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Commissioner of Income Tax v. Eicher Ltd. | Section 43B of the Income Tax Act – Conversion of Interest Liability into Term Loan Does Not Amount to Actual Payment (Delhi High Court)
Facts of the CaseThe
assessee, M/s Eicher Ltd., had outstanding interest liabilities payable to
financial institutions including IFCI, IDBI, and HDFC Bank. Instead of making
direct payment of the interest amount, the ...
Legal Nullity of Tax Notices Against Amalgamated Entities: A Critical Analysis of Pr. Commissioner of Income Tax vs. Images Credit and Portfolio Pvt. Ltd. Section 260A
Facts of the CaseFollowing a search and seizure operation conducted under
Section 132 of the Income Tax Act, 1961, on October 20, 2008, against B.K.
Dhingra and others, documents belonging to the Respondent company, Im...
Commissioner of Income Tax vs. Vishishth Chay Vyapar Ltd. | Delhi High Court on Bogus Share Losses, Sham Transactions & Section 73 of Income Tax Act
Facts of the CaseThe assessee company
claimed substantial losses in multiple assessment years (1997–98, 1998–99, and
1999–2000) arising from purchase, sale, and diminution in the value of shares
held as stock-in...
United Health Group Information Services Pvt. Ltd. vs Deputy Commissioner of Income Tax & Anr. – Delhi High Court Grants Continuation of Stay on Tax Demand Beyond 365 Days Pending ITAT Appeal
Facts of the
CaseThe petitioner, United Health Group Information
Services Private Limited, had filed an appeal before the Income Tax Appellate
Tribunal (ITAT) against the order passed by the Dispute Resolution Panel d...
M/s Shivnandan Buildcon Pvt. Ltd. & M/s Omshiv Buildtech Pvt. Ltd. vs Commissioner of Income Tax & Anr.(Delhi High Court | AY 2009–10 | Section 264 Revision | Notional Interest on Advances | Addition Deleted)
Facts of the CaseThe
petitioners had filed returns for Assessment Year 2009–10 declaring losses.
During scrutiny assessment under Section 143(3), the Assessing Officer made
additions on account of alleged notional i...
Commissioner of Income Tax, Delhi-II vs. M/s Motherson Auto Pvt. Ltd.
Facts of the
CaseThe dispute arose from the valuation and taxability
of goodwill in the course of a business transfer pursuant to a collaboration
agreement dated 03.12.1986. The assessee, M/s Motherson Auto Pvt. Ltd.,...
M/s Shivnandan Buildcon Pvt. Ltd. & M/s Omshiv Buildtech Pvt. Ltd. vs Commissioner of Income Tax & Anr. | Delhi High Court on Taxability of Notional Interest on Interest-Free Advances under Section 264 of the Income Tax Act
Facts of the CaseThe
petitioners, being corporate assessees, had filed their income tax returns for
Assessment Year 2009–10 declaring losses. During scrutiny assessment under
Section 143(3), the Assessing Officer ma...
Commissioner of Income Tax-IV vs. Edward Keventer (Successors) Private Limited: Distinguishing Capital Gains from Business Income in Property Transactions
Facts of the CaseThe assessee, Edward Keventer (Successors) Private Limited,
originally acquired leasehold rights in a significant parcel of land in 1952.
The primary objective at the time of purchase was to establish ...
Commissioner of Income Tax, Central-II vs. M/s Navbharat Export (Delhi High Court) – Rejection of Books of Account under Section 145, GP Estimation and Notional Income Addition under Income Tax Act
Facts of the CaseThe
assessee was engaged in procurement, processing, and export of rice. A search
operation was conducted, following which assessments for AY 2002-03 to 2005-06
were framed under Section 153A of the I...
Commissioner of Income Tax, Delhi-I vs M/s Bharti Teletech Ltd. – Depreciation on Goodwill and Commercial Rights under Section 32(1)(ii) of the Income Tax Act | Delhi High Court
Facts of the
CaseThe assessee had acquired shares of M/s Siemens
Telecom Ltd. in September 2000. As part of the acquisition consideration, an
amount of ₹9 crores was paid towards acquisition of marketing network, cu...