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Shri Lal Mahal Ltd. vs Commissioner of Income Tax (Delhi High Court) – Section 80HHC Deduction, Retrospective Amendment & Section 153A Assessment
Facts of the CaseThe
assessee, Shri Lal Mahal Limited, was engaged in export business and was
entitled to deduction under Section 80HHC of the Income-tax Act. For Assessment
Year 1999–2000, its return was processed ...
Commissioner of Income Tax (C)-I vs. MGF Automobiles Ltd.: Validity of Assessments Under Section 153A Without Incriminating Material
Facts of the CaseThe Respondent Assessee, a company engaged in car dealership
and service, underwent an amalgamation with Compact Motors Limited (CML)
effective from April 1, 2003. For Assessment Years (AY) 2004-05 and...
Shravan Gupta v. Assistant Commissioner of Income Tax (ACIT) | Delhi High Court | Sanction for Prosecution under Section 276D Income Tax Act Quashed for Non-Consideration of Material Replies
Facts of the CaseThe petitioner, Shravan Gupta, voluntarily
disclosed the existence of a foreign bank account maintained with HSBC Private
Bank, Geneva, Switzerland, before the Income Tax Department through a letter
d...
Pr. Commissioner of Income Tax-2 vs. Natural Products Bio Tech Ltd.: Analysis of Section 153C Satisfaction Requirements
Facts of the Case
Search
and Seizure: A search operation was conducted at the premises of an entity
named "Global Heritage Venture Pvt. Ltd.".
Discovery
of Material: During this search, a hard disc...
Commissioner of Income Tax vs Vishishth Chay Vyapar Ltd. (Delhi High Court) – Bogus Share Loss, Sham Transactions and Disallowance under Section 73 of the Income Tax Act
Fact of the CaseThe
dispute arose from assessment years 1997–98, 1998–99, and 1999–2000 where the
assessee claimed substantial losses on account of purchase, sale, and
diminution in the value of shares held as s...
Commissioner of Income Tax, Delhi vs Commer and Associates Pvt. Ltd.
Facts of the
CaseThe assessee, Commer and Associates Pvt. Ltd.,
was engaged in activities connected with export business and earned commission
from Indian parties for transferring/procuring export orders.The assessee ...
Principal Commissioner of Income Tax-21 Delhi vs. Ashok Kumar: Determination of Share Trading Income vs. Capital Gains under Section 260A
Facts of the CaseThe dispute originated from the Assessing Officer's (AO)
determination that the assessee's income from share trading should be treated
as "business income" rather than "capital gains". The
assessee di...
Commissioner of Income Tax vs Vishishth Chay Vyapar Ltd. – Bogus Share Loss, Sham Transactions & Allowability of Share Trading Loss under Section 73 of the Income Tax Act
Facts of the CaseThe
present appeals were filed by the Revenue under Section 260A of the Income
Tax Act, 1961 against the common order of the Income Tax Appellate Tribunal
(ITAT), whereby the Tribunal upheld the order...
Commissioner of Income Tax (Central)-I vs. M/S Yash Pal Narender Kumar | Delhi High Court Ruling on Condonation of Delay and Protective Additions under Section 153C
Facts of
the CaseThe Revenue (Commissioner of Income Tax) filed three distinct
appeals (ITA 254/2015, ITA 255/2015, and ITA 256/2015) before the Delhi High
Court against the Respondent, M/S Yash Pal Narender Kumar. Th...
M/s Trimatic Engineering Co. Pvt. Ltd. vs Assistant Commissioner of Income Tax (Delhi High Court) – Deduction under Section 80-I Allowed on Contract Labour Employment
Facts of the
CaseThe assessee company, engaged in manufacturing
activities, claimed deduction under Section 80-I amounting to Rs. 92,251/-
being 25% of its profits for Assessment Year 1986–87. The assessee had emplo...