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Sun Investment Pvt. Ltd. vs Assistant Commissioner of Income Tax & Ors. | Delhi High Court | Reassessment under Sections 147, 148 & MAT Provisions under Section 115JB of the Income Tax Act
Facts of the CaseThe petitioner, Sun Investment Pvt. Ltd., was
engaged in investment activities and registered as a Non-Banking Financial
Company (NBFC) with the Reserve Bank of India.WP(C) No.
12438/2009 – Assessme...
Commissioner of Income Tax vs. R.T.C.L. Ltd.: Limits on Rectification of Book Profit Computations Under Section 154 and Section 115JB of the Income Tax Act
Facts of the Case
Initial
Assessment: For the assessment year 2002-03, the
Assessing Officer (AO) completed the original assessment of the
respondent-assessee (R.T.C.L. Ltd.) under Section 143(3) of t...
Commissioner of Income Tax (CIT) vs Shankar Trading Pvt. Ltd. | Section 40A(2) & Capital vs Revenue Expenditure on Enhanced Lease Rent and Non-Compete Rights
Facts of the
CaseM/s Shankar Trading Pvt. Ltd. was engaged in the
business of manufacturing Katha and Cutch and had leased a production unit
belonging to Mehta Charitable Prajnalaya Trust from 01.06.1978.Initially, le...
SAK Industries Pvt. Ltd. vs Deputy Commissioner of Income Tax, New Delhi | Reassessment Proceedings under Sections 147, 148 & 115JB of the Income Tax Act – Requirement of Speaking Order on Objections
Facts of the
CaseThe petitioner company had originally undergone
scrutiny assessment under Section 143(3) for AY 2003-04, and the assessment
order was passed on 20.10.2005.Subsequently, the Deputy Commissioner of Inco...
Commissioner of Income Tax-IV vs. Deepak Knits and Texturise Pvt. Ltd.: Validity of Reassessment Under Section 147/148 Based on Accommodation Entries
Facts of the Case
The
respondent-assessee, a private limited company, filed its income tax
return for the Assessment Year (AY) 2001-02.
The
initial assessment was completed by the Assessing Officer...
Shanker Trading (P) Ltd. vs Commissioner of Income Tax (Delhi High Court) – Lease Rent Paid to Related Trust: Revenue vs Capital Expenditure and Applicability of 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 company had taken on
lease a manufacturing unit belonging to Mehta Charitable Prajnalaya Trus...
Section 269UD Compulsory Acquisition and the Bar of Equity: Avenue Realities and Developers Pvt. Ltd. vs. Appropriate Authority of Income Tax Department
Facts of the Case
The
Agreement: On November 19, 1995, the Petitioner (Avenue
Realities and Developers Private Limited) entered into an agreement to
purchase an immovable leasehold property (No. S-380...
A Critical Examination of the Delhi High Court Judgment in CIT vs. Shriram Pistons & Rings Ltd.: Establishing the Criteria for Deductibility of Agency Commissions under Section 37(1) of the Income Tax Act
Facts of the CaseThe Revenue filed appeals under Section 260A of the
Income Tax Act challenging the orders of the Income Tax Appellate Tribunal
allowing deduction of commission expenses claimed by Shriram Pistons &...
Shanker Trading (P) Ltd. vs Commissioner of Income Tax – Capital vs Revenue Expenditure on Enhanced Lease Rent under Section 40A(2) of the Income Tax Act, 1961
Facts of the CaseM/s Shanker Trading (P) Ltd. (the assessee) leased a factory
from Mehta Charitable Prajnalaya Trust from 1978. The lease rent was
periodically enhanced, ultimately reaching Rs. 6,75,000 per month from ...
Pine Packaging Private Limited vs. Commissioner of Income Tax: Disallowance of Section 80-IC Deduction on Idle Capacity Standing Charges
Facts of the Case
Assessee
Background: The appellant, M/s Pine Packaging Private
Limited, filed its income tax return for the Assessment Year (AY) 2007-08
showing a total turnover of ₹9,81,75,513 an...