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Section 145B : Taxability of certain income
Section 145B : Taxability of certain income Section 145B : Taxability of certain incomeSection 145B of the Income Tax Act, 1961 has been inserted in the Income-tax Act to provide that—(1) Interest...
“Service of Notice by Post” under Income Tax Law
“Service of Notice by Post” under Income Tax LawIssue and service of statutory notices forms an important part of all the proceedings under the Income-tax Act. The proceedings are initiated by issue of proper notice ...
Special provisions for full value of consideration for transfer of assets other than capital assets in certain cases [Section 43CA]
Special provisions for full value of consideration for transfer of assets other than capital assets in certain cases [Section 43CA]Section 43CA inserted by the Finance Act, 2013, with effect from 01.04.2014 (i.e. with ef...
The Motor and General Finance Ltd. Vs. Income Tax Officer, Ward 25(1) & Anr. | Delhi High Court on Reassessment under Sections 147/148 and Carry Forward of Unabsorbed Depreciation under Section 32(2)
Facts of the CaseThe petitioner-company filed its return of income for
Assessment Year 2010–11 and claimed adjustment of unabsorbed depreciation
amounting to ₹8,76,43,790/- relating to Assessment Year 2001–02. Th...
Tirupati Balaji Fibres Limited Vs. Assistant Commissioner of Income Tax, Central Circle-28, New Delhi | Delhi High Court | Withdrawal of Writ Petition under Article 226 of Constitution of India | Income Tax Proceedings Challenge
Facts of the CaseTirupati Balaji Fibres Limited instituted five writ petitions
before the Delhi High Court against the Assistant Commissioner of Income Tax,
Central Circle-28, New Delhi. The petitions arose from disput...
Commissioner of Income Tax-VI vs M/s Virat Investment & Mercantile Co. | Allowability of Interest on Borrowed Funds for Rights Issue Subscription under Section 57(iii) of the Income Tax Act, 1961 | Delhi High Court
Facts of the CaseThe assessee, an investment company, had raised funds
amounting to ₹1.50 crore for subscribing to debentures issued by Shreyans
Industries Ltd., in which it already held 28% equity. The borrowing arr...
M/s Tirupati Medicare Ltd. & Ors. vs Income Tax Officer & Ors. | Delhi High Court on Release of Seized Hard Discs and Scope of Assessment under Section 154A of the Income Tax Act, 1961
Facts of the CaseThe petitioners, engaged in pharmaceutical and related
business activities, were subjected to search and seizure proceedings by the
Income Tax Department. During the search, hard discs and related digi...
Pr. Commissioner of Income Tax–11 vs Shri Dinesh Kumar Mathur | Delhi High Court on Section 40(a)(ia) & Section 194C – Disallowance on Reimbursement Payments and TDS Liability
Facts of the CaseThe assessee, engaged in the business of manufacturing and
exporting garments and accessories, claimed expenditure amounting to ₹3,19,66,460/-
paid to M/s Aakriti Creation Pvt. Ltd., a sister concern...
Commissioner of Income Tax, International Taxation-2 vs ZTE Corporation | Delhi High Court on Taxability of Embedded Software, Royalty under Section 9(1)(vi), Article 12 of India-China DTAA & Interest under Section 234B
Facts of the CaseZTE Corporation, a tax resident of China, was engaged in
supplying telecom equipment and mobile handsets to Indian telecom operators. It
did not file its income tax returns in India on the ground that ...
Pr. Commissioner of Income Tax-XVIII vs Praveen Saxena (Delhi High Court) – Allowability of Customs Duty Deposit as Deduction under Section 43B of the Income Tax Act, 1961
Facts of the CaseThe assessee, Mr. Praveen Saxena, was engaged in the business
of import and export of commodities through his proprietary concern, M/s Nova
International. A search operation was conducted by Customs Au...