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Commissioner of Income Tax vs. Bonanza Portfolio Ltd. (Delhi High Court) – Allowability of Bad Debt Claim by Share Broker Under Sections 36(1)(vii) and 36(2) of the Income-tax Act, 1961
Facts of the Case
The
assessee, M/s Bonanza Portfolio Ltd., was engaged in the business of share
and stock broking.
For
Assessment Year 2001-02, the assessee filed its return declaring income of
...
Commissioner of Income Tax, Delhi–XVII vs Aar Pee Apartments (P) Ltd. | Delhi High Court | Section 142A Cannot Be Invoked for Determination of Unexplained Expenditure Under Section 69C
Facts of the CaseThe assessee, Aar Pee Apartments (P) Ltd., was
engaged in the construction business and had undertaken three projects, namely
Yusuf Sarai Project, Jaina Tower II and Jaina Tower III.For Assessment Year...
ICAI Accounting Research Foundation & Anr. vs. Director General of Income Tax (Exemptions) & Ors. – Research Activities and Educational Institutions Entitled to Exemption under Section 10(23C)(iv) of the Income-tax Act, 1961
Facts of the Case
The
Institute of Chartered Accountants of India (ICAI), a statutory body
established under the Chartered Accountants Act, 1949, created the ICAI
Accounting Research Foundation.
The...
Assessee vs Commissioner of Income Tax – Corpus Donations Received by Charitable Institution Treated as Capital Receipts – Delhi High Court (ITA No. 826/2009)
Facts of the CaseThe Income Tax Appellate Tribunal examined the
nature of corpus donations received by the assessee from various donors. While
deciding the matter, the Tribunal relied upon the judgments in Keshav Socia...
Commissioner of Income Tax vs. Gujrat Guardian Limited | Section 260A and Section 37 of Income Tax Act, 1961 — Dismissal of Revenue Appeal as Matter Covered by Precedent Judgement
Facts
of the CaseThe Income Tax Appeal arises out of
proceedings under the Income Tax Act, 1961, wherein the Revenue Authority (the
Commissioner of Income Tax) filed an appeal docketed as ITA No. 767/2009 before
the ...
Commissioner of Income Tax v. Charitable Association – Condonation of Delay in Registration under Section 12A of the Income Tax Act Allowed by ITAT | Delhi High Court
Facts of the Case
The
respondent-assessee, a charitable association, filed an application for
registration under Section 12A of the Income Tax Act on 28 May 2007.
Along
with the application, the ass...
Commissioner of Income Tax, Delhi-XIII Vs. M/s. Mereena Creations – Interest Earned on FDRs Kept for Bank Facilities Taxable as “Income from Other Sources”; Section 80HHC Deduction Available Only on Net Positive Export Profits | Delhi High Court
Facts of the CaseThe assessee, M/s.
Mereena Creations, was a 100% manufacturer-exporter of readymade garments and
filed its return for Assessment Year 2001-02 declaring nil income.During assessment
proceedings, the As...
Commissioner of Income Tax vs. M/s Rajhans Aromatics | Limitation for Block Assessment Must Be Computed from Last Search Panchanama and Not Subsequent Examination of Seized Material
Facts of the CaseA search operation was conducted at the premises
of the assessee, M/s Rajhans Aromatics, and a restraint order was passed on
21.02.2002. The search proceedings recommenced on 26.03.2002, when the
rest...
Commissioner of Income Tax vs. Assessee Company – Addition under Section 68 on Share Application Money Raised Through Public Issue Not Sustainable in Absence of Proper Inquiry | Delhi High Court
Facts of the CaseThe assessee company had raised share capital
through a public issue. Share applications were submitted by various
applicants, and shares were allotted to such applicants in accordance with the
applic...
Maintainability of Tax Appeals by Government Undertakings Pending Committee on Disputes (COD) Approval under Section 260A of the Income Tax Act, 1961
Facts
of the CaseThe appellant, Oriental Insurance
Company Limited, a Government of India undertaking, preferred two tax appeals
(ITA No. 867/2009 and ITA No. 868/2009) before the High Court of Delhi under
Section 26...