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Delhi High Court in CIT vs. Avinash Jain: Revenue Cannot Recharacterize Capital Gains into Business Income Where Assessee Maintains Distinct Dual Share Portfolios Consistent with Historical Practice and CBDT Circular No. 4/2007
Facts of the Case
The
Assessee (Avinash Jain) was engaged in the sale and purchase of shares.
The
Assessee consistently maintained two distinct separate portfolios: an investment
portfolio (compris...
Delhi High Court in CIT vs. Nahar Theaters: De Novo Remand under Section 254 due to ITAT’s Failure to Verify Record Status of Critical 2002 MOU, While Sustaining the Finality of Annual Letting Value under Sections 22 and 23
Facts of the Case
This
case involves three interconnected appeals filed by the Revenue, namely
ITA 845/2009, ITA 909/2009, and ITA 1409/2010.
The
underlying appeals pertain to the Assessment Years ...
Commissioner of Income Tax, Delhi-IV vs DLF Commercial Developers Ltd. | Delhi High Court on Derivative Trading Loss, Speculative Loss and Applicability of Explanation to Section 73 of Income Tax Act, 1961
Facts of the CaseThe assessee, DLF Commercial Developers Ltd., claimed a loss
of approximately ₹492.71 lakhs arising from purchase and sale transactions
involving derivatives. The assessee contended that such derivat...
Commissioner of Income Tax, Delhi-IV vs DLF Commercial Developers Ltd. | Delhi High Court on Derivative Trading Loss, Speculative Loss and Applicability of Explanation to Section 73 of Income Tax Act, 1961
Facts of the CaseThe assessee, DLF Commercial Developers Ltd., claimed a loss
of approximately ₹492.71 lakhs arising from purchase and sale transactions
involving derivatives. The assessee contended that such derivat...
Rambagh Palace Hotels Private Limited vs. Deputy Commissioner of Income Tax: Validity of Reassessment Under Section 147/148 Based on Third-Party Corporate Complaint.
Facts of the Case
Assessee
Background: The petitioner, M/s Rambagh Palace Hotels
Pvt. Ltd., is a private limited company engaged in running multiple luxury
hotel units.
Original
Assessments: ...
Delhi HC in CIT vs. Nahar Theaters: High Court Orders De Novo Remand under Section 254 due to ITAT’s Failure to Verify Critical Evidentiary MOU, While Protecting Finality of Annual Letting Value
Facts of the CaseThe Income Tax Department (Appellant) filed three appeals—ITA
No. 845/2009, ITA No. 909/2009, and ITA No. 1409/2010—before the Hon'ble
Delhi High Court. These appeals challenged the Income Tax Appe...
Validity of Furnishing Form-10 During Re-assessment Proceedings: A Legal Analysis of Association of Corporation & Apex Societies of Handlooms vs. Assistant Director of Income Tax
Facts of the CaseThe appellant filed multiple appeals (ITA Nos. 523/2012,
524/2012, 525/2012, and 526/2012) challenging orders regarding the accumulation
of income and the filing of Form-10 . The dispute centered on wh...
Rambagh Palace Hotels Private Limited vs. Deputy Commissioner of Income Tax: Validity of Reopening Assessment Under Section 147
Facts of the CaseThe petitioner, Rambagh Palace Hotels Private Limited, a
company engaged in the hotel business, had its income tax assessment for the
assessment year 2003-04 completed under Section 143(3). After a lap...
Delhi HC in CIT vs. Kamal Wahal: Section 54F Deduction Allowed for New Residential Property Sourced from Capital Gains but Purchased in Spouse’s Name
Facts of the CaseThe assessee, an individual retired from IOCL, inherited a 50%
share in a residential property located in Vasant Vihar, Delhi, in 2003. During
the financial year ending on March 31, 2008, the assessee ...
Pardesi Developers and Infrastructure Pvt. Ltd. vs. Commissioner of Income Tax Delhi-IV & Ors.: Analysis of Reopening Assessment Under Section 148
Facts of the CaseThe petitioner, Pardesi Developers and Infrastructure Pvt.
Ltd., had its original income tax assessment for the Assessment Year (A.Y.)
2007-08 completed on December 30, 2009, under Section 143(3) of th...