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Commissioner of Income Tax, Delhi-VII, New Delhi vs. M/s Intra Port India | Interest on Surplus Funds Treated as Income from Other Sources – Exclusion from Section 80HHC Computation
Facts of the CaseThe assessee, M/s Intra Port India, had earned interest income
on surplus funds deposited with banks. While computing deduction under Section
80HHC of the Income-tax Act, the treatment of such interest...
Scurrilous Cash Advances and Untraceable Registered Dealers: Delhi High Court Upholds Rejection of Books of Accounts and Estimation of Gross Profit Rate Due to Failure of Primary Verification Onus: Smt. Krishna Gupta, Prop. Studio Saket Vs. The Assistant Commissioner of Income Tax, Investigation Circle, 20(1), New Delhi
Facts of the Case
The
Appellant/Assessee was running a proprietary business under the name and
style of "Studio Saket", dealing in photographic films
and still photography.
For
the Assessment...
Commissioner of Income Tax (CIT) vs Anita Jain – Whether Business Expenses and Depreciation Are Allowable During Temporary Business Dormancy | Section 22 & Section 260A Income-tax Act
Facts of the CaseThe Revenue filed appeals under Section 260A of the Income-tax
Act against the orders of the Income Tax Appellate Tribunal (ITAT) relating to
Assessment Years 1999-2000, 2000-01 and 2001-02.The assesse...
Commissioner of Income Tax, Delhi-II vs. M/s. Jai Parabolic Springs Ltd. – Whether ITAT / Appellate Authorities Have the Power to Entertain a New Claim or Additional Ground Not Raised by the Assessee in the Original Income Tax Return (ITR) Under Section 254 of the Income Tax Act, 1961
Facts of the Case
The
Assessee (M/s. Jai Parabolic Springs Ltd.) is engaged in
manufacturing and marketing springs/spring leaves for the automobile
sector. For the Assessment Year (AY) 1990-91, the As...
Consulting Engineering Services (India) Pvt. Ltd. v. Commissioner of Income Tax, Delhi (Delhi High Court) – Allowability of Provident Fund Contribution Paid Before Filing of Return under Sections 36(1)(va) and 43B of the Income-tax Act, 1961
Facts of the CaseThe assessee, Consulting Engineering Services (India) Pvt.
Ltd., claimed deduction towards staff provident fund dues for Assessment Year
1998-99.The Assessing Officer disallowed the deduction of Rs.
1...
Director of Income Tax (Exemption) vs. National Dairy Development Board Employees Benevolent Fund Welfare Association – Registration under Section 12A/12AA and Charitable Purpose under Section 2(15) of the Income-tax Act, 1961
Facts of the CaseThe Revenue challenged the order dated 28 February 2007 passed
by the Income Tax Appellate Tribunal, Delhi Bench, whereby the Tribunal allowed
the appeal of the assessee and held that the Director of I...
DCM Benetton India Ltd. vs. The Commissioner of Income Tax, New Delhi | ITA No. 469 of 2007 (Delhi High Court) – Scope of Admissibility of Additional Grounds of Appeal before Income Tax Appellate Tribunal (ITAT) and Powers of Remand Under Section 254 of Income Tax Act, 1961
Facts of the Case
The
Assessee (M/s DCM Benetton India Ltd.) incurred a genuine business
expenditure amounting to ₹13,10,566/-.
The
Assessee reflected this amount as a "prior period
expendi...
Delhi High Court Dismisses Income Tax Appeal for Absence of Any Substantial Question of Law | ITA No. 1256/2007 | Judgment dated 03 December 2008
Facts of the CaseThe detailed facts of the dispute are not recorded in the
available order. The judgment available is a brief disposal order containing
only the operative findings of the Court.However, it is evident th...
Commissioner of Income Tax-V vs. Real Time Marketing P. Ltd.: Deletion of Section 68 Unexplained Cash Credit Addition upheld where Revenue Fails to Establish Nexus between Assessee and Layered Internal Bank Transfers of Intermediary Entities
Facts of the Case
The
Assessee's Claim: The Assessee, a Private Limited
company, declared that it had received an unsecured loan amounting to
₹25,00,000 from an corporate entity named M/s. Aishwaray...
CIT Delhi-VI vs. Virgo Marketing (P) Ltd. (2008) – Recording of Satisfaction Mandatory for Penalty Proceedings under Section 271(1)(c) of the Income Tax Act
Facts of the CaseThe Revenue challenged the order of the Income Tax Appellate
Tribunal dated 26 April 2007 concerning Assessment Years 2000-01 to 2002-03.The primary issue before the Delhi High Court was whether the
As...