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ITA No. 526/2008 & 1299/2008: Appellant vs Commissioner of Income Tax – Depreciation on Bombay Stock Exchange Membership Ticket under Section 32(1)(ii) of Income Tax Act, 1961
Facts of the
CaseThe appellant appealed against the denial of
depreciation claims on the membership ticket of the Bombay Stock Exchange
(BSE). The appellant sought to classify the BSE membership ticket as an
intangib...
Commissioner of Income Tax vs Akash Kumar Sharma – Delhi High Court, ITA No. 291/2010
Facts of the
Case:
The assessee, Akash Kumar Sharma, had filed his income tax
returns for the relevant assessment year.
The Income Tax Department issued notices under Sections 147 and 148
for reassessmen...
ACME Ltd. vs Commissioner of Income Tax – ITA 526/2008: Delhi High Court on Income Tax Assessment Dispute under Section 143(3) & Section 147
Facts of the
CaseThe petitioner, ACME Ltd., challenged the
reassessment notice issued by the Income Tax Department under Section
147 of the Income Tax Act, 1961. The reassessment arose due to alleged omission
o...
ITO vs Akshat Kumar Sharma: Delhi High Court on Section 151(1) of Income Tax Act – Assessment Year 2010-11
Facts of the
CaseThe petitioner, Income Tax Officer (ITO),
challenged the assessment of Akshat Kumar Sharma under the Income Tax
Act, 1961 for the assessment year 2010-11. The dispute centered on the
disallowance of ...
ACME Industries Pvt. Ltd. vs Deputy Commissioner of Income Tax – ITA No. 521/2010 | Delhi High Court (2011) | Section 143(3), 147, 148 IT Act
Facts of the
CaseThe petitioner, ACME Industries Pvt. Ltd.,
challenged the reassessment notice issued under Sections 147 and 148 of the
Income Tax Act, 1961, following an alleged escapement of income. The petiti...
CIT vs. [Assessee] | Genuineness of Long-Term Capital Gains (LTCG) and Section 54F Exemption on Share Transactions Covered by Demat and Contract Notes Cannot Be Treated as Bogus Unexplained Cash Credits Under Section 68
Facts of the Case
The
assessees filed their Income-Tax Returns declaring Long Term Capital Gains
(LTCG) arising from the sale of certain shares (including shares of M/s
Nagesh Investment Pvt. Ltd. and...
CIT vs. M/s Nagesh Investment Pvt. Ltd.: Demat Proof and Banking Trails Defeat Section 68 Additions on LTCG Share Transactions
Facts of the Case
The
assessees filed their Income Tax Returns declaring Long Term Capital
Gain (LTCG) from the sale of certain shares and claimed exemptions
under Section 54F of the Income-Tax Act.
...
Commissioner of Income Tax vs. Nagesh Investment Pvt. Ltd. & Ors. (with CIT vs. Nisshan Indo Ltd. & Ors.) | Section 68 Unexplained Cash Credit on Long-Term Capital Gains (LTCG) from Share Transactions
2. Facts of the Case
The
Assessees filed their Income-Tax Returns declaring Long-Term Capital Gains
(LTCG) stemming from the sale of specific corporate shares. Consequent to
this declaration, they cla...
Commissioner of Income Tax vs. Assessees | Genuineness of Long-Term Capital Gains (LTCG) Under Section 68 vs. Section 54F of the Income Tax Act
Facts of the Case
The
Assessees filed their respective Income Tax Returns declaring Long-Term
Capital Gains (LTCG) arising from the sale of shares (pertaining to M/s
Nagesh Investment Pvt. Ltd. and M/...
Commissioner of Income Tax-V v. Pepsico India Holding Pvt. Ltd. (2011) – Delhi High Court on Section 35D Amortization, Excess Sugar Consumption Addition, Depreciation & MODVAT Credit
Facts of the Case
The assessee, Pepsico India Holding Pvt. Ltd., claimed deduction of
₹8,02,000 being one-tenth of preliminary expenses amortized under Section
35D of the Income-tax Act.
The Assessing O...