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Commissioner of Income Tax vs. Vasisth Chay Vyapar Ltd. | Delhi High Court | Interest on Non-Performing Assets (NPA) Not Taxable on Accrual Basis for NBFCs Under Section 45Q of RBI Act
Facts of the Case
The assessee, M/s Vasisth Chay Vyapar Ltd., was a Non-Banking
Financial Company (NBFC).
The assessee had advanced Inter-Corporate Deposits (ICDs) to M/s
Shaw Wallace & Company.
Int...
Commissioner of Income Tax vs OCL India Limited (Delhi High Court) – Consultancy Fees for Market Study: Revenue Expenditure vs Capital Expenditure under the Income-tax Act
Facts of the
CaseOCL India Limited was engaged in the business of
manufacturing cement, refractories, ammonium chloride and soda ash. To
strengthen its position in the cement industry and respond to increasing
compet...
Commissioner of Income Tax, Delhi-II vs. Kelvinator of India Ltd. | Scope of Revision under Section 263 when Two Views are Possible
Facts of the
Case
The assessee, M/s Kelvinator of India Ltd., filed its return of
income for Assessment Year 1989-90.
The Assessing Officer completed the assessment on 26.03.1992 and
allowed deduction un...
Director of Income Tax (Exemption) vs Parivar Sewa Sanstha (Delhi High Court) – Reasonableness of Salary Paid to Specified Person and Eligibility of Exemption under Sections 11, 12 & 13 of the Income Tax Act, 1961
Facts of the
CaseParivar Sewa Sanstha was engaged in charitable
activities relating to family planning, maternal health and child healthcare.
Mrs. Sudha Tiwari was one of the oldest employees of the society and had be...
Commissioner of Income Tax vs Orient Ceramics & Industries Ltd. | Depreciation on Customs Duty, Glow Sign Board Expenditure & UPS Depreciation Allowed | Delhi High Court
Facts
of the CaseThe assessee company had imported
machinery under a duty exemption certificate issued by the Ministry of Finance.
Subsequently, the Customs Department disputed the exemption and issued a show
cause n...
Commissioner of Income Tax vs. Triveni Engineering & Industries Ltd. [2010] 2010:DHC:5743-DB (Delhi High Court)
Facts of the
CaseThe assessee, Triveni Engineering & Industries
Ltd., was engaged in manufacturing activities and project-related businesses
involving sugar plants, water treatment plants, and mini hydel power pro...
M/s Great Eastern Exports v. Commissioner of Income Tax & Connected Appeals – Deduction under Sections 80HHC and 80IA/80IB Cannot Be Claimed on the Same Profits Twice | Delhi High Court
Facts of the
CaseSeveral appeals involving different assessees and
the Revenue were heard together as they raised a common legal issue concerning
deductions under Chapter VI-A of the Income-tax Act.The assessees had c...
Comprehensive Legal Analysis: Delhi High Court Ruling on the Validity of Reopening Income Tax Assessments under Section 147/148 for Sham Lease-Back Transactions in the Case of Video Electronics Ltd. vs. Joint CIT
Facts of the CaseThe assessee, a manufacturer of televisions, engaged in a
"lease-back" transaction involving computers. The company purchased
computers from M/s Pertech Computers Limited (PCL) and immediately leased t...
Commissioner of Income Tax v. M/s John Tinson & Co. (P) Ltd. | Delhi High Court | Section 275(1)(a) & 271(1)(c) of the Income Tax Act – Limitation for Penalty Proceedings After Fresh Assessment Order
Facts of the CaseThe assessee, M/s John Tinson & Co. (P) Ltd.,
filed its return for Assessment Year 1993-94 declaring a loss. The Assessing
Officer (AO), however, completed assessment under Section 143(3) and asses...
Challenging the Validity of Assessment Orders: Delhi High Court Ruling on Territorial Jurisdiction of the Assessing Officer under Section 158BD in Commissioner of Income Tax vs. Assessee
Facts of the CaseThe Revenue department filed appeals against the assessee
regarding assessment orders. As a preliminary objection (demurrer), counsel for
the assessees challenged the maintainability of these appeals. ...