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Commissioner of Income Tax, Delhi vs. Madhushree Gupta – Penalty under Section 271(1)(c) Cannot Be Imposed for a Bona Fide Claim Supported by Existing Judicial Precedents | Delhi High Court
Facts of the
CaseThe assessee had claimed current year business
losses amounting to ₹80,65,000 arising from share trading activities and
adjusted such losses against profits while claiming deduction under Section
8...
NTPC Ltd. vs Deputy Commissioner of Income Tax | Delhi High Court on Reassessment under Sections 147 & 148 of Income Tax Act – Change of Opinion and Full & True Disclosure Principle (2013)
Facts of the
Case
NTPC Ltd. challenged notices issued under Section 148 dated
03.02.2006 seeking reopening of completed assessments.
The proceedings related to Assessment Years 1999-2000, 2001-02,
2002-0...
Commissioner of Income Tax, Delhi vs Delhi Apartments Pvt. Ltd. – Taxability of Advance Received on Sale of Land and Whether Sale of Land Constitutes Business Income or Capital Gains under Sections 2(47)(v), 45 & 260A of the Income Tax Act, 1961
Facts of the
CaseThe assessee had purchased certain properties
situated in Village Kapashera between 08.02.2005 and 25.08.2005 at an aggregate
purchase consideration of ₹1,06,58,000. These lands were subsequently so...
NTPC Ltd. Vs Commissioner of Income Tax-V | Delhi High Court on Section 263 Revision Powers, Provisional Reduction of Sales & Income Recognition under Income Tax Act
Facts of the CaseNTPC Ltd. filed its return of income for Assessment Year
2005–06 declaring total income of approximately Rs.1330.17 crores. The case was
selected for scrutiny and assessment proceedings were conducte...
M/s Indus Towers Ltd. vs Deputy Commissioner of Income Tax & Others | Delhi High Court | Refund of Tax Amount and Withdrawal of Writ Petition Regarding Interest Claim
Facts of the CaseM/s Indus Towers Ltd. filed multiple writ petitions
before the Delhi High Court against the Deputy Commissioner of Income Tax and
other authorities regarding refund-related disputes under the Income Ta...
Radials International vs ACIT – Delhi High Court Clarifies Tax Treatment of PMS Transactions and Distinction Between Capital Gains and Business Income under the Income-tax Act, 1961
Facts of the Case
Radials
International was a partnership firm engaged in providing technical,
marketing and maintenance services relating to earth mover, aircraft and
truck tyres and also traded in t...
S.K. Jain vs Commissioner of Income Tax-XI, New Delhi & Others – Delhi High Court on Interest Liability for Delayed Release of Seized Cash under Sections 132, 132B & 244A of the Income Tax Act, 1961
Facts of the
CaseThe petitioner, S.K. Jain, was subjected to a
search and seizure operation under Section 132(1) of the Income Tax Act on
16.02.2005 at his residential premises. During the search, cash amounting to
â...
Assistant Commissioner of Income Tax v. Nilofar Currimbhoy | Section 276-CC & Section 278-E of Income Tax Act – Wilful Delay in Filing Income Tax Return and Presumption of Mens Rea by Delhi High Court
Facts of the Case
For Assessment Year 1994–95, the respondent was required to file
income tax returns on or before 31.10.1994.
Upon scrutiny of departmental records, the Income Tax Department
found that...
Court on Its Own Motion & All India Federation of Tax Practitioners vs Commissioner of Income Tax & Union of India – Delhi High Court on Illegal Adjustment of Refunds, TDS Credit Mismatch and Mandatory Compliance of Sections 245 & 154 of the Income Tax Act
Facts of the Case
The proceedings originated from a letter written by a Chartered
Accountant pointing out hardships suffered by taxpayers due to errors in
computerized processing of income tax returns.
Su...
Pepsi Foods Pvt. Ltd. vs Assistant Commissioner of Income Tax | Delhi High Court | Section 153C Income Tax Act | Invalid Satisfaction Note and Quashing of Notice
Facts of the
CaseA search and seizure operation under Section 132(1)
of the Income Tax Act was conducted on the Jaipuria Group on 27.03.2012. During
the course of the search, certain documents relating to Pepsi Foods ...