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Punjab and Sind Bank vs Commissioner of Income Tax & Another – Depreciation on Securities Held as Stock-in-Trade, Amortization of Premium on Investments and Classification of Banking Securities under Sections 143(3), 154, 36 & 145 of the Income Tax Act | Delhi High Court
Facts of the CasePunjab and Sind Bank, a statutory banking corporation and
wholly owned Government of India undertaking, filed its income tax return for
Assessment Year 1996–97 declaring a loss.During assessment proc...
Commissioner of Income Tax-VI vs Times Business Solution Ltd. – Successor Company’s Right to Claim Bad Debts Acquired Through Demerger under Section 36(1)(vii) of the Income Tax Act | Delhi High Court
Facts of the
Case
The assessee company acquired all assets and liabilities of two
web-based portals pursuant to a scheme of demerger under Sections 391–394
of the Companies Act, 1956.
The web-based por...
Hamdard Laboratories India vs. DGIT (Exemptions): Delhi High Court Ruling on Charitable Status and Business Exemption under Section 10(23C)(iv) of the Income Tax Act, 1961
Facts of the
Case
Hamdard Laboratories India claimed to be a trust established for
charitable purposes and governed by its constitutional deed dated 28
August 1948.
The trust stated that its income was d...
Commissioner of Income Tax (Central)-1 vs C-1 India Pvt. Ltd. | Delhi High Court on Remand of Assessment Proceedings and Reconsideration of Additions by Assessing Officer under Income Tax Act
Facts of the
CaseThe Revenue filed appeals before the Delhi High
Court against the order dated 24.07.2012 passed by the Income Tax Appellate
Tribunal in respect of Assessment Years 2001-02, 2002-03, 2003-04 and 2004-0...
Nokia India Pvt. Ltd. vs Director General of Income Tax & Anr. | Delhi High Court | Section 246A(1) Income-tax Act | Protection Against Coercive Recovery During Pendency of Appeal
Facts of the
Case
Nokia India Pvt. Ltd. instituted multiple writ petitions before the
Delhi High Court challenging proceedings arising under the Income-tax Act,
1961.
During the hearing, counsel appearin...
Commissioner of Income Tax-IV vs M/s Dhoomketu Builders & Development Pvt. Ltd. – Delhi High Court | Whether Participation in Tender and Deposit of Earnest Money Amounts to Setting Up of Business under Sections 3 & 57(iii) of the Income Tax Act
Facts of the
Case
M/s Dhoomketu Builders & Development Pvt. Ltd. was incorporated
on 22.08.2005 and engaged in the business of real estate development.
The assessee was a wholly owned subsidiary of DLF Ltd...
Rural Electrification Corporation Ltd. vs. Commissioner of Income Tax (LTU) & Anr | Section 148 & 150, Income Escaped Assessment, Limitation Issue
Facts of the Case
The
petitioner, Rural Electrification Corporation Ltd. (REC),
challenged notices issued under Section 148 of the Income Tax Act,
1961, relating to assessment years 1999-2000 to 2002-...
Krishak Bharati Cooperative Limited vs. Commissioner of Income Tax & Another: Delhi High Court Ruling on the Retrospective Accrual of Interest Liability and Capital Conversion under Section 36(1)(iii) of the Income Tax Act, 1961
Facts of the Case
Assessee
Entity: The appellant, Krishak Bharati Cooperative
Limited, is a multi-State Cooperative Society that constructed a
fertilizer plant at Hazira.
Government
Sharehold...
Commissioner of Income Tax vs. M/s Ashoka Ice and Cold Storage & Dinesh Kumar Agarwal – Delhi High Court Holds Arbitrary DVO Valuation Insufficient for Addition under Section 69B of the Income Tax Act
Facts of the Case
The
Transaction: The case arises from two connected appeals
concerning a property transaction executed on January 3, 2005, for
property No. C-15, Lawrence Road Industrial Area.
Di...
Faiz Murtaza Ali vs Commissioner of Income Tax (Delhi High Court) – Sale of Inherited Personal Effects as Capital Asset under Section 2(14) of the Income Tax Act
Facts of the
CaseThe assessee, Mr. Faiz Murtaza Ali, filed his
income tax return for Assessment Year 2002-03 declaring income of Rs.
31,71,656. During assessment proceedings, the Assessing Officer observed
deposits a...