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Reassessment Beyond Three Years Invalid Where Escaped Income Is Below ₹50 Lakh; Notice “Issued” Only After Digital Signing – Acropolis Realty Pvt. Ltd. vs Income Tax Officer (Delhi High Court)
Facts of the CaseThe petitioner, Acropolis Realty Pvt. Ltd., filed its
return of income for Assessment Year 2019-20 on 20.03.2020,
declaring nil income. No intimation regarding the return was received at
the relevant ...
Advance Received Through Banking Channels Cannot Be Treated as Unexplained Cash Credit Merely Due to Documentation Irregularity; Section 68 Addition Unsustainable When Source and Genuineness Are Established: PCIT-6 vs. Nucleus Steel Pvt. Ltd. (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act challenging the order dated 23.03.2018 passed by the Income
Tax Appellate Tribunal for Assessment Year 2010-11. The assessee, Nucle...
Business Loss Cannot Be Disallowed on Suspicion or AO’s View of Commercial Expediency; Genuine Loss on Sale of Tools and Dies Allowable: PCIT-4 vs. G-Tekt India Pvt. Ltd. (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act challenging the order dated 19.07.2023 passed by the Income
Tax Appellate Tribunal for Assessment Year 2014-15. The assessee, M/s G...
Transfer Pricing Comparables Must Be Functionally Similar Even Under TNMM; High-End Engineering and Infrastructure Companies Cannot Be Compared with Captive Service Providers: PCIT-3 vs. Fluor Daniel India Pvt. Ltd. (Delhi HC)
Facts of the
CaseThe Revenue filed an appeal under Section 260A of
the Income-tax Act challenging the order dated 17.01.2019 passed by the Income
Tax Appellate Tribunal for Assessment Year 2011-12. The assessee, Fluor...
Prosecution Under Black Money Act Independent of Assessment Proceedings; Fabrication and Backdating of Documents Constitutes Wilful Attempt to Evade Tax: Sanjay Bhandari vs. Income Tax Office (Delhi HC)
Facts of the
CaseThe petitioner, Sanjay Bhandari, filed a petition
seeking quashing of Criminal Complaint No. 2121/2019 pending before the Court
of the learned ACMM, Tis Hazari Courts, Delhi, along with the summoning ...
Makeshift Structures on Agricultural Land Do Not Qualify as “Construction of a Residential House” for Section 54 Exemption; Pure Question of Fact: Sandeep Hooda vs. DCIT (Delhi HC)
Facts of the
CaseThe assessee, Sandeep Hooda, filed his return of
income for Assessment Year 2015-16 declaring total income of ₹1,27,54,600. He
sold a residential property at 1/7, Shanti Niketan, New Delhi on 25.09....
Under Vivad Se Vishwas Act, Assessee May Settle nly Its Own Appeal and Not Departmental Appeal for Same Assessment Year; Unit of Settlement Is an Appeal: Rose Wood Buildwell Pvt. Ltd. vs. PCIT-7 (Delhi HC)O
Facts of the
CaseThe petitioner, Rose Wood Buildwell Private
Limited, filed a writ petition challenging a certificate dated 23.04.2021
issued under Section 5(1) of the Direct Tax Vivad Se Vishwas Act, 2020, whereby
t...
Section 148A Order Set Aside for Non-Application of Mind and Erroneous Computation of Escapement; Matter Remanded for Fresh Consideration: Rishi Bansal vs. ITO (Delhi HC)
Facts of the
CaseThe petitioner, Rishi Bansal, filed a writ petition
challenging an order dated 31.08.2024 passed under Section 148A(d) of the
Income-tax Act and the consequential notice dated 31.08.2024 issued under
...
Loss on Sale of HTM Securities Cannot Be Disallowed Without Examining Supporting Material; Matter Remanded for Fresh Consideration under Section 45(2): Punjab National Bank vs. PCIT Delhi-V (Delhi HC)
Facts of the
CasePunjab National Bank filed an appeal under Section
260A of the Income-tax Act challenging the order dated 16.03.2018 passed by the
Income Tax Appellate Tribunal for Assessment Year 2006-07. The disput...
Application under Vivad Se Vishwas Scheme Cannot Be Rejected Merely on Ground That Appeal May Be Non-Maintainable; Pendency of Appeal Constitutes Dispute: Prayas Buildwell Pvt. Ltd. vs. PCIT-7 (Delhi HC)
Facts of the
CaseThe petitioner, Prayas Buildwell Private Limited,
filed a writ petition challenging a communication dated 18.12.2020 whereby its
declaration filed in Form 1 under the Direct Tax Vivad Se Vishwas Act, ...