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A Critical Examination of the Delhi High Court Judgment in CIT vs. Shriram Pistons & Rings Ltd.: Establishing the Criteria for Deductibility of Agency Commissions under Section 37(1) of the Income Tax Act
Facts of the CaseThe Revenue filed appeals under Section 260A of the
Income Tax Act challenging the orders of the Income Tax Appellate Tribunal
allowing deduction of commission expenses claimed by Shriram Pistons &...
Shanker Trading (P) Ltd. vs Commissioner of Income Tax – Capital vs Revenue Expenditure on Enhanced Lease Rent under Section 40A(2) of the Income Tax Act, 1961
Facts of the CaseM/s Shanker Trading (P) Ltd. (the assessee) leased a factory
from Mehta Charitable Prajnalaya Trust from 1978. The lease rent was
periodically enhanced, ultimately reaching Rs. 6,75,000 per month from ...
Pine Packaging Private Limited vs. Commissioner of Income Tax: Disallowance of Section 80-IC Deduction on Idle Capacity Standing Charges
Facts of the Case
Assessee
Background: The appellant, M/s Pine Packaging Private
Limited, filed its income tax return for the Assessment Year (AY) 2007-08
showing a total turnover of ₹9,81,75,513 an...
Commissioner of Income Tax vs Motor & General Finance Ltd. – Taxability of Lease Charges, Hire Purchase Charges & Bill Discounting Charges under Sections 2(5A) & 2(5B) of the Interest Tax Act, 1974 | Delhi High Court
Facts of the
CaseThe Revenue filed appeals challenging the order of
the Income Tax Appellate Tribunal (ITAT), which had held that Motor &
General Finance Ltd. was neither a financial company nor a credit instituti...
SSP Aviation Ltd. vs Deputy Commissioner of Income Tax | Scope of Section 153C Proceedings and Assessment of Third-Party Documents under Income Tax Act
Facts of the Case
SSP
Aviation Ltd. was engaged in the business of real estate development and
had regularly filed returns of income for Assessment Years 2003-04 to
2008-09.
A
search operation...
Commissioner of Income Tax-IV vs. M/S. I. K. International Pvt. Ltd.: Applicability of Section 50(2) on Non-Depreciable Assets and Eligibility for Capital Gains Exemption under Section 54EC
Facts of the Case
The
Respondent-Assessee, a private limited company engaged in publishing and
trading educational books, filed its return of income for the Assessment
Year (AY) 2006-07.
The
...
Commissioner of Income Tax vs. Jagson International Ltd. – Reassessment under Sections 147/148 and Allowability of Depreciation & Deductions under Sections 33AC, 80IA and 14A of the Income Tax Act, 1961
Facts of the
CaseJagson International Ltd., a public limited
company, filed its return of income for Assessment Year 2001-02 declaring
taxable income of Rs. 48,61,651/-. The assessment was completed under Section
143...
Director of Income Tax (Exemption) vs. Vishwa Jagriti Mission: Computation of Trust Income under Section 11 on Commercial Principles and Allowance of Depreciation
Facts of the Case
The
respondent-assessee, Vishwa Jagriti Mission, is a society registered under
the Societies Registration Act, 1860, and is assessed for income tax in
the status of an "Association o...
Commissioner of Income Tax vs. Nokia India Pvt Ltd | Section 271(1)(c) & 260A – Income Tax Penalty & Obsolescence Provision
Facts of the CaseThe Revenue filed appeals under Section 260A of the Income
Tax Act, 1961 against the Tribunal’s order dated 22nd May 2009 in relation to
assessment years 2000-01 and 2001-02 of Nokia India Pvt Ltd. T...
Income Tax Officer vs. DG Housing Projects Ltd. – Scope of Revisionary Powers under Section 263 of the Income Tax Act in Cases of Inadequate Inquiry | Delhi High Court
Facts of the CaseThe assessee, DG Housing Projects Ltd., filed its
return of income for Assessment Year 2004-05 declaring taxable income of Rs.
3,54,712/-. During the relevant year, the assessee sold an immovable prope...