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PSB Industries India Pvt. Ltd. vs. Commissioner of Income Tax — Validity of Penalty Under Section 271(1)(c) for Deliberate Understatement of Deemed Annual Value Under Section 23(1)(a) via Artificially Depressed Rent and Massive Interest-Free Security Deposits
Facts of the Case
Memorandum
and Lease Agreements: The Appellant/Assessee (PSB Industries
India Pvt. Ltd.) entered into a lease arrangement (initially via a
Memorandum of Intent dated March 24, 2001, ...
Commissioner of Income Tax vs. Assessee: Maintainability of Revenue's Appeal on Merits of Quantum Additions Under Section 147/148 of the Income Tax Act, 1961 When the Underlying Reassessment Notice is Held Improper and Quashed as Illegal by the ITAT
Facts of the Case
The
Assessing Officer (AO) initiated reassessment proceedings against the
assessee by issuing a notice under Section 147 read with Section 148 of
the Income Tax Act and subsequently ...
Commissioner of Income Tax vs. M/s Jindal Saw Pipes Ltd. (2010) 2010:DHC:4360-DB | Deduction under Section 10B, Revised Claim Before CIT(A), Change in Accounting Method & Disallowance under Section 37(1)
Facts of the Case
The
Revenue preferred an appeal under Section 260A of the Income-tax Act, 1961
against the order of the Income Tax Appellate Tribunal relating to
Assessment Year 2003-04.
The
...
The Commissioner of Income Tax (Revenue) versus Assessee – Appeal Concerning Exclusion of Interest Income on Fixed Deposit Receipts (FDRs) from Export Profits Deductions Under Section 10A and Section 10B of the Income Tax Act, 1961
Facts of the Case
Assessment
Year Context: The dispute centers entirely on the
financial transactions and tax liabilities governing the Assessment Year
(AY) 2005-06. The appellant/assessee approached ...
Commissioner of Income Tax-V vs. M/s Rock Fort Metal & Minerals Ltd. | Section 68 Share Application Money Cannot Be Treated as Unexplained Cash Credit When Identity of Shareholders is Established | Delhi High Court
Facts of the Case
The
assessee company received share application money amounting to
₹42,50,000.
During
assessment proceedings, the Assessing Officer treated the amount as
unexplained cash c...
Director of Income Tax (Exemption) vs. Parivar Sewa Sanstha: Assessing the Reasonableness of Salary Paid to Prohibited Persons and Safeguarding Charitable Exemptions Under Section 11, 12, and 13 of the Income Tax Act, 1961
Facts of the Case
The
Assessee, Parivar Sewa Sanstha, is a society engaged in charitable
purposes, specifically operating 56 centers dedicated to family planning,
maternal health, and child health car...
Commissioner of Income Tax-IV vs. M/s Durable Properties (Delhi High Court) – Addition under Section 68 Cannot Be Sustained When Advance Received Under Genuine Agreement to Sell is Supported by Documentary Evidence
Facts of the Case
The
assessee, M/s Durable Properties, entered into an Agreement to Sell dated
09.01.2003 for the sale of its flat situated at Vasant Kunj, New Delhi.
The
purchaser, M/s Fair N. Squ...
Commissioner of Income Tax vs. Assessee (Appeal Under Section 260A of the Income Tax Act, 1961 Regarding Principles of Res-Integra and Binding Nature of Co-Ordinate Bench Precedents)
Facts of the CaseThe Revenue (Income Tax Department) preferred two
interconnected statutory cross-appeals before the Hon’ble Delhi High Court,
registered as ITA No. 464/2011 and ITA No. 471/2011. These
appeals were ...
Ravina Khurana Vs Commissioner of Income Tax, New Delhi & Ors [2011:DHC:3503-DB]: Recovery of Income Tax from Restrained Foreign Bank Accounts and Scope of Review Jurisdiction Under Order XLVII Rule 1 of CPC
FACTS OF THE CASE
The
applicant, Ravina Khurana, was a Director in the corporate entity M/s
Ravina & Associates Pvt. Ltd. * On 6th March, 2006, the
Central Bureau of Investigation (CBI) registered...
Commissioner of Income Tax-IV vs. M/s Durable Properties (Delhi High Court) – Addition under Section 68 Cannot Be Sustained When Advance Received Under Genuine Agreement to Sell is Supported by Documentary Evidence
Facts of the Case
The
assessee, M/s Durable Properties, entered into an Agreement to Sell dated
09.01.2003 for the sale of its flat situated at Vasant Kunj, New Delhi.
The
purchaser, M/s Fair N. Squ...