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Commissioner of Income Tax vs Jagatjit Industries Ltd. : Foreign Exchange Fluctuation Gain on Share Capital Raised Through GDRs Treated as Capital Receipt and Not Taxable
Facts of the CaseJagatjit Industries Ltd., a multi-product company engaged in
the business of alcoholic beverages, malted milk food and dairy products,
issued Global Depository Receipts (GDRs) overseas and raised share...
CIT v. Assessee (ITA No. 1085/2009) – Jurisdictional Issues in Reassessment Proceedings Under Section 148 Must First Be Adjudicated by CIT(A) Before Tribunal Interference | Delhi High Court.
Facts of the Case
Notice under Section 148 was issued for reopening the assessment
for Assessment Year 1997-98.
A reassessment order was passed by the Assessing Officer on
02.03.2005.
The assessee chall...
Commissioner of Income Tax vs. Jagatjit Industries Ltd. | Foreign Exchange Fluctuation Gain on GDR Share Capital Held as Capital Receipt Not Taxable | Delhi High Court
Facts of the CaseJagatjit Industries Ltd., a multi-product company engaged in
alcoholic beverages, malted milk food, dairy products and related businesses,
raised funds through the issuance of Global Depository Receipt...
Commissioner of Income Tax vs. Ericsson Communications Pvt. Ltd. | Provision for Warranty Charges as Allowable Business Deduction under Section 37 of the Income Tax Act
Facts of the CaseEricsson Communications Pvt. Ltd. was engaged in the business
of installation, erection, and commissioning of telecommunications projects.
The contracts entered into by the company contained warranty c...
Commissioner of Income Tax vs. Sonia Engineering Works | Delhi High Court Dismisses Revenue Appeal on Deletion of Penalty | ITA No. 1268/2008
Facts of the CaseThe matter pertained to Assessment Year 1995-96. The appeal
was filed by the Commissioner of Income Tax before the Delhi High Court against
the order dated 28.03.2008 passed by the Income Tax Appellate...
Commissioner of Income Tax v. Dharam Shila Cancer Research Foundation [2010] 2010:DHC:89-DB (Delhi High Court)
Facts of the CaseThe assessee, Dharam Shila Cancer Research Foundation, was
established in 1990 and was duly registered under Section 12A of the Income-tax
Act, 1961. It also enjoyed approval under Section 80G and was ...
Commissioner of Income Tax vs. Shashi Charla [2010] 2010:DHC:2572-DB (Delhi High Court) I Capital Gains on Sale of Company-Owned Property Cannot Be Assessed in Hands of Directors Under Section 49(1) Based on Family Arrangement – Delhi High Court
Facts of the CaseThe property situated at C-101, Maya Puri
Industrial Area, Delhi, measuring approximately 2829 square yards, was
acquired on 17.01.1966 by Ambitious Gold Nibs Company Private Limited
from the De...
Commissioner of Income Tax vs. Shashi Charla, Atul Charla, Baldev Raj Charla & Jyoti Charla [2010] 2010:DHC:2570-DB (Delhi High Court) under Section 45
Facts of the CaseA private limited company, Ambitious Gold Nibs
Company Pvt. Ltd., had acquired an industrial property measuring 2829
square yards situated at C-101, Maya Puri Industrial Area, Delhi, from the
De...
Commissioner of Income Tax vs Info Vergix Technologies Limited (Delhi High Court) – Allowability of Deferred Revenue Expenditure Claimed as Revenue Expenditure under the Income-tax Act
Facts of the Case
The
assessee had reflected certain expenses as deferred revenue expenditure in
its books of account.
In
the return of income, the assessee claimed the entire expenditure as
r...
Commissioner of Income Tax-XII vs. Smt. Poonam Rani [2010] 2010:DHC:2592-DB (Delhi High Court) under Section 145(3) of the Income-tax Act, 1961
Facts of the CaseThe assessee, Smt. Poonam Rani, was engaged in the
business of manufacturing copper wire.For Assessment Year 2003-04, the assessee filed
her return declaring a gross profit rate of 1.4%, as compa...