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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-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...
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...
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...
SSP Aviation Ltd. vs Deputy Commissioner of Income Tax | Scope of Section 153C Proceedings and Assessment of Third-Party Documents under Income Tax Act
Facts of the Case
SSP
Aviation Ltd. was engaged in the business of real estate development and
had regularly filed returns of income for Assessment Years 2003-04 to
2008-09.
A
search operation...
Commissioner of Income Tax-IV vs. M/S. I. K. International Pvt. Ltd.: Applicability of Section 50(2) on Non-Depreciable Assets and Eligibility for Capital Gains Exemption under Section 54EC
Facts of the Case
The
Respondent-Assessee, a private limited company engaged in publishing and
trading educational books, filed its return of income for the Assessment
Year (AY) 2006-07.
The
...
Areva T & D India Ltd. vs. Deputy Commissioner of Income-Tax (with CIT vs. Jai Parabolic Spring Ltd.) | Admissibility of Depreciation on Intangible Assets and Business Rights Acquired via Slump Sale under Section 32(1)(ii) of the Income Tax Act, 1961
Facts of the Case
ITA
No. 315/2010 (Areva T & D India Ltd.): *
The assessee company, engaged in the power transmission and distribution
sector, entered into a slump sale agreement dated June 30, 2...
Steel Authority of India Ltd. Vs. Commissioner of Income Tax: Depreciation on Actual Cost of Assets and Reduction of Written Down Value (WDV) upon Waiver of Capital Loan under Section 43(1) of the Income Tax Act, 1961
Facts of the Case
The
Appellant, Steel Authority of India Ltd. (SAIL), is a public sector
undertaking engaged in the manufacture, sale, and export of iron and
steel.
To
meet its operational an...
Steel Authority of India Ltd. vs. Commissioner of Income Tax: Reduction of "Actual Cost" under Section 43(1) upon Capital Loan Waiver
Facts of the Case
The
Assessee: Steel Authority of India Ltd. (SAIL) is a
public sector undertaking engaged in the manufacture, sale, and export of
iron and steel.
Financial
Assistance: Over ...
Reduction of Asset Cost via Government Loan Waivers Under Section 43(1) and Section 32: Steel Authority of India Ltd. v. Commissioner of Income Tax
Facts of the Case
The
appellant, Steel Authority of India Ltd. (SAIL), is a public sector
undertaking engaged in the manufacture, sale, and export of iron and
steel. It operates several steel plants a...