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Director of Income Tax (Exemptions) vs. M/s. Mool Chand Khairati Ram Trust: Limits on Cancellation of Registration under Section 12AA(3)
Facts of the CaseThe assessee, M/s. Mool Chand Khairati Ram Trust, was
established under the will of late Lala Ram Khairati Ram and was granted
registration under Section 12A of the Income Tax Act, 1961 in December 197...
Evidentiary Value of Statements under Section 133A: Commissioner of Income Tax vs. M/s. Dhingra Metal Works
Facts of the Case·
On September 14, 2004, the Income Tax
Department conducted a survey under Section 133A of the Income Tax Act, 1961,
at the respondent-assessee's busi...
Commissioner of Income Tax-V v. M/s Radhika Creation – Scope of Section 69C in Block Assessment and Requirement of Search Material for Additions under the Income Tax Act, 1961
Facts of the CaseThe Revenue challenged the order dated 08.02.2008
passed by the Income Tax Appellate Tribunal relating to the block period from
01.04.1990 to 17.10.2000.The Assessing Officer had made an addition...
CA Harish Kumar T K vs National Financial Reporting Authority (NFRA) | DHFL Branch Audit Misconduct Case under Section 132(4) of the Companies Act, 2013
Facts of the Case
DHFL was a listed housing finance company operating through
multiple branches across India.
NFRA initiated a suo motu Audit Quality Review (AQR) concerning
DHFL's statutory audit for FY...
Commissioner of Income Tax vs. Oasis Hospitalities (Pvt.) Ltd. & Ors.: Legal Burden of Proof under Section 68 for Share Application Money
Facts of the CaseThe Delhi High Court dealt with a bunch of cross-appeals
(including Oasis Hospitalities, Up Bone Mills, and Vijay Power
Generators) involving additions made by the Assessing Officer (AO) under
Section...
Commissioner of Income Tax vs. New Palace Store: Judicial Interpretation of Stock Valuation and Discounting Practices in Income Tax Law under Section 143(3) of teh Income Tax Act, 1961
Facts of the Case
The
respondent, New Palace Store, is engaged in the retail business of
readymade garments.
During
a surprise survey conducted at the assessee's premises, tax authorities
dis...
Commissioner of Income Tax vs. M/S. Natraj Album Industries (Pvt. Ltd.)
Facts of the Case·
The Revenue filed an appeal under
Section 260A of the Income Tax Act, 1961, challenging the order dated August
28, 2009, passed by the Income Tax App...
Commissioner of Income Tax v. G.E. Capital Services India – Allowability of 100% Depreciation on Leased Bottles Costing Less Than ₹5,000 under the Income Tax Act, 1961
Facts of the CaseThe Revenue filed an appeal against the order
dated 11.11.2005 passed by the Income Tax Appellate Tribunal pertaining to
Assessment Year 1992-93.The Revenue proposed six questions as substantial
...
National Financial Reporting Authority (NFRA) vs. CA Mathew Samuel (ICAI Membership No. 022301) – Professional Misconduct in DHFL Branch Audit Due to Invalid Appointment and Violations of Auditing Standards under Companies Act, 2013
Facts of the Case
DHFL, a listed housing finance company, was under scrutiny
following allegations of financial fraud involving substantial public
funds.
NFRA conducted an Audit Quality Review of DHFL’...
Commissioner of Income Tax v. Jai Maa Bhawani Overseas Pvt. Ltd. – Addition under Section 68 on Share Application Money Deleted Where Identity of Share Applicants Established | Delhi High Court
Facts of the CaseThe Assessing Officer made an addition of
₹42,60,000 under Section 68 of the Income Tax Act, 1961, treating the amount
received by the assessee company from 23 different companies as share
app...