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Commissioner of Income Tax vs. Assessee: Scope of Assessing Officer's Power to Investigate Cash Credits vs. Binding Concurrent Findings of Fact
Facts of the Case
The
Revenue preferred two connected appeals, namely ITA No. 795/2007
and ITA No. 1153/2007, before the High Court of Delhi challenging
the order passed by the Income Tax Appellate Tr...
Commissioner of Income Tax vs Stock Broker Assessee – Taxability of Interest on FDRs Kept as Margin Money with Stock Exchanges and 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 trading in shares and stocks and was
registered with recognized stock exchanges.
During
the relevant assessment years, the assessee suffered...
Assessee vs State & Anr. | Delhi High Court Directs Expeditious Disposal of Section 245(2) CrPC Application and Grants Exemption from Personal Appearance
Facts of the CaseThe petitioner had approached the Delhi High Court seeking
appropriate directions in relation to an application filed under Section 245(2)
Cr.P.C. The discharge application was stated to be pending bef...
Nimitya Properties Ltd. & Nimitya Promoters Ltd. Vs. Commissioner of Income Tax & Others: Validity of Provisional Attachment of Properties Under Section 281B of the Income Tax Act, 1961 Following Search and Seizure Operations and the Legal Thresholds for Extension of Attachment Orders
Facts of the CaseThe two petitioners, Nimitya Properties Ltd. and Nimitya
Promoters Ltd. (belonging to the same corporate group), filed two writ
petitions each challenging the income tax provisional attachment actions ...
M/s Havells India Ltd. vs Deputy Commissioner of Income Tax – Reopening of Assessment under Sections 147 & 148 for Additional Depreciation Claim under Section 32(1)(iia) Held Invalid | Delhi High Court
Facts of the Case
The
assessee filed its original return of income for Assessment Year 2003-04
declaring taxable income.
In
the original return, the assessee inadvertently omitted to claim
add...
Nimitya Properties Ltd. and Nimitya Promoters Ltd. Vs. Commissioner of Income Tax & Others – Scope of Provisional Attachment of Property Under Section 281B of Income Tax Act, 1961 During Search and Seizure Actions Under Section 132 Following Sukhpal Singh (HUF) Precedent
Facts of the Case
The
petitioners, Nimitya Properties Ltd. and Nimitya Promoters Ltd.,
belong to the same business group.
An
Income Tax search and seizure operation under Section 132 was carried ou...
Commissioner of Income Tax Vs. [Assessee]: A Comprehensive Study on Section 260A and the High Court’s Framework for Dismissal of Revenue Appeals Based on Low Tax Effect and CBDT Monetary Limits
Facts of the Case
The
Revenue preferred an appeal (ITA No. 336/2007) before the High Court of
Delhi against an order passed by the lower appellate authorities.
The
Assessee concurrently preferred a...
Assessee vs. Respondent– Delhi High Court Directs Expeditious Disposal of Section 245(2) Cr.P.C. Application and Grants Exemption from Personal Appearance
Facts of the CaseThe petitioner had filed Criminal Miscellaneous Case No.
311/2010 before the Delhi High Court. During the hearing, learned counsel for
the petitioner sought permission to withdraw the petition and requ...
Penguin Books India Private Limited vs. Commissioner of Income Tax: Validity of Reassessment Proceedings and Computation of Section 80-O Deduction on Foreign Exchange Receipts
Facts of the Case
For
the Assessment Year 1994-95, the assessee filed its return of income
declaring an income of ₹17,64,090/-, and the initial assessment was
finalized under Section 143(3) on Janua...
Commissioner of Income Tax Delhi-V vs Punj Lloyd Ltd. | Reassessment Proceedings under Sections 147/148 of the Income-tax Act – Appeals Dismissed by Delhi High Court
Facts of the Case
The
assessee was served with a notice under Section 148 of the Income-tax Act,
1961.
Pursuant
to the notice, reassessment proceedings were initiated and reassessment
orders w...