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Commissioner of Income Tax-IV vs M/s Dhoomketu Builders & Development Pvt. Ltd. – Delhi High Court | Whether Participation in Tender and Deposit of Earnest Money Amounts to Setting Up of Business under Sections 3 & 57(iii) of the Income Tax Act
Facts of the
Case
M/s Dhoomketu Builders & Development Pvt. Ltd. was incorporated
on 22.08.2005 and engaged in the business of real estate development.
The assessee was a wholly owned subsidiary of DLF Ltd...
Rural Electrification Corporation Ltd. vs. Commissioner of Income Tax (LTU) & Anr | Section 148 & 150, Income Escaped Assessment, Limitation Issue
Facts of the Case
The
petitioner, Rural Electrification Corporation Ltd. (REC),
challenged notices issued under Section 148 of the Income Tax Act,
1961, relating to assessment years 1999-2000 to 2002-...
Krishak Bharati Cooperative Limited vs. Commissioner of Income Tax & Another: Delhi High Court Ruling on the Retrospective Accrual of Interest Liability and Capital Conversion under Section 36(1)(iii) of the Income Tax Act, 1961
Facts of the Case
Assessee
Entity: The appellant, Krishak Bharati Cooperative
Limited, is a multi-State Cooperative Society that constructed a
fertilizer plant at Hazira.
Government
Sharehold...
Commissioner of Income Tax vs. M/s Ashoka Ice and Cold Storage & Dinesh Kumar Agarwal – Delhi High Court Holds Arbitrary DVO Valuation Insufficient for Addition under Section 69B of the Income Tax Act
Facts of the Case
The
Transaction: The case arises from two connected appeals
concerning a property transaction executed on January 3, 2005, for
property No. C-15, Lawrence Road Industrial Area.
Di...
Faiz Murtaza Ali vs Commissioner of Income Tax (Delhi High Court) – Sale of Inherited Personal Effects as Capital Asset under Section 2(14) of the Income Tax Act
Facts of the
CaseThe assessee, Mr. Faiz Murtaza Ali, filed his
income tax return for Assessment Year 2002-03 declaring income of Rs.
31,71,656. During assessment proceedings, the Assessing Officer observed
deposits a...
M/s Omaxe Ltd. & Anr. vs Deputy Commissioner of Income Tax & Anr. – Delhi High Court | Validity of Proceedings under Sections 153C, 245D & 245I after Settlement Commission Order
Facts of the Case
The
petitioner company, M/s Omaxe Ltd., engaged in real estate business, was
subjected to a search operation and was issued notice under Section 153A
of the Income Tax Act.
The
...
Commissioner of Income Tax Vs. Gita Duggal – Delhi High Court | Deduction under Sections 54 & 54F on Multiple Residential Units Received under Development/Collaboration Agreement
Facts of the
CaseThe assessee, Ms. Gita Duggal, owned property
situated at A/22, Westend Colony, New Delhi comprising basement, ground floor,
first floor and second floor. She entered into a collaboration agreement wi...
Le Passage to India Tours & Travels Pvt. Ltd. v. Additional Commissioner of Income Tax – Reassessment under Sections 147/148 of Income Tax Act Cannot Be Reopened Merely for Verification of Expenses Without Tangible Material
Facts of the CaseThe petitioner company was engaged in the tourism and travel
business and had undergone scrutiny assessment under Section 143(3).
Subsequently, reassessment proceedings had earlier been initiated on th...
Commissioner of Income Tax, Delhi-VIII vs SREI Infrastructure Finance Ltd. – Higher Depreciation on Leased Vehicles, Interest-Free Loans to Subsidiaries, Commercial Expediency & Section 14A/Rule 8D Disallowance | Delhi High Court
Facts of the CaseThe Revenue filed appeals before the Delhi High
Court under Section 260A of the Income Tax Act challenging the order of the
Income Tax Appellate Tribunal relating to Assessment Years 2006–07 and 2007...
Director of Income Tax (Exemption) vs Abul Kalam Azad Islamic Awakening | Delhi High Court | Cancellation of Section 12A Registration for Investment in Commercial Property under Sections 11(5)(x) & 12AA(3) of the Income Tax Act, 1961
Facts of the
CaseThe respondent assessee had been granted
registration under Section 12A of the Income Tax Act. Subsequently, the
Director of Income Tax (Exemption) passed an order under Section 12AA(3) read
with Sec...