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Commissioner of Income Tax vs. M/S Societex: Retrospective Effect of Section 271(1)(B) on Penalty Satisfaction and Remand on Merits for Fact-Checking Advance Tax
Facts of the CaseThe case involves cross-appeals filed by both the Revenue
(Commissioner of Income Tax) and the Assessee (M/S Societex) against an order
passed by the Income Tax Appellate Tribunal (ITAT) on October 28,...
The Commissioner of Income Tax, Delhi-II vs. M/s Khaitan Chemicals & Fertilizers Ltd.: Computation of Book Profit under Section 115JA of the Income-tax Act, 1961 — Permissibility of Deducting Prior Period Expenses and Extraordinary Items Separately Disclosed under Accounting Standard (AS) 5 and Schedule VI to the Companies Act, 1956.
Facts of the Case
The
respondent-assessee initially filed its return of income for Assessment
Year (AY) 2000-01 declaring a loss of ₹193.31 lakhs. Subsequently, a
revised return was filed due to the...
The Commissioner of Income Tax Delhi-II v. Khaitan Chemicals & Fertilizers Ltd. (2008): Scope of Section 115JA of the Income-Tax Act, 1961 Regarding the Computation of Book Profit vis-à-vis Deduction of Prior Period Expenses and Extraordinary Items Under Accounting Standard (AS) 5
Facts of the Case
The
respondent-assessee initially filed its return of income on October 30,
2000, declaring a loss.
Consequent
to the merger of Khaitan Soya Limited with the assessee (effective A...
Commissioner of Income Tax, Delhi-IV vs. Encon International (P) Ltd: Eligibility of Export Deductions Under Section 80HHC of the Income Tax Act, 1961 on Independent Fresh Purchase Orders and Distinct Non-Resident Transactions Distinct from Initial Installation Contracts
Facts of the Case
The
Assessee (Encon International (P) Ltd) exported goods worth a total of Rs
206.62 lacs during the Assessment Year 2002-03.
Out
of the total exports, goods valued at Rs 102.13 l...
Commissioner of Income Tax Delhi-I vs. M/S C.J. International Hotels Ltd. | Delhi High Court | Assessment Year 1998-99: Scope of Assessing Officer's Power under Section 115JA to Recompute Book Profits Based on Certified Accounts vs. Excess Depreciation Adjustment and the Inapplicability of Section 263 Revisionary Powers
Facts of the Case
The
appellant (Revenue) challenged the order dated 15.02.2008 passed by the
Income Tax Appellate Tribunal (ITAT) in ITA 775/Del/2006 for the
Assessment Year (AY) 1998-99.
The
...
Commissioner of Income Tax, Delhi-IV vs. Encon International (P) Ltd: Deletion of Disallowance of Export Deductions Under Section 80HHC of the Income Tax Act, 1961 Where Export Sales and Receipt of Foreign Exchange via Independent Purchase Orders Exist Outside Pre-Existing Installation Contracts
Facts of the Case
The
Assessee, M/s Encon International (P) Ltd, exported goods totaling Rs.
206.62 lacs during the Assessment Year (AY) 2002-03.
Out
of the total exports, goods worth Rs. 102.13 lac...
Commissioner of Income Tax, Delhi (Central)-II vs. D.K. Gupta: Deletion of Income Tax Addition on Seized Diaries Held as Dumb Documents and Presumption Under Section 132(4A) – Delhi High Court Case Law (2008:DHC:2777-DB)
Facts of the Case
Search
Operations: A search and seizure operation under the
Income-tax Act was conducted on March 18, 2002, at the residential
premises of the assessee (a director in Aerens Buildwel...
COMMISSIONER OF INCOME TAX vs. EDS ELECTRONICS DATA SYSTEMS (INDIA) PVT. LTD. | Accrual of Business Liability Under Section 37(1) vs. Subsequent RBI Remittance Approval and Deletion of Book Profit Additions on Provision for Bad Debts Under Section 115JA: Delhi High Court Case Law
FACTS OF THE CASE
The
Revenue preferred an appeal under Section 260A challenging the order dated
March 10, 2004, passed by the Income Tax Appellate Tribunal (ITAT) for the
Assessment Year 2000-2001.
...
Rohitasava Chand Versus Commissioner of Income Tax – Taxability of Non-Compete Fee Received Under Restrictive Covenant – Sections 148 and 260A of the Income Tax Act, 1961
Facts of the Case·
The assessee, Mr. Rohitasava Chand, was a
shareholder and Director of IIS Infotech Ltd. He entered into two separate
agreements dated 4 December 1997...
COMMISSIONER OF INCOME TAX Versus M/S EICHER LIMITED : CLASSIFICATION OF NON-COMPETE FEES AS REVENUE EXPENDITURE UNDER SECTION 37
Facts of the Case
The
Assessee, M/s Eicher Limited, employed an individual named Vishwanathan
who possessed specialized technical knowledge regarding the two-wheeler
industry.
Upon
his retire...