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Commissioner of Income Tax vs. The Instalment Supply Limited: Deciding the Genuineness of Sale-and-Leaseback Transactions and Entitlement to 100% Depreciation under Section 32 of the Income Tax Act, 1961
Facts of the Case
Assessee
Business & Return: The assessee, M/s The Instalment Supply
Limited, filed its return of income for the Assessment Year (AY) 1994-95
on November 30, 1994, declaring a tot...
Commissioner of Income Tax vs. Shri Anant Jain – Taxability of Retirement Benefits Received Outside India by a “Not Ordinarily Resident” Assessee under Sections 5(1)(c), 6 & 9(1)(ii) of the Income Tax Act, 1961
Facts of the
CaseThe assessee, Shri Anant Jain, had worked with
Enron Corporation, USA from 1991 till November 1999 and during that period he
was a non-resident Indian. Upon termination of his employment, he received
...
M/s Asian Hotels (North) Ltd. vs Commissioner of Income Tax-I | TDS Liability on Employee Tips under Section 192 of the Income Tax Act – Delhi High Court
Facts of the CaseM/s Asian Hotels (North) Ltd., the
assessee and hotel operator, challenged the applicability of TDS provisions
under Section 192 of the Income Tax Act in respect of tips paid to employees.
The princip...
Goyal Impex & Industries Ltd. vs Commissioner of Income Tax | DEPB Credit Taxability and Section 80HHC Deduction under Income Tax Act – Delhi High Court
Facts of the
Case
Goyal Impex & Industries Ltd. was involved in export activities
and claimed benefits concerning DEPB credit and deductions under Section
80HHC of the Income Tax Act.
The dispute aro...
M/s Asian Hotels (North) Ltd. vs Commissioner of Income Tax-I | TDS Liability on Employee Tips under Section 192 of the Income Tax Act, 1961
Facts of the
CaseThe assessee, M/s Asian Hotels (North) Ltd., filed
an appeal before the Delhi High Court raising the issue regarding deduction of
TDS on amounts distributed as tips to employees.The principal contenti...
A.G. Holdings Pvt. Ltd. vs Income Tax Officer – Reopening of Assessment under Sections 147 & 148 on Alleged Accommodation Entries | Delhi High Court
Facts of the
CaseThe petitioner company filed its return of income
for Assessment Year 2004-05 declaring a loss. The return was processed under
Section 143(1) of the Income Tax Act.Subsequently, the Assessing Officer ...
Commissioner of Income Tax-II vs. Jindal Dyechem Industries Pvt. Ltd. | Deletion of Section 69A Addition on Unverifiable Cash Sales & Stock Write-Off without Material Evidence
Facts of the Case
The
Assessee, M/s Jindal Dyechem Industries Pvt. Ltd., was engaged in the
wholesale trade of bullion (gold and silver) during the Assessment Year
(AY) 2004–2005.
During
th...
Commissioner of Income Tax vs. Sahara India Housing Corporation Ltd. | Treatment of Income from Sale & Purchase of Securities – Capital Gains vs Business Income under Sections 14A & 45 of the Income Tax Act
Facts of the CaseThe assessee, Sahara India Housing Corporation
Ltd., had shown gains and losses arising from sale and purchase of securities
under the head “Capital Gains” in its income tax returns for the relevan...
M/s Asian Hotels (North) Ltd. v. Commissioner of Income Tax-I – TDS on Tips Paid by Hotels to Employees under Section 192 of the Income Tax Act – Liability of Employer and Consequences under Section 201(1A)
Facts of the
Case
The assessee, M/s Asian Hotels (North) Ltd., filed an appeal before
the Delhi High Court.
The issue raised concerned whether tips paid by the hotel to its
employees attracted TDS under ...
Commissioner of Income Tax-II vs. Jindal Dyechem Industries Pvt. Ltd. – Section 69A Additions for Alleged Understatement of Bullion Sales and Minor Stock Discrepancies Devoid of Material Evidence Set Aside
Facts of the Case
The
Appellant (Revenue/Assessing Officer) framed an assessment for the
Assessment Year (AY) 2004-2005 against the Respondent (Assessee), M/s
Jindal Dyechem Industries Pvt. Ltd., who ...