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Govt. of India (Department of Revenue) Director General of Income Tax & Anr. vs M/s Orient Vegetax Pro Ltd. & Ors. – BIFR’s Power to Grant Section 72A Income Tax Benefits in Sick Company Amalgamation | Delhi High Court
Facts of the
CaseM/s Orient Vegetax Pro Ltd. encountered financial
difficulties and approached BIFR under the provisions of SICA seeking
rehabilitation. During the proceedings, a draft rehabilitation scheme was
prepa...
SAK Industries Private Limited & Another vs Deputy Commissioner of Income Tax Circle 7(1) & Another | Delhi High Court on Reassessment under Sections 147, 148 and Disclosure of Material Facts under Income Tax Act
Facts of the CaseThe petitioner company filed its return for
Assessment Year 2003–04 and disclosed income under the Income Tax Act while
also computing book profit under Section 115JB.The petitioner had received appr...
National Cooperative Development Corporation vs. Assistant Commissioner of Income Tax: Scope of Income "Derived From" Long-Term Finance Business under Section 36(1)(viii) of the Income Tax Act, 1961
Facts of the Case
The
Appellant-Assessee, National Cooperative Development Corporation (NCDC),
is a statutory corporation established under the National Cooperative
Development Corporation Act, 1962, ...
Commissioner of Income Tax vs. Goodearth Foundation: Analysis of Retrospective Registration under Section 12A and Validity of Assessment Notices
Facts of the CaseThe Goodearth Foundation, a society formed in 1979, conducted
charitable activities, including operating a school in Alwar. Historically, the
society did not file income tax returns, while the school i...
Ajay Guliya vs Assistant Commissioner of Income Tax (Delhi High Court) – Taxability of Deferred Sale Consideration under Section 45 of the Income Tax Act in Capital Gains Cases
Facts of the
CaseThe assessee, Mr. Ajay Guliya, was a shareholder of
Orion Dialog Pvt. Ltd. and held 1,500 shares in the company. Under a Share
Purchase Agreement dated 15 February 2006, the assessee transferred his
...
Commissioner of Income Tax, Delhi-IV vs Green Tech Seed International Pvt. Ltd. – Addition on Stock Valuation Difference and Sales Return Issue | Delhi High Court | ITA No. 924/2008
Facts of the
Case
The Assessing Officer examined the assessee's stock records and
observed that total sales amounted to Rs. 22,02,751 while total stock was
computed at Rs. 44,50,238.
Based on this assess...
Krishak Bharati Cooperative Ltd. vs Joint Commissioner of Income Tax & Commissioner of Income Tax Special Range-12 | Delhi High Court | ITA 1278/2007 & ITA 956/2008 | No Substantial Question of Law Arises
Case TitleKrishak Bharati Cooperative Ltd. vs Joint
Commissioner of Income Tax & Commissioner of Income Tax Special Range-12Facts of the
CaseKrishak Bharati Cooperative Ltd. filed two income
tax appeals before the...
Director of Income Tax vs Jal Hotels Co. Ltd. – Liability of Non-Resident Assessee to Pay Interest under Section 234B Where Tax Deduction at Source Obligation Rests upon Resident Payer | Delhi High Court
Facts of the
Case
Jal Hotels Co. Ltd. was a non-resident assessee during the relevant
assessment year 2006–07.
Payments were made to the assessee by an Indian resident
payer/customer.
Under the Incom...
Commissioner of Income Tax vs. M/s KRIBHCO – Delhi High Court on Applicability of Section 14A to Deductions under Section 80P(2)(d) and Distinction Between Exemption and Deduction under Income Tax Act, 1961
Facts of the Case
The assessee, M/s KRIBHCO, was a cooperative society operating
under the administrative control of the Department of Fertilizers,
Ministry of Agriculture and Cooperation, Government of Ind...
Director of Income Tax vs. Cargill Financial Services Asia Pvt. Ltd. | Delhi High Court on Bill Discounting Charges and TDS Liability under Section 194A of the Income Tax Act
Facts of the CaseCargill Global Trading Pvt. Ltd. had entered into
transactions involving bill discounting arrangements with Cargill Financial
Services Asia Pvt. Ltd. The Assessing Officer treated the bill discounting
...