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Commissioner of Income Tax-V v. Narain Jewels International Ltd. – Penalty under Section 271(1)(c) on Share Application Money Addition under Section 68 of the Income-tax Act, 1961
Facts of the
Case
The assessee filed its return of income for Assessment Year 1996-97
declaring nil income after adjusting brought forward unabsorbed
depreciation.
The Assessing Officer completed assessm...
Himalaya International Ltd. v. Commissioner of Income Tax – Whether Income from Mushroom Growing Constitutes Agricultural Income Exempt from Tax | Section 80-IA & Agricultural Income | Delhi High Court (2006)
Facts of the
CaseHimalaya International Ltd. was engaged in the
activity of growing mushrooms and canning them. During the assessment
proceedings, the assessee claimed deduction under Section 80-IA of the
Income-tax ...
Director of Income Tax, Delhi vs. Ravva Oil (Singapore) Pte. Ltd. – Section 44C of the Income-Tax Act, 1961 | Allowability of Head Office Expenditure of Non-Resident Having Only Indian Operations | Delhi High Court
Facts of the CaseRavva Oil (Singapore) Pte. Ltd., a non-resident
company incorporated in Singapore, maintained its head office in Singapore and
operated a sole branch office in India in connection with oil exploration
...
Commissioner of Income Tax vs M/s Rathi Gases Ltd. – Section 256(1) of the Income-tax Act, 1961 | Whether Capital Subsidy Reduces Actual Cost of Assets for Depreciation Purposes?
Facts of the
CaseThe assessee, M/s Rathi Gases Ltd., received
a cash subsidy under the 10% Central Outright Grant Scheme, 1971 for
setting up industrial activities in backward districts/areas through the
Rajasthan Fi...
Commissioner of Income Tax v. IKEA Trading India Ltd. – Foreign Exchange Fluctuation Loss on Revenue Account and Applicability of Woodward Governor under Sections 37(1) and 260A of the Income-tax Act, 1961
Facts of the
Case
The Revenue filed an appeal against the order dated 4 May 2007
passed by the Income Tax Appellate Tribunal, Delhi Bench “I”.
The dispute related to Assessment Year 2001-02.
The issue in...
VLS Finance Ltd. & South Asian Enterprises Ltd. vs. Commissioner of Income Tax (Central-II) & Deputy Commissioner of Income Tax – Sections 132, 132(3), 142(2A), 143(2), 158BC & 158BE of the Income-Tax Act, 1961 | Validity of Special Audit, Search Proceedings and Limitation for Block Assessment
Facts of the CaseThe petitioners, VLS Finance Ltd.
and South Asian Enterprises Ltd., challenged an order dated 29.06.2000 passed
under Section 142(2A) of the Income-Tax Act, 1961 directing a special audit of
their acc...
Commissioner of Income Tax vs M/s Rathi Gases Ltd. (2006) – Cash Subsidy, Actual Cost of Assets & Depreciation under Section 43(1) of the Income-tax Act
Facts of the CaseThe assessee, M/s Rathi Gases Ltd., had
received a cash subsidy under the 10% Central Outright Grant Scheme, 1971
applicable to backward districts/areas through the Rajasthan Financial
Corporation. Th...
Commissioner of Income Tax, Delhi-II v. Jindal Drilling & Industries Ltd. – Scope of Re-computation under Section 263 and Allowability of Fresh Deduction Claims during Proceedings under Section 115J of the Income-tax Act, 1961
Facts of the
Case
The assessee, Jindal Drilling & Industries Ltd., was assessed
under Section 143(3) for Assessment Year 1989-90.
The original assessment order did not properly compute book profits
u...
M/s Superior Exim Pvt. Ltd. vs Commissioner of Income Tax, Delhi – Transfer of Jurisdiction Without Notice Held Invalid under Section 127 of the Income-tax Act, 1961
Facts of the
CaseThe petitioner, M/s Superior Exim Pvt. Ltd.,
challenged an order dated 23 September 2005 passed by the Commissioner of
Income Tax under Section 127 of the Income-tax Act, 1961. By the impugned
order,...
Mahanagar Telephone Nigam Ltd. (MTNL) vs. Commissioner of Income Tax, Delhi – Section 80-IA of the Income-Tax Act, 1961 | Deduction under Section 80-IA Remanded to Assessing Officer for Fresh Adjudication | Delhi High Court
Facts of the CaseThe appeal was filed by Mahanagar Telephone Nigam
Ltd. (MTNL) before the Delhi High Court challenging the order dated 11.10.2004
passed by the Income Tax Appellate Tribunal (ITAT), Delhi in ITA No.
53...