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Commissioner of Income Tax vs D.K. Garg (Delhi High Court) – Applicability of Peak Credit Theory in Unexplained Cash Deposits and Accommodation Entries under Sections 68, 147, 148 & 260A of the Income Tax Act, 1961
Facts of the
CaseThe assessee, a Chartered Accountant, filed his
return for AY 1995–96 declaring taxable income of Rs. 49,880. During
assessment, the Assessing Officer discovered substantial cash and cheque
deposit...
Principal Commissioner of Income Tax (Central)-1 v. Sahara India (Firm) | Delhi High Court on Deletion of Penalty under Sections 271D & 271E of the Income Tax Act
Facts of the CaseThe Revenue filed four appeals before the Delhi High Court
against a common order passed by the Income Tax Appellate Tribunal dated 6
January 2017 concerning Assessment Years 2003-04 and 2004-05.The di...
M/s ESS Distribution (Mauritius) SNC et Compagnie & M/s ESS Advertising (Mauritius) SNC et Compagnie vs Assistant Commissioner of Income Tax, Circle-1(2)(2), International Taxation, New Delhi | Delhi High Court | Reassessment under Sections 147/148 and Draft Assessment under Section 144C held Invalid for Change of Opinion and Jurisdictional Error
Facts of the Case
The
petitioners were Mauritius-based partnership firms deriving income from
sports channel distribution and advertising business.
They
claimed treaty protection under the India-Ma...
Pr. Commissioner of Income Tax-6, New Delhi vs Modi Industries Ltd. | Delhi High Court on Classification of Rental Income as House Property Income under Section 22 of the Income-tax Act, 1961
Facts of the CaseThe dispute arose in relation to Assessment Year 2007–08
wherein the assessee, Modi Industries Ltd., had derived rental income from
three immovable properties let out on rent. The assessee main...
Commissioner of Income Tax vs Denso India Limited | Delhi High Court on Scope of Rectification u/s 154 and Penalty u/s 271C for Failure to Deduct TDS on Expatriate Salary
Facts of the CaseDenso India Limited, engaged in manufacturing operations,
had expatriate technicians deputed by its Japanese parent company to work in
India. The expatriates were paid part salary in India and part sal...
M/s ESS Distribution (Mauritius) SNC ET Compagnie & M/s ESS Advertising (Mauritius) SNC ET Compagnie vs Assistant Commissioner of Income Tax, Circle 1(2)(2), International Taxation, New Delhi | Delhi High Court | Reassessment under Sections 147/148 and Invalid Draft Assessment under Section 144C
Facts of the CaseThe petitioners, ESS Distribution (Mauritius)
and ESS Advertising (Mauritius), were partnership firms incorporated
under the laws of Mauritius and tax residents of Mauritius. Their income arose
...
Pr. Commissioner of Income Tax-4 vs GE Money Financial Services Pvt. Ltd. | Delhi High Court on Allowability of Loss on Sale of Loan Portfolio under Section 36(2)(i) of the Income Tax Act
Facts of the CaseThe assessee, GE Money Financial Services Pvt.
Ltd., a non-banking financial company engaged in financing activities, had
claimed deduction in respect of loss incurred on the sale of its loan
portfoli...
Commissioner of Income Tax, Delhi-IV vs DLF Universal Ltd. | Deductibility of Shelter Fund Contribution as Revenue Expenditure under Section 145 and Business Expenditure Principles – Delhi High Court
Facts of the
CaseThe Revenue filed an appeal against the order of
the Income Tax Appellate Tribunal (ITAT) for Assessment Year 1995–96. The
assessee, DLF Universal Ltd., was engaged in real estate business and held ...
Pr. Commissioner of Income Tax-4 & Anr. vs GE Money Financial Services Pvt. Ltd. | Delhi High Court | Allowability of Loss on Sale of Loan Portfolio under Section 36(2)(i) of the Income Tax Act, 1961
Facts of the CaseThe assessee, GE Money Financial Services Pvt.
Ltd., engaged in the business of non-banking financial services, claimed
deduction in respect of loss arising on sale of its loan portfolio. The Revenue
...
Pr. Commissioner of Income Tax-9 vs M/s Times Internet Ltd. | Delhi High Court on Allowability of Business Expenditure After Transfer of Business and Website Development Expenditure under the Income Tax Act, 1961
Facts of the
CaseThe assessee, M/s Times Internet Ltd., had
filed returns for Assessment Years 2006-07 and 2008-09 declaring that certain
business segments had been transferred/sold. Despite such transfer, the
assess...