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Commissioner of Income Tax vs M/s Standard Brands Ltd. – Penalty under Section 271D Cannot Survive When Alleged Cash Receipt Is Treated as Undisclosed Income in Block Assessment
Facts of the
CaseThe assessee had received an amount of ₹3,00,000 in
cash from M/s D.S. Imports during the block period from 1 April 1986 to 31
March 1997.According to the Assessing Officer, the amount
represented ...
Commissioner of Income Tax vs Nestle India Ltd. (ITA No. 269/2002) – Valuation of Closing Stock, Excise Duty Adjustment and Section 43B of the Income-tax Act
Facts of the CaseThe Revenue challenged the order dated 19 September
2001 passed by the Income Tax Appellate Tribunal, Delhi Bench ‘B’, concerning
Assessment Year 1991-92 and connected appeals. The dispute originat...
Commissioner of Income Tax vs M/s Vikram Aditya & Associates Pvt. Ltd. – Section 263 Revision, Dividend Stripping and Scope of Revisional Jurisdiction under the Income-tax Act, 1961 (Delhi High Court)
Facts of the CaseThe assessee purchased units of mutual funds on 9
February 2001 and sold them on 11 February 2001. During this period, it
received dividend income amounting to approximately ₹43.54 lakhs. Although th...
Commissioner of Income Tax, Delhi vs M/s Mesco Laboratories Ltd. (2006) – Reassessment under Sections 147 & 148 Invalid Without Rational Nexus Between Reasons and Escaped Income
Facts of the
CaseThe Revenue challenged the order of the Income Tax
Appellate Tribunal for Assessment Year 1995-96. The dispute concerned the
validity of reassessment proceedings initiated by the Assessing Officer und...
Commissioner of Income Tax, Delhi vs M/s Adidas India Marketing (P) Ltd. – TDS on Hire Charges for Furniture & Fixtures, Assessee in Default under Sections 194-I, 194C, 201(1) & 201(1A) of the Income-tax Act
Facts of the
CaseM/s Adidas India Marketing (P) Ltd. had taken
premises on lease for its head office. Apart from the lease agreement, it
entered into a separate agreement for hiring furniture and fixtures installed
i...
CIT vs. Shri Ashok Dua: Scope of Chapter XIV-B Block Assessment and Taxability of Disclosed NRI Gifts and Post-Search Bank Statements
Facts
of the CaseThis appeal relates to the block
assessment period from April 1, 1987, to January 16, 1998, and is directed
against the Income Tax Appellate Tribunal's (ITAT) order dated March 28, 2005.
A search ope...
Dabur India Limited vs. CIT: Mandatory Deduction of Depreciation for Computing Sections 80-IB and 80HHC Deductions for AY 2001-02
Facts
of the CaseThe appellant, M/s Dabur India Limited,
preferred an appeal under Section 260A of the Income Tax Act, 1961, challenging
the judgment dated April 5, 2007, passed by the Income Tax Appellate Tribunal
(...
Dabur India Limited vs. CIT: Mandatory Deduction of Depreciation for Computing Section 80-IB and 80HHC Deductions
Facts
of the CaseThe assessee, M/s Dabur India Limited,
is engaged in the business of manufacturing herbal products and cosmetics. For
the Assessment Year 2000-01, the company filed its return of income on November
3...
CIT vs. M/s Lotus Trans Travels Pvt. Ltd.: Taxability of Debatable Claims and Deletion of Penalty Under Section 271(1)(c) of the Income Tax Act
Facts
of the CaseThe appeals under consideration were
filed by the Revenue against a common appellate order passed by the Income Tax
Appellate Tribunal (ITAT) dated 06.07.2007, which spanned across the Assessment
Yea...
CIT vs. M/s Tosha International Ltd.: Taxability of Principal Loan Waiver under Section 41(1) of the Income Tax Act
Facts
of the CaseThe assessee, M/s Tosha International
Ltd., was engaged in manufacturing black and white television picture tubes.
The company ran into immense financial losses, eventually becoming a sick
industrial...