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M/s Shagun Buildwell Ltd. v. Assistant Commissioner of Income Tax (Delhi High Court) – Reassessment under Sections 147/148 Based on DVO Valuation Report and Scope of Section 142A of the Income-tax Act
Facts of the
CaseThe assessee, M/s Shagun Buildwell Ltd., engaged in
the real estate business, filed its return of income for Assessment Year
2002-03 declaring income of ₹18,054. The return was accepted.The assessee...
Commissioner of Income Tax vs. Association of Financial Planners | Delhi High Court | Exemption under Section 10(23C)(iiiad) for Educational Institutions
Facts of the
CaseThe respondent, Association of Financial Planners,
was a society registered under the Societies Registration Act and claimed to be
engaged solely in educational activities.For Assessment Years 2002-03...
Citi Financial Consumer Finance India Ltd. vs Commissioner of Income Tax (Delhi High Court) – Allowability of DSA Commission Expenditure, Deferred Revenue Expenditure and Remand by ITAT under Sections 143(3) & 254 of the Income-tax Act
Facts of the
CaseCiti Financial Consumer Finance India Ltd., a
Non-Banking Financial Company (NBFC) engaged in hire purchase, leasing and
financing activities, filed its return of income for Assessment Year 1998...
M/s Frick India Ltd. vs Commissioner of Income Tax [Delhi High Court] – Weighted Deduction under Section 35B Denied Due to Failure to Establish Foreign Agency Relationship
Facts of the CaseThe assessee, M/s Frick India Ltd., claimed weighted deduction
under Section 35B for Assessment Year 1982-83 on commission payments made to
certain parties located in Bangladesh and Sri Lanka.The Asses...
National Agricultural Co-operative Marketing Federation of India Ltd. (NAFED) v. Commissioner of Income Tax, Delhi High Court | Deductibility of Interest Liability on Arbitral Award under Section 37(1) of the Income-tax Act
Facts of the Case
NAFED entered into a contract with Alimenta S.A., Switzerland, for
export of 5,000 metric tonnes of HPS groundnuts during February to April
1980.
Due to a ban imposed by the Govern...
Insilco Limited v. CIT-IV: Delhi High Court Rules That the Income Tax Appellate Tribunal Can Order Correction of Procedural and Computational Mistakes in Refund Calculations
Facts of the CaseThe assessee, Insilco Limited, filed its return for
Assessment Year 1992-93 declaring nil income and received refund along with
interest under Section 244A. Subsequently, a revised return was filed wit...
Commissioner of Income Tax vs. Smt. Pushpawati (2010) 2010:DHC:4328-DB | Section 64(1)(vi) of the Income-tax Act – Whether Income of Trust Created for Daughter-in-Law and Minor Grandchildren Can Be Clubbed in the Hands of the Settlor
Facts of the CaseThe assessee, Smt. Pushpawati, along with her husband Shri Bal
Kishan Dass, created a private trust named U.B. Enterprises Trust
through a trust deed dated 15 April 1978.Each settlor contributed ₹10,...
Mitsubishi Corporation vs. Commissioner of Income Tax & Another (2011) – Whether Employer-Paid Tax Forms Part of Salary for Valuation of Rent-Free Accommodation Perquisite under Rule 3 | Scope of Rectification under Section 154 of the Income Tax Act
Facts of the CaseMitsubishi Corporation, a non-resident company
incorporated in Japan, maintained a liaison office in New Delhi. Besides Indian
employees, the company had Japanese expatriate employees (rotating s...
Commissioner of Income Tax vs. Shri Mukesh Luthra | Addition in Regular Assessment on Income Recorded in Books of Alleged Dummy Concern | Sections 148 & 158BC Income Tax Act
Facts of the
CaseA search operation was conducted on Shri Mukesh
Luthra on 30.08.2001. The assessee was a Director and major shareholder of a
company running healthcare centres under the brand VLCC and was also engage...
Commissioner of Income Tax v. Narayan Securities Pvt. Ltd. (Delhi High Court) – Reassessment under Sections 147 & 148 Cannot Survive When No Addition is Made on the Recorded Reasons for Reopening
Facts of the
CaseThe assessee, a member of the National Stock
Exchange, filed its return of income for Assessment Year 1998-99 declaring
income of Rs. 84,837.Subsequently, the Assessing Officer received
information f...