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Commissioner of Income Tax vs. Integrated Technologies Ltd. | Section 32 of Income Tax Act, 1961: Allowance of Depreciation on "Passive Use" of Plant and Machinery During Temporary Lull in Business Activities
Facts of the Case
Assessee
& Return Filing: The assessee, a company engaged in
the manufacturing of printed circuit boards, filed its return of income
for the assessment year 2004–05 decla...
Commissioner of Income Tax vs. Rajan Nanda & Ors. | Taxability of Keyman Insurance Policy Assignment & Business Expenditure under Section 37(1) and Section 17
Facts of the Case
The
assessee company, Escorts Heart Institute & Research Centre Ltd.,
routinely took out "Keyman Insurance Policies" on the lives of
its key employees and directors, specif...
Airport Authority of India vs. Commissioner of Income Tax: CAPITAL VS. REVENUE EXPENDITURE—Deductibility of Encroachment Removal Provisions and Accrual of Income on Proforma Invoices Under Section 37(1) and Section 5 of the Income Tax Act, 1961.
Facts of the Case
The
Assessee: The appellant, Airport Authority of India
(AAI), is a statutory body corporate constituted under the International
Airports Authority of India Act, 1972, and subs...
Commissioner of Income Tax vs. Rajan Nanda, Dr. Naresh Kumar Trehan, and Escorts Heart Institute and Research Centre Ltd. (2011) – Taxability of Keyman Insurance Policy Premium, Surrender Value, and Maturity Proceeds under Sections 10(10D), 17(3)(ii), and 37(1) of the Income Tax Act, 1961
Facts of the Case
Taking
of Keyman Policy: The assessee company, Escorts Heart
Institute & Research Centre Ltd., purchased "Keyman Insurance
Policies" from the Life Insurance Corporation of India ...
Commissioner of Income Tax v. Rajan Nanda & Ors. (2011) Alternative Citation Reference: CIT vs. Rajan Nanda, Dr. Naresh Kumar Trehan, and Escorts Heart Institute and Research Centre Ltd. | 2011:DHC:11964-DB (Also referenced under 2011:DHC:6493-DB)
1. Facts of the Case
The
Corporate Assessee & Key Executives: The corporate
entity involved is M/s Escorts Heart Institute & Research Centre
Ltd. (the employer company). The company purchased ...
Rajan Nanda & Others vs. Commissioner of Income Tax: Taxability of Keyman Insurance Policies under Section 10(10D), Section 17(3)(ii), and Section 37(1) of the Income Tax Act
2. Facts of the Case
The
corporate entity, Escorts Heart Institute & Research Centre Ltd.
(the corporate employer), purchased multiple "Keyman Insurance
Policies" on the lives of its key executive...
Airport Authority of India vs. Commissioner of Income Tax: An Analytical Study on Capital vs. Revenue Expenditure Regarding Removal of Encroachments and Accrual of Income Under the Mercantile System of Accounting (2011:DHC:11857-DB)
Facts of the CaseThe Airport Authority of India (the Assessee) faced
challenges with illegal encroachments (slums and hutments) around its airport
security areas, which posed safety risks to aircraft operations due to ...
Rajan Nanda vs Commissioner of Income Tax: Taxability of Keyman Insurance Policies and Assignment Surrender Value
Facts of the CaseThe case involves a recurring scenario where a company, Escorts
Heart Institute & Research Centre Ltd., obtained "Keyman"
insurance policies on the lives of its employees/Directors, including Mr. R...
Airport Authority of India Vs. Commissioner of Income Tax: Business Expenditure under Section 37(1) vs Capital Outlay on Slum Removal Encroachments & Mercantile Accrual of Disputed Income on Proforma Invoices under Section 28 / Section 145 of the Income Tax Act, 1961.
FACTS OF THE CASE
Statutory
Framework and Business Mandate: The Appellant, Airport
Authority of India (AAI), is a premier statutory authority initially
constituted under the International Airports Aut...
Airport Authority of India Vs. Commissioner of Income Tax: Business Expenditure under Section 37(1) vs Capital Outlay on Slum Removal Encroachments & Mercantile Accrual of Disputed Income on Proforma Invoices under Section 28 / Section 145 of the Income Tax Act, 1961.
FACTS OF THE CASE
Statutory
Framework and Business Mandate: The Appellant, Airport
Authority of India (AAI), is a premier statutory authority initially
constituted under the International Airports Aut...