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Contractual Rent vs. Court-Mandated Interim Rent: Delhi HC on Why Arrears Cannot Be Spread Back Under Section 23 and Section 25B | CIT vs. R.J. Wood Pvt. Ltd.
Facts of the Case
The
assessee (respondent), R.J. Wood Pvt. Ltd., leased out its premises to
five tenants under lease agreements starting October 1992 at a mutually
agreed contractual rent.
A
...
Commissioner of Income Tax vs. Agra Beverages Corporation P. Ltd.: Deductibility of Cooler Hire Charges and Brand Advertisement Expenses under Section 37(1) of the Income Tax Act
Facts of the Case
The
Assessee's Business: Agra Beverages Corporation P. Ltd.
(the Assessee) operated as a franchisee of M/s. Pepsi Food (Pvt.) Ltd.
(Pepsi). Under this Franchisee Agreement, the Asses...
The Commissioner of Income-Tax-V vs. R.J. Wood Pvt. Ltd.: Taxability of Disputed Rent Arrears and ALV Determination Under Section 23 and Section 25B of the Income-Tax Act
Facts of the CaseThe assessee, R.J. Wood Pvt. Ltd., owned a multi-storied
property let out to five tenants under lease agreements starting in October
1992. A dispute arose regarding whether the mutually agreed contract...
Income Tax Officer vs. M/s Delhi Iron Works (Pvt.) Ltd. | Company’s Criminal Liability for Failure to Deposit TDS under Section 276-B of the Income Tax Act Despite Acquittal of Director for Non-Compliance of Section 2(35) | Delhi High Court
Facts of the Case
The
Income Tax Department filed multiple criminal complaints against M/s Delhi
Iron Works (Pvt.) Ltd. and its Directors, Shri R.K. Das and Shri S.K. Das.
It
was alleged that...
Income Tax Officer vs. M/s Delhi Iron Works (Pvt.) Ltd. | Company’s Criminal Liability for Failure to Deposit TDS under Sections 194A, 204, 276B & 278B of the Income Tax Act, 1961 | Delhi High Court
Facts of the Case
The
Income Tax Department alleged that the respondent company failed to deduct
and deposit TDS on such interest payments within the prescribed period.
Nine
criminal compl...
Commissioner of Income Tax vs. Master India Pvt. Ltd. | Penalty Under Section 271(1)(c) for Debatable Deductions Under Section 80HHD
Facts
of the Case
·
The
respondent-assessee filed its income tax return for the Assessment Year (AY)
2001-2002, claiming a deduction of ₹53,92,895 under Section 8...
The Commissioner of Income-Tax-V vs. M/s R.J. Wood Pvt. Ltd.: Taxability of Rent Arrears and Determination of Annual Letting Value under Section 23 and Section 25B of the Income-Tax Act
Facts of the Case
The
respondent-assessee owned premises that were let out to five tenants under
lease agreements executed in October 1992, which specified mutually agreed
contractual rent.
A
...
Deemed Dividend Under Section 2(22)(e): Unrecorded Ascertained House Tax Liability Deductible From Accumulated Profits
Facts
of the Case·
The
Assessee, Sanjay Jain, held a 35% shareholding in a closely held company named M/s Jyoti Theatres Pvt. Ltd.· ...
Commissioner of Income Tax vs A.K. Sharma – Delhi High Court on ITA 834/2007: Interpretation of Section 37(1) and Business Expenditure Deductions
Facts of the
Case:The petitioner, Commissioner of Income Tax,
challenged the order of the Income Tax Appellate Tribunal (ITAT) which allowed
certain business expenditure claims of the respondent, A.K. Sharma,
under S...
Commissioner of Income Tax vs. Micromatic Machine Tools P. Ltd. | Business Expenditure Deductions under Section 37(1) of the Income Tax Act
Facts
of the Case·
Business
Profile: The assessee-company is the sole
Selling and Servicing Agent engaged in marketing machine tools and selling
spare parts for certa...