finance Corporation of India Ltd. (IFCI Ltd.) | Delhi High Court | Section 36(1)(viii), Section 41(4A), Section 36(1)(vii), Section 36(1)(viia), Section 43D of the Income-tax Act
Facts of the
CaseIndustrial Finance Corporation of India Ltd.
(IFCI), a Government of India undertaking and public financial institution,
claimed deduction under Section 36(1)(viii) of the Income-tax Act in respect of...
Commissioner of Income Tax v. M/s Basti Sugar Mills Co. Ltd. [2010] 2010:DHC:4331-DB (Delhi High Court) – Disallowance of Interest on Interest-Free Advances to Sister Concerns and Deduction of Molasses Storage Fund Contribution under Section 36(1)(iii)
Facts of the CaseThe assessee-company had borrowed substantial funds from banks
and other sources and paid interest amounting to approximately Rs. 66 lakh on
such borrowings.The Assessing Officer noticed that the asses...
Shanti Bhushan v. Commissioner of Income Tax (Delhi High Court) – Whether Expenditure on Coronary Bypass Surgery is Allowable as Business/Professional Deduction under Sections 31 and 37 of the Income-tax Act, 1961
Facts of the
Case
The assessee, Shri Shanti Bhushan, filed his return for Assessment
Year 1983-84.
During assessment proceedings, the Revenue noticed a claim of Rs.
1,74,000 incurred on coronary bypass s...
M/s Shagun Buildwell Ltd. v. Assistant Commissioner of Income Tax (Delhi High Court) – Reassessment under Sections 147/148 Based on DVO Valuation Report and Scope of Section 142A of the Income-tax Act
Facts of the
CaseThe assessee, M/s Shagun Buildwell Ltd., engaged in
the real estate business, filed its return of income for Assessment Year
2002-03 declaring income of ₹18,054. The return was accepted.The assessee...
Commissioner of Income Tax vs. Association of Financial Planners | Delhi High Court | Exemption under Section 10(23C)(iiiad) for Educational Institutions
Facts of the
CaseThe respondent, Association of Financial Planners,
was a society registered under the Societies Registration Act and claimed to be
engaged solely in educational activities.For Assessment Years 2002-03...
Citi Financial Consumer Finance India Ltd. vs Commissioner of Income Tax (Delhi High Court) – Allowability of DSA Commission Expenditure, Deferred Revenue Expenditure and Remand by ITAT under Sections 143(3) & 254 of the Income-tax Act
Facts of the
CaseCiti Financial Consumer Finance India Ltd., a
Non-Banking Financial Company (NBFC) engaged in hire purchase, leasing and
financing activities, filed its return of income for Assessment Year 1998...