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Commissioner of Income Tax, Delhi (Central)-III v/s J.P.M. Farms (Pvt.) Ltd. — Whether Surcharge is Leviable Under Section 113 of Income Tax Act 1961 on Block Assessment of Undisclosed Income Found in Search Conducted Prior to 01-06-2002 in Light of Supreme Court Ruling in CIT v/s Suresh Gupta
FACTS OF THE CASE
A
search and seizure operation under Section 132 of the Income Tax Act, 1961
was conducted by the Revenue authorities on the premises of the
Respondent-Assessee, M/s J.P.M. Farms (Pv...
Commissioner of Income Tax vs. M/s Goenka Estates (Delhi) Pvt. Ltd. – Recording of Satisfaction for Penalty Proceedings under Section 271(1)(c) and Effect of Section 271(1B) | Delhi High Court
Facts of the Case
Multiple
appeals were filed by the Revenue against orders of the Income Tax
Appellate Tribunal.
The
Tribunal had decided the matters primarily on the issue of whether the
Ass...
Commissioner of Income Tax, Delhi-V vs. M/s RBG Investment & Finance Ltd | Whether Service Charges Paid to Mutual Funds under Buy-Back Financing Arrangement for Rights Issue of Fully Convertible Debentures (FCDs) are Deductible as Business Expenses under Section 37(1) of the Income Tax Act, 1961 Despite Subsequent Market Crash Due to Harshad Mehta Scam
Facts of the Case
The
Assessee's Holding: The assessee, M/s RBG Investment &
Finance Ltd (a trader in shares), held equity shares in its sister
concern, Steel Tubes India Ltd.
The
Rights I...
Income Tax Appeal Title: The Motor & General Finance Ltd. vs. Commissioner of Income Tax-VI, New Delhi under section 143(1)(a)
Facts
of the CaseThe assessees, including M/s The
Motor & General Finance Ltd., filed their returns of income claiming
refunds as the taxes paid via Tax Deducted at Source (TDS) and advance tax
exceeded the actua...
Commissioner of Income Tax, Delhi-V vs. RBG Investment & Finance Ltd: Allowance of Service Charges Paid to Mutual Funds under Financing Arrangements as Wholly and Exclusively Incurred Business Expenses under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
Assessee, M/s RBG Investment & Finance Ltd., held shares in its sister
concern, Steel Tubes India Ltd.
Steel
Tubes India Ltd offered fully convertible debentures (FCDs) on...
Commissioner of Income Tax vs M/s India Crafts & Ors. | Retrospective Effect of Section 271(1B) on Penalty Initiation & Deemed Satisfaction
Facts of the Case
The
Batch of Appeals: A substantial batch of 31 appeals, led
by Commissioner of Income Tax v. M/s India Crafts (ITA No.
766/2006) and including various other corporate and individual...
Commissioner of Income Tax vs. M/s India Crafts (and Connected Matters) – Scope of Section 271(1B) and Deemed Satisfaction for Penalty Initiation Under the Income Tax Act
Facts of the CaseThe Division Bench of the Delhi High Court dealt with a large
batch of interconnected appeals, led by ITA No. 766/2006 (Commissioner of
Income Tax v. M/s India Crafts), alongside 30 other cognate matte...
Commissioner of Income Tax, Delhi-V vs. RBG Investment & Finance Ltd | Deductibility of Service Charges Under Section 37(1) of the Income Tax Act, 1961 for Financing Arrangements with Mutual Funds to Subscribe and Buy-Back Fully Convertible Debentures of Sister Concern
Facts of the Case
Assessee's
Profile and Shareholding: The assessee, RBG
Investment & Finance Ltd, held shares in its sister concern, Steel
Tubes India Ltd.
The
Rights Issue Offer: Steel ...
Commissioner of Income Tax, Delhi-V vs. RBG Investment & Finance Ltd: Allowance of Service Charges Paid under Financing Arrangements as Business Expenditures under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
Assessee’s
Position & Opportunity: The Assessee (RBG
Investment & Finance Ltd) held shares in its sister concern, Steel
Tubes India Ltd. Consequently, it received a rights ...
Commissioner of Income Tax vs. M/s India Crafts (and Connected Matters): Retrospective Application of Section 271(1B) of the Income Tax Act, 1961 and the Statutory Legal Fiction of Deemed Satisfaction for Initiating Penalty Proceedings
Facts of
the Case
The
Parties and Appeals: The Revenue (Commissioner of Income
Tax) preferred a large batch of thirty-one interconnected statutory income
tax appeals before the High Court of De...