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Commissioner of Income Tax vs M/s Sahara India Corporation Ltd. (Delhi High Court) – Whether Shares Held as Stock-in-Trade or Capital Investment and Validity of Change in Valuation Method under Section 260(A) of the Income-tax Act, 1961
Facts of the CaseThe dispute arose when the Assessing Officer rejected the
assessee’s contention that the shares held by it constituted stock-in-trade.
According to the Assessing Officer, the shares were held as long...
Commissioner of Income Tax v. M/s Nova Steels India Ltd. | Validity of Deletion of Penalty u/s 271(1)(c) on Assessed Loss or Minus Figure and the Applicability of Explanation 4 Post-Amendment
Facts of the CaseThe Revenue preferred a statutory appeal (numbered as ITA
1090/2005) before the Hon’ble High Court of Delhi against an order passed by
the Income Tax Appellate Tribunal (ITAT). The core dispute origi...
Commissioner of Income Tax v. M/s TEI Quebecor Printing Ltd. – Whether TDS under Section 192 is Deductible on Salary Merely Accrued but Not Actually Paid | Sections 192, 201(1) & 201(1A) of the Income-tax Act, 1961
Facts of the CaseM/s TEI Quebecor Printing Ltd., a joint venture
company, employed Mr. Lester Garnett, a Canadian national, on a fixed
remuneration package along with various perquisites such as rent-free
accomm...
Commissioner of Income Tax vs. Tej Quebecor Printing Ltd. (ITA Nos. 726, 724, 725 & 715 of 2005) – Section 192, Section 201(1) & Section 201(1A) – TDS on Salary Payable but Not Actually Paid
Facts of the
CaseM/s Tej Quebecor Printing Ltd., a joint venture
company, employed Mr. Lester Garnett, a Canadian national, at a fixed
remuneration along with various perquisites including rent-free accommodation,
ca...
Income Tax Appeal on Statutory Deductions: Commissioner of Income Tax vs. M/S J.B. Exports Ltd. – Core Interpretational Conflict on Whether Export Duty Drawback Incentives Can Be Legally Construed as Profits and Gains "Derived From" an Industrial Undertaking Under Section 80-I of the Income Tax Act, 1961
Facts of the Case
The
respondent-assessee filed its income tax return for the Assessment Year
(AY) 1991-92, declaring a total income of ₹8,71,055.
Within
the return, the assessee claimed a deduct...
Commissioner of Income Tax v. M/s International Pumps & Projects – Depreciation on Windmill Allowed as Asset Commissioned Before 31 March 1996 | Delhi High Court | ITA No. 43/2006
Facts of the
CaseFor the relevant assessment year, the respondent-assessee
claimed depreciation on a windmill installed for the generation of electricity.
The claim was based on the assertion that the windmill had bee...
Commissioner of Income Tax, Delhi vs M/s SNECMA SA, France & M/s SNECMA India Liaison Office (Delhi High Court) – Penalty under Section 271C for Non-Deduction of TDS on Expatriate Salaries Paid Outside India Deleted Due to Bona Fide Belief
Facts of the CaseDuring survey proceedings, the Revenue authorities noticed
that the respondent-assessees, namely SENCMA SA, France and SNECMA India
Liaison Office, had not deducted tax at source on a portion of salari...
Commissioner of Income Tax v. Oriental Insurance Co. Ltd. – Dismissal of Revenue Appeals for Delay in Reference to Committee on Disputes (COD) | ITA Nos. 470/2005, 468-471/2005, 394/2005 & 464/2005
Facts of the CaseThe Revenue filed
several appeals under Section 260A of the Income-tax Act before the Delhi High
Court. Earlier, by order dated 22 September 2005, the Court directed the
appellants to place on record ...
Commissioner of Income Tax v. Oriental Insurance Co. Ltd. – Dismissal of Revenue Appeal for Failure to Obtain Timely Committee on Disputes (COD) Clearance | Sections 260A, Supreme Court COD Guidelines
Facts of the CaseThe Revenue filed an appeal before the Delhi High
Court under Section 260A of the Income-tax Act. Earlier, by order dated 22
September 2005, the Court directed the appellant to place on record evidence...
Commissioner of Income Tax v. Oriental Insurance Co. Ltd. – Dismissal of Revenue Appeals for Failure to Obtain Committee on Disputes (COD) Approval Within Prescribed Time | Sections 260A & COD Compliance Requirement
Facts of the CaseThe Revenue had filed an appeal before the Delhi
High Court under Section 260A of the Income-tax Act. Earlier, by order dated 22
September 2005, the Court directed the appellant to place on record evid...