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Commissioner of Income Tax vs. Mercator Healthcare Ltd. (Delhi High Court): Once Identity, Bank Records, and Tax Returns of Share Applicants Are Verified, No Addition Can Be Sustained Under Section 68 of the Income-tax Act, 1961
Facts
of the Case·
The
respondent-assessee received share application money amounting to ₹20 lakhs
from 10 different share applicants during the Assessment Year (AY)...
Commissioner of Income Tax vs SMCC Construction India (Formerly Mitsui Kensetsu India Ltd.) | Prior Period Technical Service Fees Allowable on TDS Payment under Section 40(a)(i) – Delhi High Court
Facts of the Case
The assessee incurred liability towards payment of technical
service fees to a foreign entity.
The liability related to earlier years but was not reflected as
payable in the books becau...
Export Promotion Council for Handicrafts v. DGIT (Exemptions) | Section 10(23C)(iv) Exemption Denied For Violation of Section 11(5) Rectified Post High Court Intervention – Landmark Delhi High Court Ruling on Retrospective Compliance of Revised Applications
Facts
of the Case·
The
petitioner, Export Promotion Council for Handicrafts, applied for a tax
exemption under Section $10(23C)(iv)$ of the Income Tax Act,
1961, for ...
Commissioner of Income Tax vs. Dr. Percy Batlivala: Whether Hypothetical Tax Deducted Under Tax Equalization Policy by Foreign Employer Accrues as Taxable Salary Income in India Under Section 15 and Section 5 of the Income Tax Act, 1961
Facts of the Case
The
assessees are foreign nationals who came to India for specific employment
assignments with Indian entities while remaining employees of foreign
companies.
They
filed the...
Commissioner of Income Tax vs. Winstral Petrochemicals Pvt Ltd | Section 68 , Section 133(6) Income Tax Act – Deletion of Unexplained Cash Credit on Share Application Money Received via Banking Channels
Facts
of the Case·
The
Assessee company filed its income tax return for the Assessment Year 2004-05
declaring an income of ₹2,20,880. The case was initially processe...
Commissioner of Income Tax vs. Dr. Percy Batlivala (and Connected Appeals) | Taxability of 'Hypothetical Tax' Under Section 15 of the Income Tax Act, 1961: Delhi High Court Affirms Non-Accrual of Hypothetical Tax Deducted Under Employer's Tax Equalization Policy
Facts of the Case
The
assessees were foreign employees who came to India on assignments through
arrangements made by their foreign employers with Indian companies.
The
employment contracts were gov...
Commissioner of Income Tax vs. Saden Vikas India Ltd. | Section 41(1) Income Tax Act – Cessation of Liability Cannot Be Taxed Without Prior Deduction or Benefit
Facts of the
CaseSaden Vikas India Ltd. received an advance of ₹50
lakhs from Premier Automobiles Limited (PAL) towards capital expenditure
required for developing and procuring tools, jigs, dies, fixtures, and moul...
COMMISSIONER OF INCOME TAX vs. VICTOR ELECTRODES LTD. — TAXABILITY OF SHARE APPLICATION MONEY AS UNEXPLAINED CASH CREDIT UNDER SECTION 68 OF THE INCOME TAX ACT, 1961 WHERE THE ASSESSEE DISCHARGES THE INITIAL ONUS OF PROOF BUT FAILS TO PHYSICALLY PRODUCE THE INVESTOR COMPANIES' DIRECTORS BEFORE THE ASSESSING OFFICER
Facts
of the CaseThe assessee company filed its return
of income for the Assessment Year 2002-03, declaring a total income of
₹8,67,334. The assessment was initially framed under Section 143(3) of the
Income Tax Ac...
Commissioner of Income Tax vs. Madhushree Gupta Whether Penalty Under Section 271(1)(c) Can Be Sustained Absent Clear Recording of Satisfaction by the Assessing Officer in the Assessment Order Despite the Retroactive Amendment by Finance Act 2008
Facts of the CaseThe Revenue (Appellant) preferred appeals (ITA No. 744/2007,
ITA No. 821/2007, and ITA No. 956/2007) against the orders quashing the penalty
levied under the Income Tax Act, 1961. The Assessing Officer...
Spaze Towers (P) Ltd. Vs. Commissioner of Income Tax, Delhi-III | Civil Writ Petition and Withdrawal of Writ – Delhi High Court| Article 226 of the Constitution of India
Facts
of the CaseThe petitioner, M/s Spaze Towers (P) Ltd., filed a series of connected
Civil Writ Petitions [W.P.(C) Nos. 12788/2009, 12794/2009, 12810/2009,
12828/2009, 326/2010, 327/2010, 333/2010, 334/2010, 335/20...