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Airport Authority of India vs. Commissioner of Income Tax: Revenue vs. Capital Treatment of Encroachment Removal Provisions and Accrual of Proforma Invoice Income Under Mercantile Accounting
Facts of the Case
The
Assessee's Profile: The Appellant, Airport Authority of
India (AAI), is a statutory body constituted under the Airport Authorities
Act, 1994, responsible for managing, operating,...
Airport Authority of India vs. Commissioner of Income Tax: Deduction of Encroachment Removal Provisions Under Mercantile Accounting and Accrual of Income via Proforma Invoices Under Section 28 & Section 37(1) of Income Tax Act
Facts of the CaseThe appellant, Airport Authority of India (AAI), is a
statutory authority constituted initially under the International Airports
Authority of India Act, 1972, and subsequently governed by the Airports
...
Commissioner of Income Tax vs. Rajan Nanda, Dr. Naresh Kumar Trehan, and Escorts Heart Institute and Research Centre Ltd. [2011:DHC:11901-DB] – Taxability of Assigned Keyman Insurance Policies under Section 10(10D), Section 17(3)(ii), and Business Expenditure Claims under Section 37(1) of the Income Tax Act, 1961.
Facts of the Case
Corporate
Policy Inception: The assessee company, Escorts Heart
Institute and Research Centre Ltd., purchased multiple "Keyman
Insurance Policies" from the Life Insurance Corporation...
Commissioner of Income Tax vs. Rajan Nanda, Dr. Naresh Kumar Trehan, and Escorts Heart Institute and Research Centre Ltd. — Taxation of Keyman Insurance Policy Premium, Assignment Surrender Value, and Maturity Proceeds under Sections 10(10D), 17(3), and 37(1) of the Income Tax Act, 1961.
2. Facts of the Case
Policy
Inception: The corporate assessee, M/s Escorts Heart
Institute & Research Centre Ltd., purchased multiple "Keyman
Insurance Policies" on the lives of its key executives...
Commissioner of Income Tax vs. Rajan Nanda, Dr. Naresh Trehan, & Escorts Heart Institute and Research Centre Ltd. — Allowability of Keyman Insurance Premium u/s 37(1) and Taxability of Maturity Proceeds u/s 10(10D) and 17(3)
Facts of the Case
The
Arrangement: The corporate entity, Escorts Heart
Institute and Research Centre Ltd. (the company), consistently purchased
Keyman Insurance Policies on the lives of its key direct...
M/s. Cosmo Films Limited vs. CIT, New Delhi (2011:DHC:6487-DB) — Set-Off of Amalgamating Company's Aggregate Losses (Export & Non-Export) Under Section 72A for Computing Section 80HHC Export Deductions in Light of IPCA Laboratory Precedent
Facts of the Case
The
appellant/assessee is engaged in the industrial business of manufacturing
and exporting BOPP films.
During
the previous year relevant to the Assessment Year 2003-04, an entity...
Airport Authority of India vs. Commissioner of Income Tax: Whether Provisions for Encroachment Removal Expenses and Proforma Invoices to Government Agencies Accrue as Taxable Income under Mercantile System
FACTS OF THE CASE
Profile
of the Assessee: The appellant, Airport Authority of India
(AAI), is a statutory body corporate originally constituted under the
International Airports Authority of India Act...
Commissioner of Income Tax vs. M/s Expeditors International (India) Pvt. Ltd.: Applicability of Section 40(a)(i) and TDS under Section 195 on Reimbursement of Global Management and Communication Uplink Expenses
FACTS OF THE CASE
The
respondent-assessee is an Indian private limited company engaged in supply
chain management, logistics, and freight forwarding across road, rail,
air, or ship routes within and o...
Commissioner of Income Tax Vs. Lovlesh Jain (With CIT Vs. Shashi Kant Mittal) | Scope of 'Manufacture' and 'Export' for Gold Jewellery Job Work under Sections 10A & 10B of the Income Tax Act, 1961
FACTS OF THE CASE
ITA
No. 1223/2011 (Lovlesh Jain): The assessee received
standard gold (24-carat bars, bricks, or biscuits) supplied free of cost
by Ramdan Jewellery, Dubai. The assessee converted th...
Director of Income Tax vs. Asia Satellite Telecommunication Co. Ltd. – Taxability of Satellite Service Receipts under Section 9(1) of the Income Tax Act, 1961
Facts of the CaseThe Revenue (Appellant) filed appeals against a common
judgment and order passed by the Income Tax Appellate Tribunal (ITAT) on May
24, 2011 (in ITA Nos. 5004-5005/Del/2010). The ITAT had ruled in favo...