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Sun Investment Pvt. Ltd. vs Assistant Commissioner of Income Tax & Ors. | Reassessment under Section 148 beyond Four Years Quashed for Absence of Failure to Disclose Material Facts under Section 115JB of the Income Tax Act
Facts of the CaseFor Assessment Year 2003-04, the petitioner filed
its return declaring nil income along with audited financial statements, Form
29B, computation of income, and schedules to accounts. The accounts
spec...
Tax Deductibility and Business Setup Principles Under Section 28 and Section 32: Commissioner of Income Tax vs. Sauer Danfoss Pvt Ltd
Facts of the CaseThe case arises from an appeal filed by the Revenue
(Commissioner of Income Tax) under Section 260A of the Income Tax Act, 1961,
against the respondent-assessee, Sauer Danfoss Pvt Ltd, for the Assessme...
CIT-IV vs Fortis Financial Services Ltd. (Delhi HC) – Whether Non-Inclusion of Bill Discounting Charges Constitutes Concealment under Section 13 of Interest Tax Act, 1974
Facts of the CaseThe respondent assessee, Fortis Financial Services
Ltd., engaged in financial services business, filed returns for Assessment
Years 1996–97 and 1997–98.During assessment proceedings, the Assessing
...
Judicial Scrutiny of Unexplained Cash Credits under Section 68: Analyzing the Delhi High Court’s Landmark Verdict in CIT vs. Nova Promoters & Finlease (P) Ltd. regarding Accommodation Entries
Facts of the
CaseThe assessee company, Nova Promoters & Finlease
(P) Ltd., filed its return declaring a loss for Assessment Year 2000-01. The
original return was processed under Section 143(1). Subsequently, the A...
Characterization of Rental Income from Commercial Infrastructure: Business Profits under Section 28 vs. Income from House Property under Section 22 – Commissioner of Income Tax vs. Mayar India Ltd.
Facts of the Case
Assessee
Profile & Return: The respondent-assessee, a corporate
entity, filed its return of income for Assessment Year (AY) 2002-03 on
October 30, 2002, declaring a total income ...
Super Cassettes Industries Ltd. v. Chief Commissioner of Income Tax: Retrospective Application of CBDT Circulars and 40% Waiver of Interest Under Section 234C
Facts of the Case
The
Petitioner, Super Cassettes Industries Ltd., filed a writ petition seeking
to quash an order dated June 8, 2007, passed by the Chief Commissioner of
Income Tax (Central).
The
...
Shanker Trading (P) Ltd. vs Commissioner of Income Tax (CIT), Delhi – Lease Rent, Non-Compete Fee and Section 40A(2) Dispute on Capital vs Revenue Expenditure | Delhi High Court
Facts of the CaseM/s Shanker Trading (P) Ltd., engaged in the
business of manufacturing Katha and Cutch, had taken on lease a factory
belonging to Mehta Charitable Prajnalaya Trust with effect from 01.06.1978.
Initial...
M/s. I.M. Constructions Pvt. Ltd. vs. Commissioner of Income Tax: Issue vs. Service of Notice under Section 148 of the Income Tax Act, 1961
Facts of the Case
The
petitioner company, M/s. I.M. Constructions Pvt. Ltd., filed its income
tax return manually for the Assessment Year (AY) 2004-05 on February 10,
2005, with the Income Tax Officer...
Shanker Trading (P) Ltd. v. Commissioner of Income Tax (Delhi High Court): Whether Enhanced Lease Rent, Non-Compete Payments and Rights Relating to Raw Material Procurement Constitute Capital or Revenue Expenditure under Section 40A(2) of the Income Tax Act, 1961
Facts of the
CaseM/s Shanker Trading (P) Ltd. was engaged in the
business of manufacturing and trading Katha and Cutch. The assessee had taken
on lease a manufacturing unit belonging to Mehta Charitable Prajnalaya Tru...
M/s Lachman Dass Bhatia Hingwala (P) Ltd. & Anr. v. Assistant Commissioner of Income Tax: Validity of Search Assessment Proceedings Under Section 153A
Facts of the CaseThe dispute involves a batch of six connected writ
petitions—specifically W.P.(C) Nos. 1765/2012, 1766/2012, 1767/2012, 1778/2012,
1784/2012, and 1785/2012—brought before the Division Bench of the ...