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Commissioner of Income Tax vs Assessee – Validity of Reassessment under Sections 147 & 148 and Deletion of Additions on Merits Upheld by ITAT | Section 260A of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
The
assessee was served with notices under Section 148 of the Income-tax Act.
Pursuant
to such notices, reassessment proceedings were initiated under Sections
147 and 148.
...
Commissioner of Income Tax v. Maharashtra Seamless Ltd. – Computation of Deductions Under Sections 80HHC, 80-IA, and 80-IB of the Income Tax Act on Rental Income, DEPB License Sales, Scrap Sales, and Netting of Interest
Facts of the CaseThe Commissioner of Income Tax filed a series of appeals
against the assessee, Maharashtra Seamless Ltd., spanning multiple assessment
years (including AY 1998-99, 2000-01, and 2001-02). The disputes o...
Commissioner of Income Tax vs Assessee – Whether Findings of Fact Based on Customs Department Information Give Rise to a Substantial Question of Law under Section 260A of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
Income-tax
proceedings were initiated against the assessee based on information
received from Customs Authorities.
The
Revenue relied upon customs-related allegations and materials...
Commissioner of Income Tax-II vs. Modipon Ltd. (with CIT vs. AIMIL Ltd. & Others) – Allowability of Deduction Under Section 36(1)(va) Read with Section 43B of the Income Tax Act, 1961, for Employee and Employer Contributions to Provident Fund and ESI Paid Before the Due Date of Filing Income Tax Return
Facts of the Case
The
judgment arises from a batch of appeals involving different assessees,
with the lead factual matrix derived from ITA No. 1063/2008 (Assessment
Year 2002-03).
During
asse...
Commissioner of Income Tax vs Assessee – Additions Based on Information from Customs Authorities and Scope of Interference with Findings of Fact under Section 260A of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
Proceedings
under the Income-tax Act were initiated against the assessee on the basis
of a complaint or information received from the Customs Authorities.
The
Revenue relied upon t...
Commissioner of Income Tax vs. M/s. AIMIL Limited (With Consolidated Appeals): Delhi High Court Interpretation on the Interplay Between Section 36(1)(va) and Section 43B Regarding Tax Deductibility of Delayed Employees' and Employers' Contributions to Provident Fund (PF) and ESI Paid Before the Due Date of Filing Return Under Section 139(1)
Facts of the CaseThe Income Tax Department preferred a series of appeals
against different assessees, with the lead case being ITA No. 1063/2008
involving AIMIL Limited for the Assessment Year 2002-03. During the
asse...
Petitioner v. Assistant Director of Income Tax & Ors. – Quashing of Bank Attachment Under Section 226(3) of Income Tax Act for Foreign Company Subject to Alternative Security and Cash Deposit
Facts of the Case
The
Petitioner is a foreign company operating through a Permanent
Establishment (PE) in India to execute specific projects.
For
the Assessment Years (AY) 2004-05 and 2005-06, the A...
Commissioner of Income Tax vs Stock Broker Assessee – Whether Interest on FDRs Kept as Margin Money with Stock Exchanges Constitutes Business Income and Can Be Set Off Against Speculative Losses under Sections 28, 56 & 73 of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
The
assessee was engaged in speculative business involving trading in shares
and stocks.
The
assessee was registered with stock exchanges and maintained Fixed Deposit
R...
Nimitya Properties Ltd. & Anr. Vs. Commissioner of Income Tax & Others: Scope of Provisional Attachment Under Section 281B of the Income Tax Act, 1961 During Search and Seizure Proceedings
Facts of the Case
The
petitioners, M/s Nimitya Properties Ltd. and M/s Nimitya Promoters Ltd.,
belong to the same business group.
On
November 6, 2008, the Income Tax authorities conducted a search ...
Commissioner of Income Tax vs. Hari Ram Chhagan Lal & Party | Delhi High Court Upholds Deletion of Addition Towards Unexplained Loan under Section 68 of the Income-tax Act
Facts of the Case
The
assessee had received a loan of ₹57 lakhs from M/s Sri Ram & Company.
The
Assessing Officer treated the loan as unexplained and made an addition
under Section 68 of the I...